Solana’s ‘bull run’ triggers the token of its main exchange

Key facts:
  • The JUP token was delivered via airdrop in early February.

  • Despite technical failures, Solana continues to grow due to its fast and cheap transactions.

SOL, the native cryptocurrency of the Solana network, has seen a 23% increase in one week, rising from $140 to $173 today.

This rebound not only highlights the good performance that SOL has maintained in recent monthsbut also projects a promising future for this particular altcoin.

Below is a TradingView chart reflecting SOL’s performance over the past seven days.

Despite frequent interruptions in the operation of the Solana networkinvestors continue to be attracted to fast and inexpensive transactions that this network offers.

This fact is reflected in the creation of more than 700,000 new addresses in Solana in the last week, signaling significant upward potential for the price of SOL, as reported by CriptoNoticias.

SOL’s positive impact extends beyond its own cryptocurrency, reaching the token of the network’s main exchange, Jupiter.

In less than a month, the price of the JUP token, used for exchange governance, has increased by more than 100%since it was delivered via airdrop in early February.

JUP remained between 0.40 and 0.50 dollars in the last three weeks, but since March 7 it began to take off and It is currently close to 1 dollar per unitas seen on the TradingView chart.

The increase has been influenced not only by the success of SOL, but also by the implementation of a community vote to select new tokens that will be launched on the platform called LFG Launchpad. This gives a practical (and not just speculative) utility to JUP.

For his part, the founder of Jupiter, known under the pseudonym Meow, has described to LFG as an initiative aimed at foster the growth and long-term sustainability of promising projects. In February, Meow introduced this platform, highlighting the importance of community participation in selecting projects for launch in Jupiter.

After a voting period that took place between March 7 and 10 and attracted the participation of 175,000 voters, the Zeus Network and SharkyFi projects were selected for launch on the Jupiter exchange.

Zeus Network aims to connect Solana and Bitcoin, facilitating interoperability between both networks. On the other hand, SharkyFi offers a solution for lending and borrowing against NFTs on Solana, giving NFT holders the opportunity to earn leverage or returns through their digital assets.

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