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Jupiter Price Prediction as JUP Drops 70% From Recent Top – Time to Buy the Dip?

Source: Jupiter Official X Account

Jupiter (JUP) price predictions remain optimistic one day after the tokens initial airdrop, despite the price having dropped substantially from its recent high.

According to CoinGecko, the JUP price is 70% down from its high of $2.00 at current levels near $0.59.

Jupiter is a decentralized exchange (DEX) aggregation service on Solana and is one of the blockchain’s leading protocols.

It has recently been challenging leading multi-chain DEX Uniswap for the top spot in terms of DEX trading volumes.

The first stage of its highly anticipated token airdrop went live on Wednesday, with the protocol releasing a first tranche of 13.5% of the token supply.

Nearly 1 million Solana wallets were eligible to receive tokens, making it one of the largest airdrops in history.

The airdrop also went ahead without any major hiccups on either Jupiter’s website or the Solana blockchain.

JUP’s market cap was last around $800 billion, with a fully diluted market cap of close to $6 billion.

That’s roughly the same as Uniswap’s fully diluted market cap, which was last just over $6 billion, as per CoinMarketCap.

That makes Jupiter the latest crypto unicorn, defined as protocols worth over $1 billion.

Jupiter Price Prediction – Are 5x Gains Possible?

The Jupiter price remains vulnerable to a further pullback.

That’s because optimism in the market often becomes excessive following the launch of a new asset.

That’s been seen time and time again throughout the history of stock IPOs, as well as crypto token launches.

Traders who FOMO’d in at an unreasonably high price may see their losses rises and throw in the towel.

But once weak hands and short-term speculators are washed out, the Jupiter price has a strong chance of rebounding.

The Solana blockchain has been experiencing spectacular growth in recent months.

Traders have been flocking to the blockchain for benefit from airdrop hunting and meme coin opportunities.

But they appear to be sticking around thanks to the blockchain’s ultra-low fees, fast transaction finality times and diverse and well-developed suite of web3 applications.

As a leading protocol on Solana, Jupiter is set to benefit as Solana adoption rises.

Indeed, Jupiter is likely to once again secure a multi-billion-dollar market cap this bull market.

5x gains for the Jupiter price and a fully diluted market cap of tens of billions shouldn’t be discounted in the years ahead.

Investors who believe in Solana and Jupiters long-term future should consider dollar-cost averaging (DCAing) into the latest price dip.

Crypto Alternatives to Consider

While things are looking great for Jupiter, investors should consider alternative investments to diversify.

Those looking for a better probability of near-term gains ought to consider an alternative high-risk, high-reward investment strategy – crypto presales.

This is where investors buy the tokens of upstart crypto projects to help fund their development.

These tokens are nearly always sold cheaply, and there is a long history of presales delivering huge exponential gains to early investors.

Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application/platform.

If an investor can identify such projects, the risk/reward of their presale investment is very good.

The team at Cryptonews spends a lot of time combing through presale projects to help investors out.

Here is a list of 15 of what the project deems as the best crypto presales of 2023.

See the 15 Cryptocurrencies

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

The post Jupiter Price Prediction as JUP Drops 70% From Recent Top – Time to Buy the Dip? appeared first on Cryptonews.

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