- Jupiter’s heroic buyback crusade stands at a valiant $19M, with $79M crying plaintively in the wings
- JUP price, displaying the verve of a sedated armadillo, resolutely refuses to budge
Jupiter, with the optimistic fervour only found in corporate boardrooms and certain taxidermists, unleashed a grandiloquent $100 million annual buyback—ostensibly to rescue the beloved JUP token from the quicksand of market apathy. Since February, $19 million of JUP have been enthusiastically acquired, presumably by Jupiter itself or perhaps an exceedingly loyal intern.
Alas, the token has dropped a delicate 15% from the buyback’s dreamy $0.50 average, according to Pine Analytics, a research firm beloved by those who enjoy graphs signifying despair.
Why Won’t JUP Take Its Vitamins?
Pine Analytics, with a talent for understatement, observes that JUP’s upwards aspirations were soundly trounced by Q1’s across-the-board contraction. They lay particular blame on Solana’s DEX, whose on-chain activity recently resembled the attendance at a rural poetry slam.
Let us not overlook the merrily destructive force of token dilution. In glorious January 2025, Jupiter blessed the world by unlocking 700 million JUP (7% of the supply) for that overcaffeinated festival known as the Jupuary airdrop. Why stop there? By 2025, nearly 27% of the total supply has been unchained—no doubt making every JUP owner feel wonderfully special and simultaneously, less so.
Still, for the wistful optimist: May’s first week brought whispers of accumulation, with $4 million in JUP bravely exiting exchanges—perhaps just in time to miss the next thrilling drop. Hooray. 🍾
Meanwhile, the whales—those aristocrats of Crypto—reduced their positions as JUP slipped gracefully from $0.50 to $0.41. O minnow! Is this the moment for a bullish reversal in the $0.41 zone? Perhaps, if the RSI can be mustered above 50, market confidence might rise from the fainting couch.
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2025-05-08 10:37