On Upbit, a 1-hour chart, Siacoin showed a notable growth; the average 50-period 1-hour volume jumped 211.43% from $46 million to $143 million. Binance saw a somewhat little 41.13% rise as volume moves from $17 million to $24 million. On Upbit, EOS had a 268.31% surge in trading volume; Binance saw a less change of 33.91%.

On Upbit, Jupiter (JUP) witnessed a 122.61% spike in trading volume; Binance only saw a 12.31% boost. On Upbit is 1-hour chart, trade volume soared 163.12%, from $127,000 to $333,000; Icon (ICX) also showed a clear rise. Binance shockingly observed a 17.61% decline in ICX transaction volume ranging from $240,000 to $197,000.

On the 4-hour chart, Bitcoin Gold (BTG) saw the most dramatic jump among Upbit tracking an amazing 540.54% increase in transaction volume. By comparison, Binance’s BTG trading volume fell 31.93%.

These significant variations in trading activity between Upbit and Binance have attracted traders’ and analysts’ assumption and attention as the causes of these unexpected surges are still unknown.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Upbit Sees Unusual Surge in Trading Volumes for Select Altcoins appeared first on Coin Engineer.

Arkham Intelligence Unveils Trigger Behind JUP’s Price Surge: Liquidity Withdrawal

Nevertheless, there was a specific trigger for the rise in Jupiter’s price, as Arkham Intelligence revealed in a post. According to Arkham, the Jupiter exchange team had withdrawn liquidity from the original JUP pool. At the time the article was published, the team had withdrawn 90 million JUPs from the pool.

The Jupiter team has begun to pull liquidity from the initial JUP pool.

So far, they’ve taken out 90M JUP ($52.2M) and $9.7M USDC.

This JUP represented overhanging sell pressure that has now been returned to Jupiter wallets. pic.twitter.com/x7x51CMsAp

— Arkham (@ArkhamIntel) February 7, 2024

A liquidity pool consists of cryptocurrencies that are locked in a smart contract and enable faster orders and transactions on a decentralized exchange (DEX). In terms of price dynamics, the withdrawal of liquidity from the pool serves to reduce selling pressure on the cryptocurrency, as was the case with JUP.

Market Synergy: Jupiter’s Growth Mirrors Solana’s Momentum

Another reason for the rise of Jupiter could be the rise of Solana. Solana was trading below $100 for a while, but when Jupiter shot up, Solana was trading at $102. Jupiter and Solana are linked in some ways; Jupiter is an exchange built on Solana.

Hype Alert: Social volume rises as Jupiter passes $0.59 milestone

The recent rally has shown how market participants have capitalized on the price movement triggered by the increase in trading volume on the stock exchanges. In the first hours of February 7, the trading volume was $265.95 million. Within a few hours, however, it jumped to $465.12 million, indicating significant buying and selling activity in JUP. In terms of social volume, the data shows an increase in social volume with rising prices. There was a significant increase in social volume when JUP reached $0.59. Social volume reflects the frequency of searches for an asset, with an increase indicating increased interest and discussions around the token. Conversely, a decrease signals a decrease in hype.

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What Does the Jupiter (JUP) Project Do?

In just November 2023, Jupiter processed $3.7 billion in transaction volume. According to data from the crypto data platform Dune, Jupiter has become the fastest-growing and largest DeFi protocol on Solana by transaction volume.

State Of Jupiter: Jupuary 2024

1. Most used trading platform in defi
2. Direct 80% of organic volume
3. Most used program in Solana
4. Top 2 by vol on Coingecko
5. Most integrated platform on Solana
6. One of the top perp platforms ($1.4B volume last week)

Deets:… pic.twitter.com/UEnwgyc2eu

— Jupiter (@JupiterExchange) January 30, 2024

When it first started, it aimed to create a platform similar to the 1inch project on Ethereum. However, the project has evolved further and added GMX-style perpetual futures to the platform.

Jupiter recommends staying away from stablecoins such as USDC and USDT because they carry risks such as custody arrangements.

As an alternative to these stablecoins, it aims to launch the decentralized SUSD stablecoin. SUSD is decentralized and also offers interest-free credit opportunities. It is also supported by Solana liquid staking tokens, LSTs.

The interest-free credit mechanism is done using SOL to generate SUSD. These used Solanas provide yield and are used for transaction costs. Thus, a continuous interest-free credit is provided.

Tokenomics

The total supply of JUP, the native token of the Jupiter project, is 10 billion tokens. It allows users to contribute to the network by providing features such as voting (Vote) and approval (Approve) on the Jupiter platform. In addition, the maximum circulation supply is 1.35 billion JUP tokens. Also, according to SolanaDaily, the token distribution is as follows:

• Airdrop (40%)
• Strategic Reserve (20%)
• Team (20%)
• Liquidity Provision (10%)
• Contributors (10%)

What is the JUP Airdrop? How to Earn It?

955,000 users who traded on the Jupiter platform before November 2, 2023, are eligible for the airdrop. The airdrop claim page will open today at 10:00 EST. You can learn if you are eligible by clicking on the link here.

Also, Binance exchange announced that it will list the JUP token. You can register for Binance exchange by clicking on the Coin Engineer special discounted link and purchase JUP tokens after listing.

The post Jupiter (JUP) Project: A Layer-1 Protocol for Dapps appeared first on Coin Engineer.

Improved User Experience and Cheaper Transactions Drive SOL’s Rise

Some analysts are weighing the possibility of Solana’s network overtaking its competitor Ethereum, considering it offers cheaper and faster transactions. According to trader Evnass6, Solana’s performance provides a better user experience than Ethereum’s.

Several factors, including increased network activity and the launch of the SPL token, are contributing to the price increase. However, a more comprehensive analysis is needed to determine whether the current valuation is correct and whether there will be a rise above 100 dollars.

Airdrop Madness and Success of Jito Support SOL Price

The current rise in SOL price is backed by the airdrop mania that resulted in Solana’s Saga phone being completely sold out and trading at high prices on secondary markets.

Solana captured attention when major centralized exchanges listed the SPL token, JITO, inspired by Ethereum’s Lido’s liquid staking protocol, on December 7. Jito’s airdrop generated impressive profits for participants, and in the first few hours following the transaction, its market value surpassed $300 million. Successful listings on Coinbase and Binance also increased the demand for other airdrops and token launches on the Solana network.

A turning point occurred with the listing of the memecoin BONK on Coinbase on December 14, along with Solana’s Saga phone. Each phone bought approximately 30 million BONK.

DApp Activity Also Supports Solana (SOL) ‘s Rise

As evidenced by the growth of Solana’s network in terms of DApps, SOL’s rise extends beyond current memecoins. Just three weeks ago, on November 29, Solana’s TVL (total value locked) was only $654 million, representing a market share of just 1.4%. According to DefiLlama, this data has now increased by 96% to $1.28 billion.

Increasing activity in DApps accompanied deposit increases on the Solana network. It’s worth noting that the network’s volume increase outperformed its top competitors. Similarly, the number of unique active addresses interacting with Solana’s DApps impressively increased to 875,250, while most competing blockchains experienced a decrease during the same seven-day period.

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The recent activity increase on Solana could arguably be due to the anticipation of several upcoming airdrops and token launches, including but not limited to Bonkwifhat (BIF), Ribbit (RBT), Jupiter (JUP), Meow Coin (MEOW), Phantom, Kamino, Drift, and others. Moreover, the Solana network is consolidating its position by attracting more user participation, increasing its TVL, and attracting promising projects that could further strengthen its presence in the DApp industry.

Popular Wallet and Research Reports Support SOL

Popular hardware wallet provider Trezor announced its support for Solana and SPL tokens on December 20. Also on the same day, Binance Research released a bullish report on parallel computing, improving blockchain efficiency by “using computing resources more effectively”. The report specifically mentioned Solana as an example of parallel computing.

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