Bybit to Add $JUP Coin from Jupiter on Solana Network
Bybit, a big crypto trading place, said they're going to add JUP, the special coin of Jupiter, a top place for trading on the Solana network.
Bybit recently said on January 26 that they're going to start using JUP, Jupiter's own coin, on both their regular trading and advanced trading platforms on January 31. This shows a big step in making Jupiter's decentralized way of making decisions happen.
Jupiter is known for handling 65% of trading on decentralized exchanges in Solana, praised for its fast trades and little price changes across different decentralized exchanges. By adding JUP to Bybit, it's likely to catch the interest of investors who are exploring different cryptocurrencies, especially those in the Solana world.
Before listing Jupiter, Bybit carefully checked out the details about it. CEO Ben Zhou stressed how important Jupiter is in handling trading volume on Solana's decentralized exchanges and is confident that adding JUP will create new chances for Bybit users in the decentralized finance (DeFi) world.
Trading for JUP on Bybit will start at 3 PM UTC on January 31, and you can withdraw it starting from 10 AM UTC the next day. At first, you can trade JUP on the regular market, and an hour later, you'll be able to trade perpetual contracts for it too.
During this busy time, Jupiter's decentralized exchange saw a big increase in trading, reaching $520 million in the last 24 hours. This jump is mostly because of excitement about a new memecoin giveaway and more people swapping stablecoins on the platform.
It's interesting that Jupiter's trading volume has been higher than both Uniswap V2 and V3 on Ethereum, as shown by recent data from CoinGecko.
Approximately $50 million of Jupiter's trading activity is attributed to transactions involving "Wen," a memecoin specifically available to Solana users with prior interactions with Jupiter and owners of the Solana Saga phone. This memecoin, conceived as an experimental venture by Jupiter's developers, precedes the highly anticipated airdrop of the exchange's native token, JUP, scheduled for release on January 31.
Most of Jupiter's recent trading comes from people swapping Solana (SOL) for Circle's USD Coin (USDC) and Tether (USDT), making up $191 million of the total trading volume in a day.
According to Aevo, a decentralized exchange, the value of JUP tokens in pre-market trading is about $0.65. Excitement grows even more with the upcoming giveaway of 1 billion JUP tokens, which could increase the total estimated value at current prices to over $600 million.
Disclaimer: This article does not offer investment advice or recommendations. All investment and trading decisions involve risks, and readers should do their own research before making any decisions.
