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Binance Listing Sentiment Sends This Solana Token up 158%

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Wed, 31/01/2024 - 13:55
Binance Listing Sentiment Sends This Solana Token up 158%
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Jupiter (JUP) is on a mega-bullish rampage today as it is riding the positive sentiment surrounding its potential listing on the Binance exchange. At the time of writing, the token is up by 158% in the past 24 hours to $0.02054, per data from CoinMarketCap. For a relatively new token, Jupiter has printed  336% growth in its trading volume, which comes in at $5,421,130.

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Jupiter is a decentralized exchange aggregator based on the Solana blockchain. The protocol has been making waves in recent times, underscoring the massive interest generated ahead of the listing on Binance slated for Jan. 31 by 12:30 p.m. UTC. The trading behemoth said it will list new JUP-based spot trading pairs, including JUP/USDT, JUP/FDUSD and JUP/TRY.

The digital currency entered the trading market with a total circulating supply of 1.35 billion JUP, with a billion earmarked for airdrops. The remaining tokens were earmarked for team support, liquidity provision and other related operational boosts.

Jupiter comes at a time when the Solana blockchain is at its peak after years of trading as an underdog, when it fell from its ATH score of $260.06. The massive upshoot in Jupiter aligns with this sentiment with a major price discovery.

Binance influence at play again

Binance plays a crucial role in the crypto ecosystem with the listing of tokens. With millions of monthly active users, Jupiter is bound to gain massive exposure to the largest traders in the industry, and the upside might shift the overall volume of the asset in no time.

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Over the past few months, Binance has made a series of token listings to shore up its overall supported asset base. As an exchange with intense regulatory scrutiny, it also delists assets on a regular basis for poor performance.

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