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In this article we talk about the latest news in the Solana crypto landscape, within which the decentralized exchange Jupiter stands out with its recent initiative “Jupiter Working Group” (JWG) aimed at promoting the project’s crypto community.
This is a group of independent collaborators who offer to work on the growth of Jupiter and its crypto JUP, creating a proactive and productive decentralized ecosystem, and facilitating the coordination of the DAO.
To form the working group, we find several prominent figures within the Solana community, who have previously worked for other well-known applications.
Let’s see all the details below.
Summary
Crypto panorama on Solana: the “Jupiter Working Group” supports the development of the DAO
Two days ago, the Jupiter cryptographic project team presented to their audience on X the news of the “Jupiter Working Groups” (JWG), which are independent groups of people dedicated to the development of the broader Solana ecosystem and the growth of Jupiter and its crypto JUP.
This is the first phase of a new experimental initiative, which seeks to bring together the leaders of the Solana community to enhance the potential of Jupiter and everything that revolves around it.
In the coming months, several “working groups” will be formed, chosen based on the technical skills of each member and the community’s assigned objectives.
At the debut of this new activity, we see how the first group will be formed by a former collaborator of Marinade Finance, by the manager of Solana Slugs, by the founder of RadiantsDAO, and by the founder of Lifinity.
These experts have proven experience in managing community dynamics and implementing effective governance structures within decentralized ecosystems.
The launch of JWG was led by the founder of Jupiter, “Meow,” who had announced the formation of the core community “Jupiter United Planet (J.U.P.)” a few days before, of which the working groups are a part.
Now that the launch period is over, my main focus in the coming weeks is going to be kickstarting the third crucial component of Jupiter – Jupiter United Planet (J.U.P.)
— meow 🥧 (@weremeow) February 8, 2024
J.U.P represents the core community of Jupiter, and will have 3 main aspects:
1. Space Catdets: For…
Going into more detail, the JWG in this first phase will have to:
- create a list of the best components of the Solana ecosystem that could receive Jupiter tokens as an incentive for internal development;
- manage processes for any new community candidates;
- moderate the community on Discord and organize the work of the moderators.
In a broader perspective, the internal working groups within Jupiter will have the challenging task of facilitating the coordination processes of the DAO, working with transparency and maximum visibility to guide all stakeholders of the cryptographic project towards maximum expansion.
The individuals in charge of the work will be funded directly by Jupiter DAO with a monetary contribution, while new members will be announced in the coming weeks as new strategic objectives are achieved.
The collaboration between the community, the DAO, and the Jupiter team represents a fundamental pillar for the success of the JWG initiative, which will have a significantly intense impact on the future of the project.
Many Solana environment experts agree that the introduction of this proposal could trigger a significant price increase in the medium term for JUP and indirectly also for SOL.
Analysis of Jupiter’s on-chain data and JUP token performance
Jupiter, the largest decentralized marketplace aggregator on Solana, has grown significantly in the last quarter of 2023 after attracting a lot of attention with the launch of its JUP crypto through airdrop to the community.
On that occasion, approximately 700 million dollars in incentives were distributed in the form of tokens, to all those who have previously used the trading platform or have contributed to increasing the popularity of the Solana chain.
For Jupiter, the event has been a great success, as the project, in addition to reaching a mass of new users, has managed to prolong the current hype until today, where we record very positive on-chain numbers.
In particular, we can observe a cumulative trading volume that has exceeded 49 billion dollars, a number of swaps equal to approximately 129.2 million transactions, and a crowd of active traders that revolves around the figure of 1.8 million users.
January has been absolutely the best month for Jupiter, where volumes and swaps have skyrocketed, beating every previous record of the platform.
On the price front of the JUP crypto, we note that there has not yet been a real bullish rally for the coin after the airdrop on January 31st.
At launch, JUP reached a peak of 0.87 dollars per unit, closing its debut day at 0.63 dollars, and then going through a slow bearish distribution phase until today, where the cryptographic asset is traded for 0.49 dollars.
The project has a capitalization of 663 million dollars, with a circulating supply equal to 13.5% of the total supply and with a trading volume in the last 24 hours equal to 200 million dollars.
For now, the initiative of the “Jupiter Working Group” and the participation of a large part of the Solana community have not helped to raise the price of the cryptocurrency, still victim of the classic post airdrop resting phase.
In the medium term, this token has all the characteristics to perform well, potentially surpassing the previous all-time high and bringing joy to its token holders.
In order to move into the bullish phase, the crypto JUP must necessarily position itself above the 4h timeframe EMA 50, bringing the prices above the psychological threshold of $0.5, and then surpassing the next obstacle at $0.59.
The most important resistance is instead at $0.65, which if broken could trigger a truly remarkable upward trend for one of the best projects in the Solana cryptocurrency territory.
The bears are aiming for a daily close below $0.45, which could push the prices of the digital currency even lower.
For now, given the limited price history, we prefer to wait for the chart to take a clear direction to evaluate forecasts and hypothetical entry points for a speculative trade.
In the medium term, the chances are for a crypto rally, which will experience its first bull run in the coming months.
