Jupiter (JUP) hit record highs of $1.75 earlier this week on Monday, April 1, 2024, after a short, sharp rally pumped the price by nearly 25% over the course of 24 hours.
The token has since pulled back about 13% and changes hands at $1.52 as of this writing, according to data by CoinGecko. That’s a little under 25% short of its all-time high of $2 on launch day back in January 31, 2024.
Jupiter’s rally began on Sunday, March 31, at lunchtime UTC. The price then rose from $1.48 to $1.83 by about 5 AM UTC, in the early hours of April 1.
A couple of announcements may have catalyzed the buying spree. On March 31, Jupiter’s Core Working Group (CWG) held a Spaces event on X to talk about the Jupiter DAO budget and address any community “misconceptions” and “concerns”, according to a tweet shared by Jupiter.
Important Twitter space moderated by @weremeow is happening in 5 minutes for the CWG budget vote.
All key areas of concerns will be discussed, including accountability triggers.
Do join this call if you are interested in the future of WG formation in Jupiter. https://t.co/R1iK2n6rt6
— Jupiter (@JupiterExchange) March 31, 2024
The following day, on April 1, the exchange then announced an integration with the Dexlab token minting tool, which is now available to Jupiter users via Jupiter Routing.
We have integrated @Dexlab_official into Jupiter Routing!@Dexlab_official is known for their token minting tool, allowing users to easily create new tokens and provide liquidity for them.
Now you can trade these new tokens and tap into Dexlab’s liquidity pools on Jupiter! pic.twitter.com/eCQ3npupuV
— Jupiter (@JupiterExchange) April 1, 2024
So, a busy Jupiter exchange news cycle has helped drive the price of JUP, after all, developing ecosystems are always attractive to keen-eyed investors, but these gains appear to be short-lived.
JUP mostly changed hands at around $0.50 for most of its short trading life so far. The token rallied throughout all of March. Although the rally was particularly volatile, JUP has held onto virtually all of its gains. With a Relative Strength Index of 43.90, the sell-off since yesterday’s record high is likely to be winding down now.
Source: TradingView
While JUP is in Jupiter, 5thScape Is In Another Dimension
JUP is an exchange utility token. This means the bulk of its value comes from the popularity the Jupiter exchange, and the utility it has within that ecosystem.
Exchange tokens are a decent consideration for investors who believe crypto trading has a strong future ahead of it. Crypto’s most obvious use case at the minute is trading, so there are plenty of exchanges out there for investors to invest in through their tokens, however, investors have to do their own due diligence as crypto is currently unregulated.
The other major type of utility token is the protocol utility token. 5SCAPE, the asset underpinning the revolutionary new VR and metaverse gaming platform 5thScape, is one such token.
Introducing the VR Ambassador Program!
World of virtual reality with the 5th SCAPE VR Ambassador Program!
Join as an “Early Whales” member and enjoy exclusive perks!
Method
1⃣ Invest $10K+ in $5SCAPE & amplify our voice online
2⃣ Engage actively on social media… pic.twitter.com/cgIryEPsiT
— 5th Scape (@5th_scape) April 1, 2024
Holders of the protocol’s native 5SCAPE token get exclusive access to a wealth of hyper-realistic, immersive experiences in the form of VR games, educational resources, blockbuster movies, and more.
The ICO has already raised a tidy $3.5 million and it is still only on the third round of its presale.
Eighty percent of the total token supply is up for grabs in the ongoing presale. The remaining twenty percent is split equally between treasury and development on the one hand and liquidity on the other.
At the end of the ICO, 5SCAPE will have a fixed listing price of $0.01, giving the token a potential prelaunch upside of over 300% to investors that buy in now, while the price is locked at $0.00248 for presale round 3.
Join the community over on the project’s social channels and stay informed of tasks to claim even more 5SCAPE rewards before the protocol launches. Find the project on Discord, Telegram, X/Twitter and YouTube.
The post Is It Too Late to Buy Jupiter? JUP Price Nears Record Highs After VR Web3 Coin Bags $3.5M – Still a Buy? appeared first on Cryptonews.