Jupiter Token Rebounds 4% Amid LIBRA Fallout

The price of Jupiter Token (JUP) has recovered by 4% today after falling as low as $0.6743 in the past 24 hours, with the exchange token suffering a 12% seven-day drop amid fallout from the LIBRA controversy.
A post from Jupiter’s official X account revealed that members of its team had been aware in advance that Argentina President Javier Milei would at some point be endorsing a meme token. However, the same post states that team members didn’t know the precise date of launch and that no one at Jupiter received LIBRA tokens or any related compensation “at any time.”
This has helped to prevent JUP from falling further, although its association with Meteora – the DEX on which LIBRA pumped and then dumped – may make repairing its reputation quickly difficult.
While Jupiter isn’t directly involved in the LIBRA controversy, one of its co-founders – the pseudonymous Meow – is also a co-founder of Meteora, another decentralized exchange that runs on the Solana blockchain. And Meteora was the primary exchange on which LIBRA traded, rising from a high of $5.2 on Friday to its current price of $0.2418.
The reason for its stratospheric rise was simple: Javier Milei, who posted and pinned a tweet in which he declared that LIBRA would somehow help boost Argentina’s economy. But once Milei deleted the tweet, LIBRA crashed, creating possibly the biggest rug-pull scandal in recent memory.
Questions quickly emerged concerning Meteora’s role in all of this, with co-founder Ben Chow stepping down amid allegations that he was somehow aware LIBRA wasn’t legit. Chow has defended himself, affirming on X that he never received or purchased any LIBRA tokens.
Despite these protestations, it’s possible that the episode has tarnished Chow’s and Meteora’s reputations permanently, with Jupiter seemingly damaged by association. Its native JUP token has enjoyed a significant rebound in the past 24 hours, helped along by clarifications from the exchange’s official X account and from its other co-founder, the aforementioned Meow.
These have seemingly helped calm market sentiment, although Jupter Token remains down by 12% in the past week and by 25%

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