As of January 26, 2024, the crypto currency market generally exhibited a weak performance, while the Solana -based decentralized stock market Jupiter’s Altcoin project jup made a remarkable rise by challenging the market trend. This great increase in the price in the last 24 hours has attracted the attention of investors and traders.
What’s behind the Altcoin rise?
The main reason behind this sharp increase in the price of the JUP is that Jupiter’s majority shares of Moonshot are said. Jupiter’s fastener, “Meow”, confirmed this acquisition in a statement in the social media platform X. Moonshot is known as a crypto company that allows users to buy and sell breast coins on iOS and Android platforms. This acquisition is considered as an important step to expand the ecosystem of the decentralized stock market while creating new growth opportunities for Jupiter.
6.5 million dollar jup inlet
However, during the JUP’s rise rally, long -term investors began to sell their assets. According to On-Chain data provided by Coings, a JuP, worth approximately 6.5 million dollars to the stock markets in the last 24 hours. These large stock market entrances point to a potential wave of sales by investors. This may cause a correction and decrease pressure on the jup price in the short term.
The JUP is currently trading at $ 1.01 and has increased an increase of 19.43 %in the last 24 hours. In the same period, the transaction volume increased by 95 %, which shows that traders and investors participated more than the previous day. According to technical analysis, the jup is currently traded in $ 1 with a strong resistance level. This level has been tested twice since December 2024 and resulted in a price drop at both times. However, this time, the sensitivity has changed and the latest purchase news is considered to overcome the JUP.
What are the latest project updates?
Other factors supporting the increase in the price of jups include important announcements about Jupiter’s projects. The company announced the following developments yesterday and today:
- Jupnet network, which combines the entire chain liquidity, will be launched.
- The new community site jup.com, which is open to user records, was released.
- Magic Fund of 10 million dollars will be implemented to support artificial intelligence operating systems.
- Solana -based portfolio tracking tool Sonarwatch will be purchased.
- New features will be published in the new trade interface and beta version.
- As mentioned above, Moonshot will receive a loaded amount of shares.
The JUP managed to attract the attention of investors with its strong performance despite the general negative atmosphere on the market. The acquisition of Moonshot and the updates made by Jupiter’s projects offer both short -term and long -term growth opportunities for Token. However, the possibility of short -term correction due to large stock market entries should be considered.
