Jupiter Acquires Majority Stake in Moonshot Memecoin App
At a recent conference in Istanbul, Solana's swap app, Jupiter, announced significant developments:
- Introduction of protocol fees leading to token buybacks.
- Launch of a $10 million AI fund in partnership with Eliza Labs.
- Acquisition of a majority stake in Moonshot, a memecoin app linked to Donald Trump's recent memecoin promotion.
Jupiter handles 39% of Solana DEX trades and aims to expand its influence beyond Solana with its unified markets initiative. The acquisition of Moonshot allows Jupiter to tap into both experienced and novice memecoin traders. It will now charge a 0.1% fee on swaps, with half allocated for buybacks of its JUP token.
Moonshot gained popularity following its association with Trump's memecoin launch, potentially providing Jupiter with strategic connections in the crypto landscape.