Top Reasons for Jupiter Price Crash 8% Today

JUP, the native cryptocurrency of Solana-based decentralized exchange (DEX) Jupiter, came crashing down by 8% today amid the breach of its official X account, which was shilling meme coins. The Jupiter price is down 8% today, currently trading at $0.88, with daily trading volumes crashing by 49%.

Jupiter Price Crashes Amid DEX Security Breach

The Jupiter price is down 8% amid strong selling pressure As the official X account of Jupiter decentralized exchange was compromised earlier today, shilling some meme coins on the platform. The development caused instant panic, triggering strong sell-offs for JUP.

Following the development, JUP failed to hold above $1.0 and has come crashing down all the way to $0.88 as the daily trading volume tanked 49% to under $175 million. As per the Coinglass data, the JUP futures open interest has also dropped 7.66% to $150.79 million. On the other hand, the 24-hour liquidations have soared to $1.1 million of which $1.05 million is in long liquidations.

Hackes Promoted Meme Coins MEOW

Deleted posts from Jupiter’s main account allegedly promoted a scam meme coin with the ticker MEOW. Reports suggest the token briefly hit a $30 million market cap within seconds before the posts were removed and the coin experienced a rug pull.

Data from GeckoTerminal shows the MEOW token, just four hours old, surged to a market cap of over $8 million before collapsing by more than 98%, ultimately plunging to $88,000. The Jupiter DEX has been in the news recently following its latest acquisition of crypto trading platform Moonshot.

DEX Recovers Within a Few Hours

Following the breach of their X account, the Solana-based decentralized exchange (DEX) Jupiter informed that they have regained control of their accounts. Commenting through their official X handle, the DEX stated:

“No customer or treasury funds were ever in danger. All programs and funds are in held in secure multisigs. No other comms channels were affected. Jupiter is fully secured. This issue was isolated to twitter alone”.

The exchange said that they are still figuring out what led to the security lapse. Although they had initiated several security measures, the hacker managed to find his way out.

JUP Price Action – Buy The Dip?

Crypto trader Gery Cat noted that this could be the right time to buy the Jupiter price dips. The analyst added that Jupiter (JUP) is gaining attention as its price action interacts with a critical Daily Fractal Point (FP), forming a Daily Rebound (RB) zone. He suggested that this zone could serve as a potential area of interest for traders considering long positions.

He further highlighted that the ideal bullish scenario would involve Jupiter price testing its 4-hour Fractal Point within the support area. A confirmation of buyer strength through significant volume at these levels would further solidify the case for upward momentum.

However, considering the recent crypto market volatility, investors should be cautious ahead of building new positions.