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Solana-based Protocol Jito Making Waves As the Price Surges on the Launch

Last Updated December 10, 2023 5:12 AM
Nikola Lazic
Last Updated December 10, 2023 5:12 AM

Key Takeaways

  • The JTO is token up by over 2000% since its release.
  • An Airdrop has drawn attention to the project
  • A new uptrend started recently, and new highs are expected

A new Solana-based project, Jito, is making waves in the crypto community. A staking protocol launched an airdrop allowing users to claim 90 million JTO governance tokens, valued at approximately $165 million.

Its JTO token was released to the market yesterday, December 7, and has already shown a tremendous performance of 2,327%. Is this only the initial market excitement or the starting price discovery? 

Jito Airdrop

Jito is one of Solana‘s largest liquid staking providers, tied with Marinade, each holding about $425 million in total value locked (TVL), compared to Lido’s $21.45 billion TVL.

JTO tokens were distributed based on users’ holdings and lending of Jito’s JitoSOL token, with additional rewards for validators and MEV searchers. JTO tokens are intended to govern the DAO and manage the treasury of the staking platform.

The JTO airdrop has equipped Jito’s DAO with a governance token and a $490 million treasury in JTO. The airdrop allocation was based on a “points” system, potentially yielding significant returns for participants. This strategy follows the trend of other DeFi protocols like Uniswap, which distributed governance tokens to its users.

JTO Price Analysis 

JTO token started at $0.15, and in a matter of minutes upon listing, it rose to nearly $5, which is its highest point. This is a common phenomenon when the new cryptocurrency gets listed, buy orders come in, and chasing occurs. It can be attributed to price discovery, but in the short term, the bullish momentum will likely continue. 

New highs ahead.
New uptrend started today.

Looking at the wave structure, we saw the first correction as the price dropped to $1.7 yesterday, but the uptrend continued. From this first low, we can count the next advancement and see an ascending channel being formed, although still unconfirmed. 

Today, the price made its second higher low at just below $3 and bounced to the upside to a higher high. This means we are seeing an uptrend leading to higher JTO prices. Considering the limited price history, it is still early to discuss a potential target; however, if a new uptrend starts today, we expect it to surpass its previous high of $5 and potentially go above $7 for the next one. 

Disclaimer

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.

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