Solana-based perpetual exchange network Jupiter saw its native token surge over 25% as traders reacted to several major announcements.

When writing, Jupiter (JUP) had hit an intraday high of $1.25 after botting out at $0.9449 earlier in the day. Today’s rally positioned JUP as the top gainer, with a market cap of over $2.03 billion.

The exchange’s native token has formed back-to-back green candles amid a high-volume trading environment as major ecosystem updates were announced at its first-ever event, Catstanbul 2025.

Why is JUP going up?

During the event held over the weekend, Jupiter burned 3 billion JUP tokens valued at approximately $3.6 billion at current prices. The burnt tokens account for 30% of the total supply.

In addition, Meow, the pseudonymous founder of the exchange, announced plans to allocate 50% of fees generated on the platform would be used to buy back JUP tokens and lock them in a long-term reserve.

These mechanisms reduce the total supply of tokens in circulation, creating scarcity that can drive up the token’s value as demand increases.

Other announcements that piqued investor interest were details about expansion plans for its omnichain network Jupnet, which aggregates liquidity across multiple blockchains into a single decentralized ledger. JUP is expected to play a key role within Jupnet, thereby enhancing its utility.

JUP’s recent rally has also been supported by its growing prominence in the defi sector. The total volume locked within the protocol has been steadily rising over the past week and has surged over 21% since Jan. 14 to $2.87 billion at press time.

Meanwhile, its defi trading volume has jumped from over $415 million on Jan. 24 to $1.48 billion on Monday, reflecting an uptick in investor interest.

The altcoin has also become the most-bought token by smart money in the last 24 hours. (See Below)

Demand from derivative traders has also grown over the past couple of days, according to data from CoinGlass, with open interest in JUP’s futures market reaching its all-time high of $363.92 million yesterday.

JUP price analysis

On the daily chart, JUP’s price has remained above the 50-day and 200-day moving averages, with the shorter MA poised to cross over the longer one, which could lead to the formation of a golden cross. If this crossover is confirmed, it could signal a continuation of the uptrend, with bulls gaining control of the market.

The MACD and price oscillator lines were also pointed upwards when writing. This means that the buying pressure on the altcoin is increasing, which could potentially fuel its ongoing rally.

Based on these indicators, JUP could continue its rally to retest $1.41, its highest point from December last year. A break above this level could pave the way for a move toward its all-time high of $2, representing a 40% increase from its current price level.

At press time, JUP was exchanging hands at $1.18 per coin.