Solana-based Debutant JITO Exceeds $1.1B In Single-day Trading Volume
Portfolio Pulse from Khyathi Dalal
Solana-based liquid staking protocol JITO saw a trading volume of $1.1 billion on its first day of trade after Bitget listed the JITO token. The token's value increased by 43% to $3.36. JITO airdropped governance tokens to users, with a total supply capped at 1 billion and 115 million in circulation. The protocol has over 6.4 million SOL staked, worth around $460 million. The Solana ecosystem is experiencing growth due to recent developments, although SOL's price dropped by 4.90% with a 31.55% decline in trading volume.
December 10, 2023 | 2:10 pm
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Solana's price dropped by 4.90% with a 31.55% decrease in trading volume, despite the successful launch of the JITO token on the Solana blockchain, which saw a $1.1 billion trading volume on its first day.
The successful launch of JITO on the Solana blockchain indicates a strong interest in Solana-based projects. However, the price of SOL has dropped, which could be due to broader market trends or profit-taking after the JITO token launch. The short-term impact on SOLUSD is negative due to the reported price drop and decline in trading volume, despite the positive news for the ecosystem.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80