Jupiter Price Keeps Falling After JUP Airdrop as New Cloud Mining Protocol Receives $10 Million
Publikováno: 5.2.2024
In a move fuelling drama in the crypto community, the freshly released JUP airdrop is troubling investors amid lackluster price performance. Read on to find out whether Jupiter’s price will keep falling. Indeed, this recent price action comes after the timely JUP airdrop, which, with the aim of launching a new Solana-based DEX aggregator, was […]
The post Jupiter Price Keeps Falling After JUP Airdrop as New Cloud Mining Protocol Receives $10 Million appeared first on Cryptonews.
In a move fuelling drama in the crypto community, the freshly released JUP airdrop is troubling investors amid lackluster price performance. Read on to find out whether Jupiter’s price will keep falling.
Indeed, this recent price action comes after the timely JUP airdrop, which, with the aim of launching a new Solana-based DEX aggregator, was released on January 31st to much anticipation.
The token airdrop has so far seen limited success, with more than 50% of the airdropped JUP tokens still waiting to be claimed, despite fuelling substantial growth across Solana DEXs (+40.5% weekly volume increase according to data from DeFi Llama).
$JUP opening with only 1.7 Billion Circ supply
Originally it was 2B this is HUGE
Raise your price expectations
pic.twitter.com/KewtFmoxjE
— Short Form King (@retentionjunkie) January 28, 2024
Despite the recent downside, improved sentiment is emerging from the news that Jupiter token has been released with a lower than anticipated supply, standing at 1.7bn circulating tokens rather than 2bn.
JUP Price Analysis: As Jupiter Token Fights To Maintain Value – Will JUP Airdrop Price Keep Falling?
As price action pushes-up back above moving average support, Jupiter token is currently trading at a market price of $0.56 (representing a 24-hour change of +6.48%).
This comes as JUP price hammers-off lower support down at $0.52, in what has emerged as the latest support level since the bounce at $0.53 on February 4.
JUP’s upside price move has bolstered technical structure, with JUP now trading above the struggling descendant 20DMA (currently sat at $0.5435).
For Jupiter holders, defending support at these levels is critical to prevent JUP airdrop price from continuing to free-fall.
However, in a worrying shift, the RSI indicator has struggled to maintain cooled posture throughout the past few hours of upside movement.
This key indicator is now reading at a bearish overbought signal around 61.95, suggesting that further retracement moves could dominate price action on the short-time frame.
Yet, in contrast the MACD is standing strong with a bullish signal reflecting growing upside momentum at 0.0046.
Overall, JUP price analysis reveals that despite the promising bounce off lower support, JUP price is currently still trading in vulnerable position that could drive a further price correction.
To the upside, this leaves JUP with a price target at $0.585 (a potential +3.56%).
While downside risk could see JUP fall down to a lower price target at $0.5525 (a possible -2.2%).
Therefore, JUP price analysis reveals an ongoing risk: reward ratio of 1.62 – a reasonable entry, characterized by upside potential on the short-time frame.
But while JUP airdrop might not be continuing to crash soon, a better play, with bigger returns could emerge in the Bitcoin Minetrix presale.
JUP Price Analysis Alternative? New Bitcoin Cloud Mining Project BTCMTX Smashes $10.2M Raised
Dive into the innovative world of Bitcoin Minetrix and its pioneering stake-to-mine system – as the skyrocketing presale smashes +$10,291,355 raised – with the latest Stage 24 just kicking off!
Offering an enticing 75% Staking APY, Bitcoin Minetrix provides a platform where users can buy, stake, and then watch as the rewards start accumulating.
The true essence of passive income in the crypto world has never been this accessible.
With the Bitcoin Minetrix approach, gone are the days of heavy initial capital and navigating complex mining contracts.
Stage 24 of #BitcoinMinetrix is now underway!
How does the #Bitcoin block size limit affect mining dynamics? pic.twitter.com/cwcjTjafHN
— Bitcoinminetrix (@bitcoinminetrix) February 5, 2024
$13M In The Crosshairs: Bitcoin Minetrix Surges Past $10.2M – Poised to Outperform JUP Price Analysis
Since the 2021 Bull Run, Bitcoin mining has defied expectations by undertaking something of a renaissance in network growth.
Bitcoin’s Hash Rate (a measure of the total amount of computational power directed at mining Bitcoin blocks) has surged to an incredible all-time high of 525 Exahashes per second (EH/S).
This dramatic growth has been fuelled by a substantial increase in the scale of Marathon Digital and Riot Platforms’ mining operations.
The world’s largest Bitcoin miner – Marathon – reported that for Q3 2023 it had an average hash rate of 14.2 EH/s (a 500% growth YoY), around 4% of the overall network hash (mining around 1153 BTC per month, or, $42.2M USD).
Meanwhile Riot Platforms reported a new record hash rate of 10.9 EH/s (mining around 368 BTC per month, or, $13.3M USD), with Riot’s operations expected to grow to 20.2 EH/s by summer 2024.
But while the all-time high in Bitcoin network hash rate is healthy for Bitcoin network security, and clearly profitable for growing mining operations, it has also begun to lose sight of the original promise of Satoshi Nakamoto’s decentralization.
Bitcoin mining in 2023 is the most centralized it has ever been in its short 15-year history.
Why Has Bitcoin Mining Become So Centralized?
A closer look at the summary of mined blocks over the past 48-hours reveals that a shocking 55.79% of all Bitcoin block rewards go to just two Bitcoin mining pools.
AntPool took the largest share at 83 blocks mined (29.123%), while second largest mining pool Foundry USA mined 76 blocks (26.667%).
This dwarfs the number of blocks mined by even third-place F2Pool (34 blocks mined, around 11.93%), highlighting the growing challenge of increased mining centralization.
This heightened network activity, and increased centralization of mining power has become clearly reflected in the consequent all-time high in the difficulty rate for mining Bitcoin.
Currently standing at 70,440,798,833,881 – it has never been harder for individual participants to engage in profitable Bitcoin mining.
This challenge of heightened network difficulty, fuelled by increased competition and centralization of mining power, has created the need for new solutions for the retail investor to participate in Bitcoin mining – both for network decentralization and preserving Bitcoin as a profitable activity for the individual.
Enter Bitcoin Minetrix, which was launched to deliver secure and transparent Bitcoin mining rewards for the retail investor through an innovative, decentralized Bitcoin cloud mining approach.
Key Highlights of the BTCMTX Advantage Over JUP Price Analysis Verdict:
- Distinctive Edge in the Market: In an industry filled with numerous cloud mining platforms, Bitcoin Minetrix carves a niche for itself. As the first-ever tokenized Bitcoin cloud mining initiative, it offers an automated system that’s geared for cloud-based Bitcoin mining, setting a new standard for the industry.
- Safety First with Ethereum Blockchain: Bitcoin Minetrix operates on the tried and trusted Ethereum blockchain. This ensures top-notch security and reliability, allowing users to sidestep the risks associated with external mining pools, and offering a safeguard against potential fraudulent cloud mining services.
- Championing True Decentralization: At its core, Bitcoin Minetrix upholds the ethos of decentralization. In an age where centralization often introduces vulnerabilities, Bitcoin Minetrix breaks the mold, redistributing mining profits from big corporations to individual retail investors through its novel Stake-to-Mine system.
- Tapping into the Bitcoin Halving Opportunity: Perfectly poised to make the most of the upcoming Bitcoin halving, Bitcoin Minetrix provides investors with a golden opportunity. The impending halving might seem daunting for miners due to reduced block rewards, but historically, such events have driven up Bitcoin’s value. Bitcoin Minetrix provides a platform for investors to tap into this potential surge, sans the associated capital risks.
- The BTCMTX Presale Opportunity: The ongoing BTCMTX presale has already garnered significant interest, with over $9.1m raised towards its $9.5M goal. At a competitive price of just $0.0133 per token, early investors have a unique chance to be at the forefront of this stake-to-mine evolution.
The Bottom Line: Don’t Miss BTCMTX
In sum, Bitcoin Minetrix is set to redefine the Bitcoin landscape. With its innovative methodologies, stringent security measures, and the vast potential of its stake-to-mine mechanism, it beckons as a lucrative opportunity for early-bird investors.
Secure your position in this transformative journey by joining the BTCMTX presale today.
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