2023-12-8 14:30 |
According to data from Coinmarketcap, the price of JTO, the native token of the Jito protocol, has spiked over 72% in the last 24 hours. This dramatic pump comes on the heels of JTO being listed on Binance Futures, as announced by the Crypto Exchange Listing Bot on X.
The rapid price appreciation of JTO mirrors that of other recent Solana-based token distributions that have vastly outperformed expectations.
What is Jito and the JTO Token?
Jito is a protocol built on the Solana blockchain that focuses on liquid staking tokens and the distribution of maximum extractable value (MEV). The JTO airdrop rewarded early adopters and community members who played a significant role in bootstrapping the Jito network, Jito announced the JTO airdrop in November 2023. The JTO token is a governance token that grants holders influence over Jito’s treasury and fee rates.”
Punk_Monke received over 10,000 JTO tokens himself from the airdrop and is still holding a significant portion. As he says, “All the initial supply went to only 10K wallets and there is 0 unlock till next year So what you think gonna happened after these 10K lucky mfs sold, and ct is in max cope on new solana coins?”
Supply Constraints and Speculation
Indeed, the limited distribution and supply constraints seem to be fueling speculative interest in JTO in the wake of its Binance listing. With the majority of tokens held in just 10,000 wallets and no unlocking until 2024, demand is likely far outstripping supply at the moment. Traders may be trying to front-run the potential selling pressure when the 10,000 airdrop recipients eventually take profits.
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The post Why Is JTO’s Price Pumping? Jito Joins the List of Solana Airdrops That Outperform Expectations appeared first on CaptainAltcoin.
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