Solana-Based Jupiter (JUP) Defies Market Slump, Here’s Why

The post Solana-Based Jupiter (JUP) Defies Market Slump, Here’s Why appeared first on Coinpedia Fintech News

Today, January 25, 2024, the overall cryptocurrency market seems to be struggling. Amid this, Solana-based decentralized exchange Jupiter’s native token, JUP, is defying the market trend with an impressive price gain. Over the past 24 hours, this massive price surge has garnered significant attention from traders and investors.

The potential reason for this massive upside rally is that Jupiter has acquired a majority stake in Moonshot for an undisclosed sum. In a post on X (formerly Twitter), Jupiter’s pseudonymous founder, “Meow,” revealed the acquisition. Moonshot is a crypto-based company that enables users to buy and sell meme coins on iOS and Android.

For the first announcement of Catstanbul, i'm thrilled to share that @JupiterExchange has acquired a majority stake in @moonshot.

The team is amongst the smartest, most driven group of people i have ever met & it has been incredibly fun jamming on the future of memes together.… https://t.co/crYwv8ZUNr pic.twitter.com/TmAo2O4sjZ