Solanas Jupiter Reveals Three Token Candidates For Next Launchpad

Solana-based decentralized exchange (DEX) aggregator Jupiter recently announced the possible launch of three new tokens through its launchpad. The announcement follows the launch of its JUP native token via the LFG launchpad last week. Related Reading: Solana DEXs Outperform Ethereum In Key Metric, Heres What This Means Solanas Community Holds The Power? After the scheduled closing of the JUP launch pool, Jupiter Exchange and its founder took X (formerly known as Twitter) to reveal the next steps for the Solana-based project. Jupiter: Let's Go! Hello space catdets! Over the last few months, we built a robust community of catdets with a common vision, scaled up our infrastructure to handle many levels of volume, tested a lot of things together, and overcame a hell lot of adversity together. And now, — meow (@weremeow) February 7, 2024 As the pseudonym founder Meow stated, the LFG launchpad is Jupiters initiative to grow the pie by helping great projects get the awareness, community, and users to thrive in the long term. As a result, the founder presented three OG Solana projects to the community that could be part of the next launchpad. The first candidate is Sanctum, a liquid staking service with experience building the first SPL program used by stake pools, and liquidity sources like unstake.it. The next project, Sharky, is an expanding NFT collateralization platform on Solana that allows NFT holders to borrow and lend against NFTS to acquire leverage or earn yields. Closing the list, the cross-chain infrastructure provider deBridge is presented as a project that allows users to trade assets across chains in seconds without the need for wrapped assets or liquidity pools. Jupiters founder highlighted that the community would have the final say in any projects participation on the launchpad. Since LFG is a community initiative where Jupiters team should play no role, its up to the Solana users to discuss and decide if any projects are suitable for launch in the LFG platform. Additionally, the post announced that the introduction process of the projects to the community would take part over the next two weeks through different channels, including special ones for each project and a summary on X. For the future, Jupiters team will provide application channels for other projects interested in participating. Next Steps For The Project On February 7, the project confirmed in an update that the launch pool was closing after seven days, as previously scheduled. In the process, 90 million JUP tokens were withdrawn and moved to a cold multi-sig wallet, effectively taking them out of circulation. The project also announced that the launch pool was left with 65.5 million USDC, which would serve as a liquidity backstop for JUP. However, the USDC will be removed over the next couple of months in $10 million batches to allow the JUP token to regain price discovery while simultaneously assuring all participants that the team is committed to a long-term gradual withdrawal of USDC liquidity. While all the JUP has been removed, we are leaving ~63.5M of USDC in the launchpool to serve as liquidity backstop for JUP. The USDC will be removed over the next 2-3 months. pic.twitter.com/2AQ7zIKwJO — Jupiter (@JupiterExchange) February 8, 2024 The founders post shared Jupiters intention to initiate a decentralized anonymous organization (DAO) this month and incrementally evolve it into the most dynamic, most productive and proactive DAO in space. Initially, the JUP DAO would focus on evaluating and approving launchpad projects, ratifying budgets for working groups, approving grants, and releasing budgets for ongoing community and ecosystem initiatives. The teams update specified the steps to encourage the communitys participation and to fund it with the capital to pursue important initiatives. The steps include distributing 75% of future LFG launchpad fees to the governance participants, 100M in JUP earned from the LFG launchpad for voting incentives, and 6.15M in operational funds from JUP Launch. Related Reading: Solana: Jupiter (JUP) Price Tumbles Amid Controversy Buy Now? Jupiter is trading at $0.5276 in the daily chart. Source: JUPUSDT on Tradingview.com Feature Image from Unsplash.com, Chart from Tradingview.com

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Solana DEXs Outperform Ethereum In Key Metric, Heres What This Means

Recent data shows that Solana-based decentralized exchanges (DEXs) have taken Ethereums spot in a key metric, creating expectations and positive sentiment for the Solana (SOL) ecosystem. Solana DEXs Outperform Ethereum According to data from DeFiLlama, Solana-based decentralized exchanges (DEXs) have flipped Ethereum in daily trading volume. Over the last 24 hours, Solanas $1.14 billion trading [...]

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Are Meme Coins Hurting Solana? Rising Selling Pressure Sparks Investor Concerns

Solana has faced increasing selling pressure and negative sentiment as the broader meme coin market continues to decline, impacting overall market performance. Analysts suggest that excessive speculation on meme coins is a key reason why altcoins, including Solana, are underperforming compared to Bitcoin. The hype-driven nature of these tokens has led to extreme volatility, making investors more cautious about altcoin exposure. Related Reading: Ethereum Historical Indicator Flashes Long-Term Buy Signal Is History Repeating? Meme coins are now seen as a risk factor for Solanas ecosystem. A recent rug pull involving LIBRA, a meme coin endorsed by Argentina’s President Javier Milei, has intensified concerns among investors. This incident has shaken confidence in the network, as it highlights the dangers of speculative trading and potential scams within the Solana ecosystem. As a result, SOL has dropped 10% over the past week and remains down 40% from its January peak, signaling a clear trend of declining momentum. Additionally, trading volumes on decentralized exchanges (DEXs) have decreased significantly, reflecting growing investor hesitancy. Solana and the market face a critical moment, with analysts closely watching whether the network can recover from the damage caused by meme coin speculation or if further downside is expected. Solana Enters A CRucial Phase The meme coin euphoria that fueled Solana’s price surge for months is now unraveling, exposing the network to increased volatility and uncertainty. While Solana benefited from the speculative boom of meme coins, it was only a matter of time before the highly speculative market faced reality and started creating problems. Crypto analyst Axel Adler shared an analysis on X, warning that meme coins are actively hurting Solanas long-term sustainability. The most recent example is the LIBRA rug pull, a meme coin that gained traction due to its association with Argentinas President Javier Milei, only to collapse, leaving investors in losses. This event has heightened investor concerns and accelerated selling pressure on Solana, which has dropped 10% over the past week and 40% from its January peak. Beyond price action, Solanas decentralized exchange (DEX) trading volumes have also taken a hit, dropping 25% in the last week, while the Raydium DEX alone saw a 47% decrease. This decline signals weakening investor confidence in Solanas DeFi and trading ecosystem. Adding to the concerns, on March 1, 11.2 million SOL will be unlockedthese tokens, initially sold off during FTXs bankruptcy, were later acquired by major firms like Galaxy, Pantera, and Figure. This large token unlock could further pressure the price if these firms decide to offload their holdings. Related Reading: Dogecoin Pulls Back To The Golden Ratio Analyst Expects A Bullish Reversal With meme coin speculation cooling off, Solana now faces a crucial test: can it regain investor trust and stabilize, or will further downside follow as selling pressure intensifies? The coming weeks will be critical in determining the networks ability to recover from this downturn. SOL Holding Crucial Demand Solana (SOL) is trading at $184 after losing the 200-day exponential moving average (EMA) around $190, signaling increased selling pressure. The price is now testing the 200-day simple moving average (SMA), a crucial long-term support level that bulls must defend to prevent further downside. If bulls fail to hold the 200-day SMA, a massive correction could follow, potentially pushing SOL into lower demand zones around $175 or even $160. The sentiment around SOL remains fragile as meme coin speculation continues to fade, dragging Solanas ecosystem with it. For bullish momentum to return, SOL must reclaim the $190 level and push above the psychological $200 mark as soon as possible. A break and hold above $200 would confirm a short-term reversal, helping SOL regain strength and potentially target higher supply levels around $220$230. Related Reading: Bitcoin Forms Rounding Bottom Expert Sees Push To $100K Next Week However, failure to bounce from current levels would indicate further downside risks, with more liquidations and selling pressure likely to follow. Given the negative sentiment surrounding meme coins and upcoming token unlocks, SOL is at a critical inflection point, where its next move will determine short-term market direction. Featured image from Dall-E, chart from TradingView

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Unstoppable Memecoin Surge: Solana Trading Bots Earn $750M in 2024

In 2024, Solana cemented its position as the leading blockchain for Memecoin trading, generating over $3 billion in fees. Meanwhile, decentralized exchanges like Raydium saw the action and emerged to become major beneficiaries, raking up a total of $1.7 billion, of which Raydium contributed 80%. Trading BOTs, led by Photon, reached $750 million, while the […]

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Traders bag millions as Trump team confirms launch of Solana memecoin

US President-elect Donald Trumps Solana-based memecoin, TRUMP, sparks a trading frenzy fueled by high-profile trades and notable whale activity.

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Cypher Protocol freezes smart contract after an estimated $1M exploit

Solana-based decentralized futures exchange Cypher Protocol halted its smart contract after an estimated $1 million exploit. On Aug. 7, Cypher alerted its 13,500 followers on X (formerly known as Twitter) that it had experienced a security incident and had therefore frozen its smart contract. The team added it is investigating the cause of the exploit [...]

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