Jupiter to Allocate 50% of Fees for JUP Token Buyback Starting February 17
Jupiter ($JUP), a leading DeFi protocol on the Solana network, will allocate 50% of its fees to repurchase JUP tokens starting February 17. The buyback will occur hourly and will be transparently documented through a dashboard set to launch next week.
Key Facts
- The buyback aims to incentivize community engagement.
- Jupiter has over 978k on-chain holders and more than $2.6 billion in total value locked (TVL).
- Annual fees exceeded $52 million, resulting in approximately $9.16 million in revenue over the past year.
- The buyback is expected to reduce circulating supply and attract more holders.
- Repurchased tokens will not be destroyed but will later enter the secondary market.
Price Analysis
- Since April 2024, JUP has been consolidating within a bullish channel.
- Current fully diluted valuation is around $8.3 billion with a 24-hour trading volume of about $190 million.
- An inverted head and shoulders pattern and bullish RSI divergence suggest potential price movement towards $1.6 if it maintains above $1.27.
