Jupiter Price to Surpass $1.5 Amid $2 Billion Token Burn

Highlights

Weremeow puts out a proposal to reduce Jupiter token supply by 30%.
The burn will occur over six months, reducing the total supply from 10 to 7 billion.
JUP price broke out from a falling wedge and may surge to $1.5.

Jupiter price is trending as the price broke out from a major bullish chart pattern. Normally, the breakout is aggressive, but due to prevailing market conditions, the JUP price lags. Nevertheless, the asset may rally as the Co-Founder of Jupiter published out a proposal to burn 30% of JUP supply from team supply. JUP price increased by 0.2% in the last 24 hours and this development sets it up for further gains.

$2 Billion Worth of JUP To Vanish

Jupiter Exchange posted on X (formerly Twitter) about a proposal to reduce the supply of the Jupiter token from the team allocation.

The Supply Reduction Proposal is live, with the key objective of providing more certainty, alignment and transparency (CAT) for all JUP holders and the community.

Vote Now: https://t.co/TRwmAq266T

This is the first of 3 J4J votes, with upcoming votes for extending Jupuaries and… pic.twitter.com/e9YUnAG1RB

— Jupiter 🪐 (@JupiterExchange) August 1, 2024

The proposal on the Jupiter Exchange DAO will end on August 4 and aims to burn 30% of the total supply of JUP tokens held by the team. At the current price, this amounts to approximately $2.88 billion and would instantly become the largest token burn in crypto history.

Jupiter Exchange already enjoys the title of the largest DAO in the world and the most used decentralized exchange on the Solana blockchain.

According to Weremeow, Jupiter Exchange Co-Founder, if the proposal passes, the burn will happen slowly over six months, reducing the total supply of JUP from 10 billion to 7 billion. This development is expected to impact Jupiter price positively.

Jupiter Price to Surpass $1.5 Soon

JUP price chart shows an overall uptrend, following a breakout from a falling wedge pattern. The price has been making higher highs and higher lows since mid-June. The JUP price action is also above the 50-day exponential moving average (green line), which supports the uptrend view.

The most recent candlesticks show a pattern resembling double top, which typically indicates a bearish reversal if the price action drops below the neckline around $0.95.

The key support levels for Jupiter price are:

Support: Around $0.88 , as indicated by recent price action and previous resistance turning into support. This also coincides with the 50-day EMA.
Resistance: Around $1.11 and $1.28, where the price has tested multiple times but failed to break above.

The Relative Strength Index (RSI) is at 51.96, indicating moderately bullish momentum without being overbought. The Moving Average Convergence Divergence (MACD) line is above the signal line, suggesting bullish momentum. The histogram also shows positive values, further confirming this.

JUP trading volume increased during the breakout phase, which supports the validity of the trend. Additionally, recent volumes are relatively steady, indicating ongoing interest.

If price breaks below $0.68 and fails to rally back above, it may signal market weakness, turning Jupiter price bearish and invalidating the bullish thesis. JUP price would drop lower to the next major support level of $0.49.

Frequently Asked Questions (FAQs)

1. What is the proposed token burn for Jupiter (JUP)?

The proposal is to burn 30% of the total JUP token supply held by the team, reducing the supply from 10 billion to 7 billion over six months.

2. How much is the proposed burn worth?

The proposed burn amounts to approximately $2.88 billion at the current JUP price.

3. How is the Jupiter (JUP) price expected to react to the burn proposal?

The burn proposal is expected to positively impact the JUP price, potentially driving it to surpass $1.5.

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Evans Karanja

Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.

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