JUP up over 50%; Solana ecosystem thrives; GFOX eyes $5 million
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Amid a broader market downturn, Jupiter’s token (JUP) surged over 130% in a bullish month for the crypto market. Solana network overtakes Ethereum in trading volume, while Galaxy Fox (GFOX) nears the $5 million mark despite market volatility.
In the last month, the crypto market has been on a euphoric bull market rampage, during which Jupiter’s native token has surged by over 130%.
At the same time, the Solana network surpassed Ethereum in trading volume, and GFOX surpassed the $4.5 million sales mark.
Based on the current price trend of JUP, GFOX, and tokens on the Solana Ecosystem, things were looking a bit too frothy, so the market has since decided to pull back and cool off a bit.
Yet JUP and GFOX are still performing quite well, despite the broader market shedding a significant amount of the past month’s gains.
JUP doubles in price
Since the launch of Jupiter’s token, JUP, on January 31, its price has been growing steadily. As of the time of writing, Jupiter is trading at $1.10, which is a 35% gain over the previous week, while much of the rest of the alt market is being decimated.
Although the trading volume of $550,627,060 is about 33% lower than what it was the previous day, JUP can still be considered to be bullish as it is still about 180% higher than its all-time low recorded on February 21. The token’s market cap is about $1.7 billion.
JUP’s growing popularity and price can be attributed to Jupiter’s dedication to improving and expanding the token’s utilities. Some investors have attributed their interest in the token to the network’s launch of the LFG Launchpad feature, which has increased market demand and the price of JUP.
Jupiter’s on-chain data clearly indicates JUP’s steady price growth and reflects investors’ confidence. As long as investors’ confidence is sustained in cryptocurrency, its value and development will be retained.
How Solana’s ecosystem is thriving
Over the weekend, the trading activities on the Solana network surpassed those on the Ethereum blockchain by about $1.1 billion. On March 16, market data revealed that Solana’s total transaction volume was about $3.52 billion.
While Solana enthusiasts were excited about the news, this increased activity strained the network. This resulted in failed or incomplete transactions for about 20 minutes.
Many Solana token holders took to the social media platform X (formerly Twitter) to complain about transaction delays and temporary halts.
The increasing popularity of the Solana network and tokens can also be attributed to the high demand for new memecoins.
Over the last few weeks, the market has been bullish and attracted more investors concerned about making huge profits quickly.
The probability of making huge profits off cryptocurrencies like Bitcoin and Ethereum may be slim, but with memecoins, investors can make 10x their profits overnight.
Hence, there is already a high demand for Solana tokens. So it’s no surprise that the tokens performed impressively this past week.
A notable mention is the Solana memecoin project Book of Meme (BOME), which garnered investor interest after its launch on March 10. Less than a week after its launch, BOME’s market value skyrocketed from almost zero to $1.45 billion.
GFOX set for $5 Million
Galaxy Fox has emerged as a leading ICO in recent weeks. The token has gained investors’ attention because of its unique features and price potential.
The project has already raised over $4.7 million in the last five months, and it has a strong potential to hit the $5 million mark before Q2.
GFOX is one of the top memecoins to watch out for because of its hybrid utility. The Galaxy Fox network combines elements of play-to-earn, NFTs, and memecoins to offer investors passive income opportunities.
Galaxy Fox has a web 3 runner game where skilled players are rewarded with GFOX tokens. The project allocates 20% of the total supply of the ERC20 coin for rewards. At the end of the gaming session, the top players will be rewarded with GFOX.
The Galaxy Fox network has also proposed launching 3,000 unique NFT assets. These NFTs have in-game benefits and can be exchanged on the network’s marketplace and OpenSea.
So far, GFOX has had an impressive presale. It has surged by over 300% to reach a new high of $0.002376. Based on this performance, analysts have speculated that the token will reach 100x its current price when it is launched on DEX.
As a result of the increased network activity, the price of SOL has also surged. As of the time of writing, SOL is trading at $165, about a 10% gain on its price for the week.
With its growing popularity, more exchanges are listing Solana network tokens. Popular crypto exchange platform Binance announced on March 15 that it had successfully completed the integration of the Solana network with its web3 wallet.
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