Solana-based perpetual exchange network Jupiter experienced a surge of over 25% in its native token, JUP, following several major announcements. The token reached an intraday high of $1.25, positioning itself as the top gainer with a market cap exceeding $2.03 billion. The rally occurred after Jupiter's first-ever event, Catstanbul 2025, where the exchange burned 3 billion JUP tokens, accounting for 30% of the total supply. Moreover, plans were announced to allocate 50% of fees generated on the platform to buy back and lock JUP tokens in a long-term reserve. Investor interest was also piqued by expansion plans for Jupnet, Jupiter's omnichain network. JUP has seen growing prominence in the defi sector, with rising total volume locked and defi trading volume. Demand from derivative traders has also increased, and indicators suggest a potential continuation of the rally, with a retest of the token's highest point from December and a move towards its all-time high possible. At the time of writing, JUP was trading at $1.18.



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