Jupiter Price Prediction: Solana Token JUP Hits Bottom After Plunging 61% Since Launch. Analysts are seeing this potential Pepe killer as a 100x profit.

adminFebruary 4, 2024

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Jupiter price is up 2% over the past 24 hours, trading at $0.5911 as of 12:20 AM ET.

Trading volume fell 5%, and Solana-based tokens bottomed out after a 61% plunge since launch.

Nonetheless, permanent traders who sold altcoins made profits even as investors looked for their next buying opportunity.

#JUPUSDT 🤑🤑🤑
More than 400% profit✅💰💰
+479.49%
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— 2Whale Money (@2whaleM) February 3, 2024

This all comes after Jupiter Exchange, a decentralized exchange (DEX) built on the Solana blockchain, made headlines after announcing an airdrop for JUP tokens, which are now claimable. It was on January 31st and was one of the biggest token launches of the year.

(3/10)
🟢 Jupiter JUP token launch
• With launch $JUP token
• Jupiter Exchange not only enabled one million users to request airdrops;
• DEX is also leading in 24-hour trading volume, beating Uniswap0 pic.twitter.com/DPwdjBGoz3
— BlockNews.com (@blocknewsdotcom) February 2, 2024

The airdrop had impressive distribution, with nearly 1 million (955,000) JUP tokens credited to Solana wallets. Interestingly, JUP airdrop eligibility has been extended to users who interacted with Jupiter Exchange before November 2nd last year.

Jupiter Price Outlook As Traders Claim JUP Airdrop Tokens

Jupiter price is trading in a range after clearing the downtrend line. Even as JUP price prepares to rise, the dominant market range between $0.5761 and $0.7035 may remain for some time.

This can be seen by the northward Relative Strength Index (RSI) at 42.61, which is above the signal line (yellow band) at 42.71 to trigger a buy signal. If the pending buy signal is triggered and traders pay attention, Jupiter price could extend northward, potentially testing the roof of the market range at $0.7035. In a very bullish case, Jupiter may break this blockade before the price rises to the $0.8000 psychological level. This could focus on the top range of $0.8720.

jupiter price

TradingView: JUP/USDT 3-day chart

Conversely, if traders cash out their profits, Jupiter price may fall and lose the support provided by the market range base of $0.5911. In severe cases, the load shedding exercise could cause the altcoin to fall to the $0.5000 psychological level.

Meanwhile, attention has turned to Sponge V2, which analysts say is a potential Pepe killer.

A promising alternative to Jupiter

Sponge V2 gained attention after the network announced the demise of Sponge V1. The transition will migrate your project to Polygon Network’s SPONGE V2. This migration follows recent malicious attacks on liquidity pools.

🚨Important Information🚨
The V1 snapshot will be taken on February 5th at 11:00 PM UTC. $sponge V1 will stop immediately.
Follow this thread to migrate your decentralized and centralized tokens to V2 before it’s too late! 👇
🧵 1/4 pic.twitter.com/qPSTIX6dNT
— $SPONGE (@spongeoneth) February 2, 2024

As a precaution against future attacks, the network will move all $SPONGE V1 holders to the Polygon network to enjoy a more secure, efficient (faster) and cheaper trading experience.

Important notice! ⏰
Request the exchange to suspend trading $sponge V1 will be released on February 5th at 11:00 PM (UTC).
We withdraw tokens from a centralized exchange to all holders and #sponge website as soon as possible.#memecoin #how pic.twitter.com/1L8bwZcJfu
— $SPONGE (@spongeoneth) February 2, 2024

Other upgraded experiences you can enjoy in Sponge V2 include fully decentralized Play-to-Earn (P2E) game launches with significantly lower transaction fees. This is because MATIC transaction costs range from 0.1 to 0.5 MATIC ($0.077 to $0.38) compared to Ethereum’s $2.5 to $20 range. Migration is an adjustment for significant on-chain cost savings.

It is also worth mentioning that decentralized holders were asked to stake before the snapshot deadline. This allows you to receive additional tokens through staking rewards. On the other hand, stake holders will be able to claim their V2 tokens once the SPONGE V2 pre-sale ends and claims are enabled through the SPONGE website.

📣 Decentralized Holders
Decentralized holders must stake before the snapshot deadline. Allows you to receive additional tokens through staking rewards.
Once the SPONGE V2 pre-sale ends and claiming is enabled through SPONGE, stake holders will be able to claim their V2 tokens.
— $SPONGE (@spongeoneth) February 2, 2024

Non-staking holders can also claim SPONGE V2 at a 1:1 ratio. Non-staked decentralized holders will be able to claim their V2 tokens once the SPONGE V2 pre-sale ends and claims are enabled via the SPONGE website.

🚨 Only 3 days left! 🚨
Hurry up and secure your stake $sponge token before now #sponge V1 has been discontinued!
SPONGE V1 tokens can be withdrawn from exchanges and staked and claimed through our website before February 5th. #SPONGEV2! 🧽#memecoin #Cryptocurrency #web3 #Staking pic.twitter.com/uMWnJ7JPY9
— $SPONGE (@spongeoneth) February 2, 2024

The staking feature is gaining ground, with stakers enjoying up to 226% in Annual Percentage Yield (APY). Over 7.143 billion SPONGE tokens have been staked so far.

Analysts have ranked Sponge V2 as one of the best meme coins you can invest in for exponential profits. So, by purchasing and staking $SPONGE today, you can set up a cryptocurrency portfolio that can earn you huge returns.