Solana-based Jupiter “Could Surge Between 4x to 8x”- Analyst

InvestAnswer’s YouTube channel host argued that a well-known crypto project developed on the Solana network would go on a bullish rampage. The channel has 472,000 YouTube subscribers. The host was discussing the bullishness of Jupiter (JUP).

Jupiter is a decentralized exchange (DEX). At press time, over the past 24 hours, the total spot trading volume of the platform had been $331,194,389.28. As per the data of CoinMarketCap, the exchange is the fourth most used DEX in terms of trading volume. 

DEX Jupiter could surge by “somewhere between a 4x and an 8x, to be conservative,” the host of InvestAnswers said. The trader prepared the report and discussed the surge based on his analysis of Jupiter’s fundamentals. 

A major surge in the overall user base of Jupiter DEX has been seen in the past few weeks, and the network is also reflecting vigorous activity based on trading volume and monthly active user count. 

Earlier this week, Jupiter dex surpassed one of the leading decentralized exchanges, Uniswap, regarding intraday trading volume; the growth will also help the Solana network boost its adoption. 

The ranking of CoinMarketCap states that dYdX remains the leader in terms of 24-hour trading volume in the decentralized category, followed by Uniswap v3 based on Ethereum, Vertex Protocol, and Jupiter. 

Analysis of Crypto Price and Centralized Exchange  

In the 24-hour time frame, Flare (FLR) price surged 12.75%, Oasis Network 11.57%, Celestia (TIA) 7.88%, Internet Computer (ICP) 7.06%, and Render (RNDR) 6.03%.

Jupiter (JUP) lost 7.62% and became the leader of the list, followed by Blur (BLUR) at 5.46%, Sui (SUI) at 4.83%, Pyth Network (PYTH) at 4.33%, and THORChain (RUNE) at 3.85%. The pioneer of the crypto market, Bitcoin, grew 3.06% in the past seven days, trading at $43,054 (as of writing). 

Ethereum, the most talked about token in the crypto market, is trading at $2,312, with an intraday decline of 19.53% in its trading volume. There are 8,843 crypto tokens/coins listed on the CoinMarketCap website. 

The market capitalization of the entire crypto market grew over 2.50% in the weekly time frame. As of writing, it was $1.607 Trillion, and the market’s total trading volume is $81.29 Billion. 

Binance remains the leader of the CEX category in spot trading, followed by Coinbase Exchange, Kraken, Kucoin, Bybit, OKX, Bitstamp, Bithumb, and Bitget, including several others in the list.

In the derivatives market, Binance is the leader, Bybit placed second, and OKX is the third in the category.

Disclaimer

The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss. 

Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.