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Jito's TipRouter Launch: Optimizing Solana's Validator Network
Jito, a leading liquid staking protocol on Solana, has launched TipRouter to optimize validator efficiency and MEV rewards. Jito's network is doing great, with $261 million in fees and revenue year-to-date exceeding Solana. Its staking product is deeply integrated into Solana's DeFi network, enhancing lending and yield farming protocols, thus solidifying Jito's place in Solana's economic infrastructure.
New Tokenomics: Buybacks, Bartering, and Enhanced JTO Utility
Jito is also developing fresh tokenomics proposals, including a token buyback system based on protocol fees, potentially going into "bartering" with other DAOs for long-term incentives and reduced token supply. Inspired by Curve, Jito is considering a model where users lock money in JTO-paired pools to decide on DAO fee stream investments, generating extra utility for JTO
Whale Activity: Signals of Confidence in Jito
Recent whale activity on Jito (JTO) tokens includes a massive withdrawal of $12.37 million worth of JTO, which was staked, indicating high confidence in the Jito network and possibly decreasing circulating supply, affecting JTO's price 1. A whale also withdrew $12.37 million in SOL, possibly attributed to Jito's activities on the Solana blockchain, highlighting the interconnectivity of the Solana and Jito ecosystems.
Recent Performance Overview
In the past two days, JTOUSD gained more than 35%. The pair remains well above short-term moving averages (34 and 55 EMA) but below the long-term moving average (200 EMA) on the 4-hour chart. It hit a high of $2.76 yesterday and is currently trading around $2.6693. A bullish invalidation could occur if the pair closes below $1.30, with near-term support at $1.60, Breaks below this level could target $1.
Resistance and Trading Strategy
Immediate resistance is around $2.76; breaking this could signal a bullish continuation, potentially leading to jumps to $3/$3.59 and $4. A surge past $4 might take it as high as $5. A suggested trading strategy is to buy on dips around $2, with a stop-loss at $1.30 and a target price of $4.
