Jupiter Co-Founder Questions $70M JUP Buyback Program Effectiveness
- Buyback Program Questioned: Jupiter co-founder Siong Ong has raised concerns about the effectiveness of the $70 million spent on JUP token buybacks over the past year, suggesting that these funds might be better allocated towards user growth to enhance the platform's long-term value.
- Divided Market Reaction: The Solana community reacted strongly, with supporters arguing that buybacks are outdated and that growth spending would better solidify Jupiter's market position, while critics warn that the absence of buybacks could detach the token from the platform's performance.
- Shifting Industry Trends: Ong's comments reflect a broader shift in the crypto industry, as more founders begin to question the effectiveness of buybacks and focus on user adoption and real usage instead.
- Strong User Base: Despite the controversy, Jupiter remains one of the most active decentralized exchanges on Solana, attracting approximately 1.5 million unique wallets and generating nearly $170 million in trading volume over the past month, indicating significant growth potential.
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Technical Analysis for JUP
Technical Sentiment Analysis for Jupiter (JUP) As of , Jupiter (JUP) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 2 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for JUP stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, JUP is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Jupiter (JUP) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.0612 | 0.1 | 0.137 | 0.176 | 0.213 | 0.251 | 0.288 |
| Fibonacci | 0.1 | 0.129 | 0.147 | 0.176 | 0.205 | 0.223 | 0.251 |
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