Amid a bloody start to the week in crypto markets, which saw liquidations near monthly highs as various major tokens dropped by double-digit percentages, the native token of Solana-based DEX aggregator Jupiter is defying the trend over a new buyback plan.
Data from TradingView shows that JUP is up more than 34% against bitcoin over the past week despite seeing an 11% decline over the last 24 hours, compared to BTC’s near 4% drop.
JUP’s outperformance is a result of a series of announcements made during its first-ever event, Catstanbul 2025, which addressed utility concerns. The protocol’s pseudonymous founder, known as ‘Meow’, revealed that 50% of all protocol fees are set to be used to buy tokens from the open market, with the tokens being moved to a “long-term litterbox,” a long-term reserve.
The move led to a price increase, which demonstrated a “high level of investor confidence in the project and its strategy,” according to Bitget Research’s Chief Analyst, Ryan Lee. He said increasing attention on the platform could attract new users and liquidity to the Solana ecosystem in the long run.
In a statement to CoinDesk, Lee noted the buyback program could “act as a catalyst for long-term growth as the team estimates it could add hundreds of millions of dollars to the buyback volume per year.”
Jupiter is Solana’s leading DEX aggregator, having facilitated nearly $2.2 trillion in total volume over 1.25 billion token swaps, according to data from Dune Analytics. In the last 24 hours, its trading volume was $6.5 billion over 6.9 million swaps.
‘Monopolistic behavior’
The announcement may have helped JUP’s price surge, but it drew some concerns from the community.
Chris Chung, the founder of Solana swap platform Titan, wrote in an e
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Author: Francisco Rodrigues
