As a seasoned researcher with years of experience in the dynamic world of blockchain and cryptocurrencies, I’ve witnessed numerous projects rise and fall. However, Jito’s meteoric growth is nothing short of impressive. The network’s performance, coupled with the soaring assets in its ecosystem, paints a picture of a thriving ecosystem that’s not only profitable but also popular.
It’s doing great: Jito, the leading staking platform on Solana, is thriving as the value of assets within its system sets new records.
The value of Jito (JTO) tokens has climbed to a significant barrier at $2.50, marking a peak not seen since September 30, and representing a 37% increase from its lowest point this month.
The value of assets locked in the network reached an all-time high of $2.3 billion, marking a substantial increase from its January low of just $247 million. Furthermore, Jito’s total value locked is now equivalent to 13.20 trillion Solana (SOL) units.
It seems that Jito’s customer base has swelled to an impressive 116,000, and this growth is accompanied by a new record for monthly fees. Furthermore, the company has brought in a significant $50 million this month, marking a notable uptick from the $13 million earned back in September. To add to this positive momentum, the number of Jito token holders has also risen to 55,000.
Key player in blockchain
As per TokenTerminal’s reports, Jito has emerged as a highly lucrative figure in the blockchain sector, raking in approximately $295 million in fees this year. In comparison, Solana has amassed $404 million in earnings during the same period.
The figures indicate a flourishing state of the network, with Solana emerging as the top preferred blockchain in 2021.
As a researcher delving into the world of cryptocurrencies, I’ve recently uncovered some intriguing figures from CoinGecko. It appears that the meme coins associated with Solana have collectively amassed a market capitalization of an impressive $12 billion. Within this ecosystem, three tokens stand out: Dogwifhat, Bonk, and Popcat. These heavyweights boast valuations of approximately $2.5 billion, $1.58 billion, and $1.5 billion respectively.
As an analyst, I’ve observed a significant shift in the crypto market this month. Interestingly, Solana has taken the lead over Ethereum in terms of cryptocurrency trading volume, with a staggering $39 billion worth of tokens exchanged on its network. In comparison, Ethereum’s trading volume stands at $31 billion. This dynamic change underscores the growing influence and adaptability of Solana in the decentralized finance sector.
Jito serves as a platform for staking liquids, enabling users to earn rewards simply by keeping their Solana tokens. Many find it a more appealing choice compared to conventional staking methods, as it offers the flexibility to withdraw one’s funds whenever desired.
Apart from the initial launch, Jito additionally offers a restaking feature, allowing users to collect extra incentives by committing their previously staked resources. On October 23rd, the network added Temporal as a fresh node operator for this very purpose within the restaking solution.
Let’s give a warm welcome to @temporal_xyz, an innovative Solana-based research and development company specializing in the next generation, who has joined us as a Node Operator for Jito (Re)staking! 🎉
— Jito (@jito_sol) October 23, 2024
Jito is showing signs of bottoming
The day-by-day graph indicates that the JTO token has established a robust floor at $1.8415, beyond which it hasn’t fallen since July. This level signifies the lower boundary of a descending triangle formation in the price pattern.
Jito has broken through the downtrend in the triangle formation. Furthermore, it’s now trading above its 25-day and 50-day Exponential Moving Averages, as well as the 78.2% Fibonacci retracement line.
Consequently, it’s likely that the token’s price will keep climbing, with a potential next peak at $3.3345 – this being the halfway point or 50% retracement level from its previous high on June 31. This price point represents approximately a 41% increase compared to its Oct. 24 levels.
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2024-10-24 17:04