Jupiter DEX second Launchpad vote concludes, JUP price rises 5%

Source Fxstreet
Apr 22, 2024 23:59
  • Jupiter Exchange’s round 2 vote for the next projects to launch on the platform has concluded.   
  • Sanctum and UpRock to debut on the DEX after 64% and 20% of votes, totaling over 230 million staked JUP tokens.
  • JUP token price has rallied 5%.

Jupiter, a Solana-based decentralized exchange (DEX) has completed the second launchpad (LFG) vote to identify the two projects that will debut on its platform. On March 30, the aggregator network had unveiled its Core Working Group (CWG) budget proposal voting, causing the JUP token to rally 20% ascribed to significant developments within the Solana landscape.

Also Read: JUP up 21% in 24 hours as Dexlab integration may fuel more meme coin frenzy

Jupiter Exchange's second LFG vote concludes

The Jupiter DEX completed its LFG vote on Monday, with two projects, Sanctum and UpRock, meriting the top slots for the next ecosystems to launch on the Jupiter platform.

Based on the report, the record voter turnout between Sanctum and UpRock has accounted for over 230 million in staked JUP in Votes, composed of 64% (146,758,089) votes in favor of Sanctum while 20% (45,463,495) went to UpRock.

Sanctum, which is committed to boosting the adoption of liquid staking across Solana, focuses on enabling greater DeFi participation. Its partnership with Jupiter is set to achieve and deploy JupSOL, with  Sanctum's technology allowing for deep liquidity integration. This would make it easy to swap into and out of JupSOL on Jupiter Exchange.

On the other hand, UpRock is an innovative DePIN network committed to simplifying how users earn and utilize crypto assets.

With the two projects launching atop Jupiter, the future of the LFG program looks bright, and explains the 5% surge in the JUP price. Based on an official report from Jupiter, the next round of LFG introductions will be held in the coming week. New and innovative projects have been invited to join the platform and contribute to the growth of the Solana ecosystem.

At the time of writing, Jupiter’s JUP token is trading for $1.1673. If the JUP bulls are able to hold the Jupiter token price above the 50% Fibonacci placeholder of $1.3029, it would entice more buy orders to catapult the price high. In the meantime, however, the likely play is a rejection below the 50% Fibonacci placeholder, which could see JUP price drop to the $1.0000 psychological level. 

An extended fall below $0.7542 would produce a lower low, solidifying the downtrend for the Solana-based token.

JUP/USDT 1-day chart

To confirm the ongoing uptrend, however, the Jupiter price must break and close above the 61.8% Fibonacci retracement level of $1.4324. A strong move above this critical level could pave the way for for a continuation rally, flipping the 78.6% Fibonacci retracement level into a support above $1.6168. In a highly bullish case, the gains could stretch all the way to the $1.8476 range high, around 56% above current levels. 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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