JTO Coin: Why did rally over 78% over the past 24 hours?

• JTO coin is a Solana-based crypto-staking project of the Jito Network. 
• The JTO coin contributes to the Jito Network ecosystem through its JitoSOL liquid staking pool and its collection of MEV products.
• As of 8 December 2023, the JTO Coin was witnessing a rally of over 70%, according to CoinMarketCap.  

While the Bitcoin rally has been grabbing headlines of late, little-known JTO coin has sneaked away the headlines by registering a massive rally over the past 24 hours. JTO coin is a Solana-based crypto-staking project of the Jito Network. 

The JTO coin contributes to the Jito Network ecosystem through its JitoSOL liquid staking pool and its collection of MEV products. The user can utilize the network to exchange their SOL for JitoSOL. In return, the token holders maintain the SOL’s liquidity and DeFi opportunities while earning yield from staking. 

As of 8 December 2023, the JTO Coin was witnessing a rally of over 70%, according to CoinMarketCap. 

What is JTO Coin?

The JTO Coin allows its token holders to vote to make changes to the future of the Jito Network. This allows the ecosystem to evolve and thrive in alignment with the needs of those it serves and the broader Solana ecosystem. The JitoSOL uniquely provides its holders with additional rewards from transaction revenue associated with MEV extraction on Solana.

The Jito Foundation was created to minimize the negative impacts of MEV, distribute the profits equitably, and increase transparency. Jito published an open-source validator client designed to create a competitive market for MEV extraction.

The client enables auctions within each block to capture that block’s MEV. Traders submit bids, and the highest bidders within each block can harvest available MEVs.

What’s the reason for the JTO Coin Rally?

The JTO coin started rallying since the announcement that almost 30% of the airdrop had been claimed, and none of the top 14 claiming addresses by size had sold. The eligible recipients for the airdrop have 18 months to collect their assets. The protocol rewards past users with airdrops that start at 4,941 tokens and increase depending on how much they used its so-called liquid staking token (LST), jitoSOL.

The JTO Coin initially opened for trading at $1.20 but soon began to surge, reaching $2.50 on various Solana-based decentralized exchanges. The debut price undercut futures traders’ prelaunch estimates of around $1.50 per token on the perpetual futures trading platform Aevo.

Coinbase, a leading crypto exchange, Coinbase extended its support to the JTO network on 6 December on an “experimental” basis. The JTO coin’s launch comes amidst Solana’s bullish run as well. In fact, Solana has witnessed a massive growth of 542% year-to-date, with much of the price rise happening since mid-October. Many on-chain protocols are trying to take advantage of these favourable conditions with token airdrops that could drive more activity into their products.

How is JTO faring today?

The JTO crypto at the time of writing was trading at $2.99 with a 24-hour trading volume of $1,14,58,65,793. At the time of writing, the token has already witnessed a rally of 79.88% in the last 24 hours, with a live market cap of $34,40,93,430. The JTO token had a circulating supply of 11,50,00,000 JTO coins.

While the rally has been impressive, it’s important to note that any rally is subject to a market correction, and investors must vary on such movement. Therefore, when making critical investment decisions, they must conduct proper market research and enter the market.

Disclaimer

The information discussed by CoinCryptoverse does not offer any financial advice. This is for educational, entertainment, and informational purposes only. Trading in cryptocurrencies involves high risks, including the risk of losing some or all of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are highly volatile and may be affected by external factors such as financial, regulatory, or political events.