Cryptocurrencies are a big deal worldwide, changing how money works and becoming more popular. Jito JTO coin, a type of digital money, is getting attention because its price is going up a lot. This article explores why is the JTO price rising, about the airdrop, and how high will the Jito price go in 2024. Let’s take a look at this in more detail.
What is Jito (JTO)?
JTO allows people who own its tokens to have a say in important choices that will impact the future of the Jito Network. This helps Jito Network grow and succeed by meeting the needs of its users and the larger Solana community.
The decisions and actions might involve things like deciding on fees for the JitoSOL stake pool, making changes to how delegation works in the StakeNet programs, handling the JTO token treasury and fees from JitoSOL, and actively participating in the development and enhancement of Jito’s protocols and products.
Jito Network plays a crucial role in the Solana ecosystem by offering the JitoSOL liquid staking pool and a range of MEV (Maximum Extractable Value) products.
Here’s how it works: Users can swap their SOL for JitoSOL, which not only maintains liquidity and provides DeFi opportunities for SOL holders but also allows them to earn staking rewards. What makes JitoSOL special is that it offers additional rewards from transaction revenue related to MEV extraction on Solana.
MEV refers to the potential profits based on the specific order in which transactions are executed. For instance, a significant swap on platforms like Orca may temporarily lower the pool’s price compared to Raydium or Serum. Traders then rush to capitalize on this price difference, and this process is known as arbitrage, which falls under the MEV category.
To address potential issues with MEV and ensure fair distribution of profits, the Jito Foundation was established. They aim to enhance transparency and minimize negative impacts. Jito has even released an open-source validator client, creating a competitive market for MEV extraction. The client allows auctions within each block, giving traders the opportunity to submit bids, with the highest bidders in each block having the chance to harvest available MEVs.
How has the JTO price moved in recent days?
JTO/USD 1 Hr Chart- TradingView
As of today, Jito’s price is $3.85, and it has experienced a 29.16% increase in the last 24 hours. The 24-hour trading volume is $2.46 billion, with a market cap of $442.66 million. Jito holds a market dominance of 0.03%.
On December 9, 2023, Jito achieved its highest price at $3.93, marking its all-time high. The lowest recorded price was $0.00, and since then, the lowest price after reaching the all-time high (ATH) was $3.70 (cycle low). The highest Jito price since the last cycle low was $3.87 (cycle high).
Jito’s current circulating supply is 115.00 million JTO out of a maximum supply of 1.00 billion JTO. In terms of market cap ranking, Jito holds the 18th position in the DeFi Coins sector and the 3rd position in the Solana Network sector.
Why is the JTO Price up?
The recent surge in Jito (JTO) price can be attributed to several key factors. Firstly, the Jito Network experienced a substantial upswing following a notable airdrop, leading to an impressive 88% surge and reaching a record high above $3. This event generated significant interest and enthusiasm within the cryptocurrency community.
Additionally, Jito Network’s active support for the Solana ecosystem through its JitoSOL staking pool and MEV products has played a pivotal role. Users can seamlessly swap SOL tokens for JitoSOL, enhancing liquidity and DeFi opportunities while earning staking rewards.
Furthermore, with Jito entering the market less than a month ago, the technical indicators have consistently reflected a bullish trend. This positive sentiment, coupled with the network’s robust features and active participation in the Solana ecosystem, has likely contributed to the remarkable ascent in Jito’s price.
Investors and traders may perceive the combination of a successful airdrop, strong technicals, and support for Solana as compelling reasons to engage with and invest in Jito, thus driving its upward trajectory.
What is the JTO Price Prediction for 2024?
Jito JTO is currently positioned near its all-time high, indicating strong market performance and investor interest. The coin boasts high liquidity, as evidenced by its substantial market capitalization.
However, potential investors should exercise caution due to certain risk factors. Firstly, Jito JTO has been in circulation for less than a month, making it a relatively new entrant to the market. This short period may imply higher volatility and unpredictability in its price movements.
Additionally, less than 12% of the total Jito JTO supply is currently in circulation, suggesting a limited availability of tokens. Such low circulating supply may contribute to increased price sensitivity and potential market manipulation.
As Jito continues to trade in proximity to its all-time high, there is a notable observation of high liquidity, attributed to its substantial market capitalization. However, it’s crucial to consider the risk factors associated with Jito, given its relatively recent release, having emerged onto the market less than a month ago. With less than 12% of the total supply currently in circulation, the price of Jito (JTO) could exhibit a range-bound behavior in the coming year, potentially fluctuating between $3 and $4.50.
An optimistic scenario envisions a 12% increase, propelling Jito to the upper end of this range and reaching $4.50 if it attains the higher value target projected for 2024.
Jito Airdrop Claiming Details
According to the official website, the $JTO Airdrop Claim is already opened on December 7th, 2023. Eligible recipients have an 18-month window, beginning from the Token Generation Date, to claim their JTO tokens. You can check your eligibility at jito.network/airdrop. Unclaimed tokens after 18 months will be automatically transferred to the DAO treasury’s Realms wallet.
Here’s how different participants can claim their tokens:
JitoSOL Users: Visit https://jito.network/airdrop to initiate the JTO token claim process.
Jito-Solana Validators: Validators can use the open-source CLI at https://github.com/jito-foundation/distributor to claim unlocked and locked tokens, starting on the Token Generation Date. The JTO tokens will be deposited into an Associated Token Account owned by each validator’s identity.
Jito MEV Searchers: MEV searchers can also utilize the open-source CLI at https://github.com/jito-foundation/distributor to claim their unlocked and locked tokens, starting on the Token Generation Date.
It’s important to note that 50% of the token allocation is available for the claim at Genesis, while the remaining 50% will unlock gradually over 12 months, with vesting commencing on the Token Generation Date. Participants in the airdrop should follow the outlined procedures to ensure a smooth claiming process.