Market
Will JupiterExchange change fee allocation for buybacks by the end of 2025?
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Resolution / Starting Odds
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Official announcements from JupiterExchange or reputable cryptocurrency news outlets
Story
JupiterExchange Burns 3 Billion $JUP Tokens, Reducing Supply by 30%, Commits 50% Fees to Buybacks; Token Soars 40%
Jan 26, 2025, 04:54 PM
JupiterExchange, a prominent cryptocurrency platform, has announced a significant token buyback and burn initiative, emphasizing "alignment in action" to bolster the value of its native token, $JUP. The company declared that 50% of its protocol fees will now be allocated towards repurchasing $JUP tokens. In addition, JupiterExchange has burned 3 billion $JUP tokens, equivalent to approximately $3.6 billion, reducing the total supply by 30% to 7 billion tokens. These strategic moves were unveiled by the platform's founder, Meow, during the "Catstanbul 2025" event. Following the announcement, the price of $JUP surged by up to 40%, reaching $1.20, as investors reacted positively to the news. The initiatives are expected to enhance token scarcity and align the platform's interests with those of its token holders.
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