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Jupiter (JUP) Jumps Over 13% Following Acquisition of Majority Stake in Moonshot

Jupiter's native token saw a notable increase after the purchase of a majority stake in Moonshot.

Avatar image of Faith Faith•January 25, 2025
Jupiter Solana

Jupiter, a popular decentralized exchange on the Solana network, has acquired a majority stake in the cryptocurrency trading platform Moonshot. With this purchase, Jupiter is poised to reach a larger audience, providing more access for future projects.

Jupiter Rides on Moonshot Popularity

Launched in July 2024, Moonshot is an innovative platform that addresses the growing demand for user-friendly and accessible platforms in the crypto world. It enables the trading of memecoins on public protocols, particularly the Solana blockchain, thus tapping into the vibrant market of memecoins.

On January 25th, Jupiter announced the purchase of a majority stake in Moonshot. Notably, this acquisition comes at an opportune time for the Solana Dex, as Moonshot’s popularity has increased exponentially, especially following the launch of Donald Trump’s official memecoin (TRUMP).

During the memecoin’s debut, Moonshot experienced an impressive surge in the United States Apple App Store. It ranked first among banking apps and seventh overall among free apps. The app also saw nearly $400 million in trading volume.

By January 20, the platform recorded about 1 million daily active users. Thus, by acquiring a majority stake in Moonshot, Jupiter is tapping into the platform’s rising prominence in the crypto ecosystem to reach a larger audience.

Jupiter Acquires SonarWatch

Additionally, Jupiter unveiled the purchase of SonarWatch, a Solana on-chain portfolio tracking tool that will be integrated into its platform.

SonarWatch will stop using its platform and move its features to Jupiter’s portfolio tracker website as part of the purchase. SonarWatch’s native token, SONAR, will be discontinued, with holders able to exchange their tokens for JUP as SonarWatch integrates fully under the Jupiter platform.

Furthermore, Jupiter introduced “Ultra Mode,” an update to its platform that automates key features such as real-time slippage estimation, dynamic priority fees, and optimized transaction handling. According to Jupiter, these updates will be rolled out in beta.

As expected, JUP reacted positively to these announcements. At press time, the token soared by 13.22% in the last 24 hours, exchanging hands at $0.9657.

Faith

Faith is a dedicated content writer who is focused on expanding her interest and knowledge about cryptocurrencies and blockchain technology. In her free time, she enjoys listening to music, reading, and traveling.