Jito (JTO) Price Surges on Airdrop and CEX Listings – Will the Hype Last?

Jito (JTO) price rose to $3.00 within 24 hours after the launch of the Liquid Stake Token on December 7. According to CoinMarketCap, the price rose 84.96% since the token’s launch and listing on major exchanges.

But in addition to the price increase, Jito generated a lot of buzz around its introduction. This was because the project had planned to release 100 million tokens to its first users. Some of the recipients include those who lent to DeFi protocols on Solana (SOL). Others were MEV seekers as well as validators.

Eyes on JTO as claims begin

At press time, Flipside Crypto showed that 62.36% of the 10,133 eligible addresses had claimed rewards. Some were worth as little as $500, while others went up to $12,000. Jito also noted that qualified wallets have 18 months to claim their tokens. Furthermore, a look at the Jito Foundation’s treasury showed that it was still worth 737.48 million dollars.

Claimed JTO Tokens (Source: Flipside Crypto)

According to on-chain analytics provider Santiment, the hype around JTO is unlikely to end anytime soon. Santiment, in a post on X (formerly Twitter), noted that JTO topped its list of trending cryptocurrencies along with Bitcoin (BTC).

🗣️ $JTO and its new airdrop have been at the top of our trending tokens list, according to data from #X, #Reddit, #Telegram and #4Chan. Additionally, #Bitcoin is experiencing a variety of discussions about its future, and several other assets are experiencing #FOMO due to the pumps. https://t.co/zOAJGKilQu pic.twitter.com/KliLJPkur8

– Santiment (@santimentfeed) December 8, 2023

This trend means that there is an increase in searches and discussions around the project, indicating that the buzz has not died down. If this social volume continues to increase alongside JTO’s uptrend, then it is possible to see the token heading in the direction of $4 in the near term.

The momentum is not over

Another metric that suggests market players have their eyes on Jito is Total Value Locked (TVL). According to DefiLlama, Jito’s TVL was the second highest in Solana’s Liquid Stake branch.

Topping the list was Marinade Liquid Stake with a TVL of $472.87 million. Jito, on the other hand, had a TVL of $456.14 million. This value represents an increase of 66.97% in the last 30 days.

Jito TVL (Source: DefiLlama)

The increase in TVL implies that market participants perceive Jito to be trustworthy and therefore decided to increase the amount of assets locked in it, in anticipation of good performance. If the TVL continues to rise, it would mean that participants are banking on Jito’s long-term relevance rather than seeing it as a short-term opportunity to offload it for quick profits.

Furthermore, the fact that JTO is listed on major exchanges has given market players greater confidence in the long-term potential of the project. At the time of writing, JTO is listed on Coinbase, Bybit, Binance, Bitget, and a few others.

Additionally, there are upcoming projects in Solana that plan to follow the Jito route. Examples include the Kamino Protocol and the Jupiter Exchange. Therefore, users may want to keep an eye on future developments around these projects.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of using the content, products or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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