Jupiter Acquires Moonshot on Solana Blockchain, JUP Token Surges 15.7% to $2 Billion Market Cap

Jan 26, 2025, 12:26 PM

Jupiter, a leading decentralized exchange (DEX) on the Solana blockchain, has acquired a majority stake in Moonshot, a platform that facilitates the buying and selling of meme coins. This acquisition, announced by Jupiter's pseudonymous founder 'Meow,' aims to capitalize on the growing popularity of meme coins within the Solana ecosystem. Moonshot has seen a surge in popularity, particularly following the launch of meme coins by Donald and Melania Trump, with its daily fees reaching a record high of $6.3 million on January 20. Jupiter's move is seen as a strategic expansion to leverage the momentum in the Solana ecosystem, where meme coins have a combined market cap of over $20 billion. Following the acquisition announcement, Jupiter's JUP token experienced a 15.7% increase, bringing its market cap to $2 billion and its fully diluted valuation to $9 billion.