The worth of Jupiter Token (JUP) has recovered by 4% right now after falling as little as $0.6743 up to now 24 hours, with the trade token struggling a 12% seven-day drop amid fallout from the LIBRA controversy.
A submit from Jupiter’s official X account revealed that members of its group had been conscious upfront that Argentina President Javier Milei would sooner or later be endorsing a meme token.
Nonetheless, the identical submit states that group members didn’t know the exact date of launch and that nobody at Jupiter obtained LIBRA tokens or any associated compensation “at any time.”
This has helped to stop JUP from falling additional, though its affiliation with Meteora – the DEX on which LIBRA pumped after which dumped – could make repairing its repute rapidly troublesome.
Jupiter Token Plunges 12% as LIBRA Controversy Rocks the Solana Ecosystem
Whereas Jupiter isn’t straight concerned within the LIBRA controversy, one among its co-founders – the pseudonymous Meow – can be a co-founder of Meteora, one other decentralized trade that runs on the Solana blockchain.
And Meteora was the first trade on which LIBRA traded, rising from a excessive of $5.2 on Friday to its present value of $0.2418.
The explanation for its stratospheric rise was easy: Javier Milei, who posted and pinned a tweet by which he declared that LIBRA would someway assist enhance Argentina’s financial system.
Milei ni siquiera presentó a $Libra como una shitcoin o memecoin (la gente q invierte en esas basuras +/- sabe a lo que va). No, la exhibió como un proyecto para el crecimiento y emprendimiento de Argentina. Mantuvo el tweet fijado en su perfil por horas. Una estafa vergonzosa. pic.twitter.com/L2yYNI2Ket
— Edu⁷ (@AlephEdu) February 16, 2025
However as soon as Milei deleted the tweet, LIBRA crashed, creating presumably the most important rug-pull scandal in current reminiscence.
Questions rapidly emerged regarding Meteora’s position in all of this, with co-founder Ben Chow stepping down amid allegations that he was someway conscious LIBRA wasn’t legit.
Chow has defended himself, affirming on X that he by no means obtained or bought any LIBRA tokens.
Hours later, Solana Flooring shared a video
Exposing the rip-off involving Kelsier, Meteora, and M3M3.
The video exhibits Kelsier ruining the ecosystem and dragging Meteora down.
It additionally reveals that Ben knew however didn’t cease it as a result of Kelsier pressured him.
(7/9) https://t.co/KukDbNaN51— StarPlatinum (@StarPlatinumSOL) February 18, 2025
Regardless of these protestations, it’s doable that the episode has tarnished Chow’s and Meteora’s reputations completely, with Jupiter seemingly broken by affiliation.
Its native JUP token has loved a big rebound up to now 24 hours, helped alongside by clarifications from the trade’s official X account and from its different co-founder, the aforementioned Meow.
These have seemingly helped calm market sentiment, though Jupter Token stays down by 12% up to now week and by 25% up to now month.
Its chart right now exhibits some restoration in momentum, after it took a large hit for a number of days earlier this week.
Its RSI (purple) has bounced from 20 yesterday to round 50 right now, whereas its 30-period common (orange) has flattened out and will start rising once more.
Primarily based on this, JUP might return to $0.85 within the subsequent few weeks, assuming that nothing straight connecting Jupiter with the LIBRA scandal emerges.
Various Alts for Market-Beating Positive aspects
It could take Jupiter Token a number of weeks (if not longer) to totally restoration, by which case merchants could favor to show to different autos for revenue.
One promising avenue in the mean time entails presale cash, which in sure circumstances can rally vigorously once they record for the primary time.
And one of many extra attention-grabbing presale cash proper now’s Solaxy (SOLX), which payments itself as Solana’s first true layer-two community.
Since launching its sale in December, SOLX has raised greater than $22.3 million, an encouraging signal of its future progress and recognition.
As an L2, Solaxy will present speedy transactions and low charges when it launches within the subsequent few weeks, with its platform serving to customers keep away from the delays and dropped transactions that also proceed to undermine Solana.
It’s going to additionally present immediate bridging between itself, Solana, and different chains, with its builders desiring to increase compatibility over time.
It might, subsequently, achieve appreciable adoption over time, with the platform aiming to develop into an essential a part of the meme token ecosystem.
Traders can be a part of its sale by visiting Solaxy’s official web site, the place SOLX is accessible at $0.00164.
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