Is Jupiter About to Crash? JUP Price Drops 75% But This Other Crypto Just Smashed Past $10.1 Million
Jupiter has gained by 6.5% in the past 24 hours, with the JUP price rising to $0.6265 as the cryptocurrency market as a whole gains by 2% today.
Despite this lift, JUP remains down by a massive 75% from the all-time high it record on Wednesday, when the Solana-based DEX utility token listed for the first time.
It has, however, recovered by 11% from the all-time low it recorded yesterday, suggesting that it may be about to recover.
But if it doesn’t, there are plenty of other new coins on the horizon, with stake-to-mine platform Bitcoin Minetrix (BTCMTX) raising $10 million as it prepares to launch.
Is Jupiter About to Crash? JUP Price Drops 75%
After suffering a crash yesterday, JUP has regained some momentum, with its indicators pointing to further gains at the moment.
Its relative strength index (purple) has risen to 70 again this morning, after spending much of yesterday below 50.
This indicates a recovery of interest in the token, as does its volume, which remains high for a new token, at around $400 million.
The reason why JUP commands so much volume already is that numerous major exchanges have already listed it, including Binance, KuCoin and OKX.
— SolanaFloor | Powered by Step Finance (@SolanaFloor) January 31, 2024
Hype for JUP is strong because it’s the native token of Jupiter, a Solana-based decentralized exchange and liquidity aggregator.
According to DappRadar rankings, Jupiter is currently the biggest DeFi platform at the moment in terms of unique active wallets, comfortably exceeding the UAW count for its nearest rival, PancakeSwap.
And given how well Solana and its entire ecosystem has been doing in recent months, demand for Jupiter’s services and its token is understandably quite high.
It may have declined by close to 75% since reaching an early record high upon listing, but its recovery today suggests that it could be on the road to recovery.
However, such a recovery may take time, although with the next Bitcoin halving now on the horizon, it shouldn’t be too long.
This Other Crypto Just Smashed Past $10.1 Million
While JUP looks like it should recover, it’s not certain that it will recover to its current ATH anytime soon.
This arguably leaves traders with the need to look elsewhere if they want to expose themselves to market-beating gains, with there currently being a wide selection of promising new projects and alts.
One of the best new tokens is Bitcoin Minetrix (BTCMTX), an Ethereum-based stake-to-mine platform that has raised more than $10.1 million since opening its presale a couple of months ago.
Identifying the distinctions between #BitcoinMinetrix and Conventional Cloud Mining!
Conventional Cloud Mining: Mandates cash deposits. pic.twitter.com/hCkOD1UViF
— Bitcoinminetrix (@bitcoinminetrix) February 1, 2024
Bitcoin Minetrix is exciting because it offers retail investors the chance to mine Bitcoin (BTC) by doing little more than staking its native token, BTCMTX.
By staking BTCMTX, users receive tokenized mining credits, which they can redeem in order to have miners mine Bitcoin on their behalf.
This puts them in line to receive a share of mined BTC, while staking will also provide them with a regular supply of freshly issued BTCMTX tokens.
Such a potentially lucrative setup has proven instrumental in attracting investors to Bitcoin Minetrix’s presale, which is now entering its final phases.
Stay in the loop with up-to-the-minute details, participate in discussions, and tap into the knowledge of experienced #BTC mining experts.
— Bitcoinminetrix (@bitcoinminetrix) February 2, 2024
BTCMTX is currently available at $0.0132 per token, with investors able to participate in its sale by going to the official Bitcoin Minetrix website.
The token will have a hard cap of four billion BTCMTX, which is a relatively low count compared to some new tokens, meaning that demand could outstrip supply quite quickly.
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