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Jupiter Surges 6% on $3B Token Burn and Buyback Plan

Coin WorldMonday, Jan 27, 2025 7:56 am ET

1min read

Jupiter (JUP) Jumps 6% as $3 Billion Token Burn and Buyback Plan Ignites Market

Jupiter, a leading cryptocurrency, has seen a significant surge in its price, rising by 6% following the announcement of a $3 billion token burn and buyback plan. The market has responded positively to this news, with investors showing increased confidence in the cryptocurrency.

The token burn and buyback plan involves permanently removing 4 billion WXT (40% of the total supply) from circulation, reducing the total WXT supply to 6 billion. Subsequent burns will occur quarterly, repurchasing and burning WXT equivalent to 20% of WEEX exchange's quarterly profit. The specific amount of burn and on-chain records will be disclosed post-completion.

WXT is the platform coin issued by the WEEX exchange platform, designed to provide exclusive benefits and value returns to WEEX's loyal users and partners. WXT holder benefits include WE-Launch popular project token airdrops, VIP level upgrades with tiered fee discounts, higher referral commission ratios for traders, as well as future benefits such as Launchpad participation, on-chain payments, platform governance voting, among others.

This move by Jupiter is seen as a strategic effort to reduce the circulating supply of its tokens, which could potentially drive up the price due to supply and demand dynamics. The market has reacted favorably to this news, with investors showing increased interest in the cryptocurrency.

In addition to the token burn and buyback plan, Jupiter has also been making headlines for its recent acquisition of 10,107 bitcoin. The company, led by Executive Chairman Michael Saylor, has increased its bitcoin holdings for the 12th straight week, taking its total holdings to 471,107 BTC. This move has further solidified Jupiter's position as a major player in the cryptocurrency market.

The cryptocurrency market remains volatile, with investors exercising caution ahead of the January 29 Federal Open Market Committee (FOMC) meeting. However, the recent developments by Jupiter have sparked optimism among investors, with many believing that the cryptocurrency has the potential to recover in the short term.

As the market continues to evolve, investors are closely watching the price action and ecosystem developments of cryptocurrencies like Jupiter. The

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