Amid the ongoing downtrend in the broader digital asset market, Jito (JTO) is attracting significant attention from market participants due to its growth potential. Today, according to data reported by Spot on Chain, a whale bought massive amounts of Jito and sent them all into staking.
Whale staked $12.37 million Jito tokens
As per today’s metrics shared by Spot on Chain, a whale created a new wallet and bought the dip, accumulating 96,128 Solana tokens worth $12.37 million from Binance at an average price of $128.6.
He then went ahead and staked all the SOL tokens with Jito. This means that he staked his Solana tokens and received Jito tokens in terms of staking. He currently owns staked JTO holdings to maximize his earnings in the Jito staking platform.
This whale’s activity shows the popularity of Jito staking, suggesting that savvy investors are increasingly staking their Solana tokens in the Jito staking platform.
JTO’s on-chain metrics indicate that the buying activity occurred at a price decline of 7.6% over the time when the investor bought the dip. This activity shows renewed whales’ accumulation even as the altcoin’s price is trading above its major support level of $2.01.
Amid the JTO’s price drop, whales are strategically positioning themselves and increasingly accumulating the token. This buying trend could have a significant impact on the asset’s price and liquidity.
A surge in whale accumulation is tied to Jito’s staking opportunities. This suggests that staking JITO is becoming more attractive to smart investors looking to diversify their investment growth.
Staking for the long term appears to be rewarding to these large holders, who want to benefit not just from the JTO price rise, but also from the potential rewards generated through staking. Data shows that staking at Jito gives investors earnings up to 125% APY.
JTO price updates
Jito has been facing a downtrend over the past month, which coincides with the ongoing slump within the wider crypto market since the beginning of February.
The asset’s price is currently standing at $2.36, after seeing a decrease of 7.6% over the past 24 hours. However, the ability to hold its value above the key support level of $2.01 means that whales are willingly entering the market at this zone and engaging in trade. Whale’s activity has been supporting the asset’s price above the $2.00 region.
The rising influence of whales indicates that as more big investors stake JITO, the circulating supply of JTO on exchange declines, potentially triggering upward pressure on the price.
The positive thing about this acquisition is that it signals long-term confidence in Jito’s future. By staking JTO, big investors are committing to the platform’s future success, which could contribute to more growth and stability for Jito as its network expands.
