Jupiter, a Solana DEX aggregator, has doubled its monthly swaps trading volume. Jupiter Exchange is an aggregator that offers optimized trading routes on the Solana network.
In the last 30 days, it recorded 50% higher monthly DEX volumes, according to a CryptoRank.io report shared today January 28.
Jupiter swaps volume hits $173.88 billion
According to data from Defillama, Jupiter facilitated a token swaps volume of $173.88 billion during January. This figure is almost 50% more than DEX trades processed in December’s $89.68 billion.
As per data from CryptoRank.io, Jupiter’s success is majorly attributed to the launch of the Trump meme coin on the Solana network. Jupiter significantly benefited from an enormous influx of investors accumulating the Trump token on Solana.
In other words, the tremendous increase of Jupiter token swaps coincides with the rollout of the Trump coin. On Jan.18, the Trump meme coin made a tremendous entry into the cryptocurrency market through its launch on the Solana protocol. Since the rollout, Jupiter has been processing massive billions of token swaps, as highlighted in the chart on Jan.18, 19, 20, and 21.
On-chain data indicates several gigantic purchases of the TRUMP token. The meme coin has been experiencing massive popularity because it is associated with Donald Trump, reflecting the legacy and ideology of the US President.
Jupiter price updates
The surge in Jupiter’s DEX volume happens when the price of its native token, JUP, performs remarkably well. Since the beginning of this week, the global crypto market experienced an extreme volatility period that saw the overall market cap drop by 6%. However, JUP defied the odds as it has been one of the top performers in the market.
JUP is currently trading at $1.19, up 10.9% in the past 24 hours. It has been up 32.50% in the last seven days, making it outperforming the global digital asset market, which is down 4% currently.
Its market cap saw an 11.04% rise in the past 24 hours, placing it at $2.02 billion currently. This valuation makes Jupiter the 54th largest virtual currency in the entire digital asset ecosystem.
Factors behind this surge include the increase of Jupiter’s network trading volume as highlighted above, including recent token burns, and buybacks.
On Jan.27, Jupiter announced a brave strategy to boost the price and utility of its coin based on two initiatives: a buyback plan and a huge token burn.
The DEX intends to burn 3 billion Jupiter coins valued at $3.6 billion to decrease emissions and reduce the exchange’s FDV (Fully Diluted Valuation). With this plan, the platform wants to enhance investor confidence in the token and improve its fundamentals.
Lastly, the platform announced plans to allocate 50% of its fee revenue towards rebuying JUP tokens from the market. The exchange will lock such repossessed tokens in a long-term reserve to help stabilize JUPs’ long-term value. The platform further said it will channel the remaining 50% of revenue to strengthen business operations and enable growth programs.
