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Solana's JITO Shockingly Jumped 88% Amid Mega Airdrop

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Fri, 8/12/2023 - 8:41
Solana's JITO Shockingly Jumped 88% Amid Mega Airdrop
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The Solana (SOL) ecosystem is in a celebratory mode today after one of its protocols, the Jito Network (JTO), conducted one of its biggest airdrops to date. Shockingly, the airdrop has not had the expected impact on JTO as the token is on a rampage, jumping as high as 88% at the time of writing to hit an all-time high (ATH) of $3.18.

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JTO 1D Chart. Source: CoinMarketCap

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Airdrops historically come with massive volatility as most recipients of a token tend to offload them in the first wave of sell-offs that accompany the airdrop. The case of Jito Network is looking different as there seems to be no negative sell-off trend, as measured by a flat trading volume of $1,157,253,736 in the past 24 hours.

The value proposition of Jito Network makes it an attractive token to hold. The protocol is designed to contribute to the Solana protocol via its proprietary JitoSOL liquid staking pool, and its associated MEV products. Economically, Jito users can swap their SOL for JitoSOL, and by so doing, they help to "maintain SOL's liquidity and DeFi opportunities while earning yield from staking."

The early stakers in the protocol were those gifted the free tokens, with many smiling all the way to the bank.

Boost for Solana

After emerging as the top cryptocurrency with the best performance for the year, Solana seems to be saving the best for the last. As accurately predicted, Solana is entering its airdrop season with a lot of projects on track to go live on the mainnet, with plans to airdrop native tokens to members of the community.

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Solana is now trying to replicate the successes of Ethereum (ETH) and Binance Smart Chain (BSC) in their early days, when they airdropped promising tokens like Arbitrum (ARB) that went on to become crypto unicorns. With the sentiment that surrounds Jito, Solana may get an additional boost to end the year on a more stellar note.

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