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Jito, the largest staking network on Solana, is experiencing impressive growth as assets within its ecosystem reach record highs.
Jito Token Performance
The Jito token rose to an important resistance point at $2.50, marking its highest swing since September 30. This represents a 37% increase from its lowest level this month.
Asset Growth in Jito Network
Data reveals that the total assets staked in the Jito network surged to a record high of $2.3 billion, a significant rise from the January low of $247 million. The total value locked (TVL) in Jito increased to 13.20 million Solana terms.
Increasing Customer Base and Revenue
The customer base for Jito has expanded to 116,000, with monthly fees reaching a record high. The network generated $50 million this month, a substantial increase from the $13 million earned in September. Additionally, the number of Jito token holders has grown to 55,000.
Jito’s Profitability
According to industry data, Jito has emerged as one of the most profitable players in the blockchain sector, generating $295 million in fees this year, while Solana has earned $404 million. These figures indicate a thriving network as Solana becomes increasingly popular.
Solana Ecosystem Growth
Solana’s meme coins have achieved a market cap of $12 billion, with leading tokens like Dogwifhat, Bonk, and Popcat valued at $2.5 billion, $1.58 billion, and $1.5 billion, respectively.
Furthermore, Solana has outperformed Ethereum in terms of cryptocurrencies traded this month, handling tokens worth $39 billion compared to Ethereum’s $31 billion.
Jito’s Liquid Staking Platform
Jito offers a liquid staking platform that enables users to earn returns by holding Solana. This method is often seen as a preferable alternative to traditional staking since users can withdraw their funds at any time.
Restaking Solution
Jito has introduced a restaking solution, allowing users to earn additional rewards by delegating their already staked assets. On October 23, the network welcomed Temporal as a new node operator for its restaking solution.
Join us in welcoming Temporal, a next-gen Solana native research and development firm, as a Node Operator on Jito (Re)staking!
Jito Token Technical Analysis
The daily chart shows that the JTO token found a strong bottom at $1.8415, which it has not dipped below since July, marking the lower side of the descending triangle pattern. Jito has risen above the descending line of the triangle pattern and has also climbed above the 25-day and 50-day Exponential Moving Averages and the 78.2% Fibonacci retracement level.
Future Price Predictions
Given the current trends, the JTO token may continue to rise, with the next target being $3.3345, the 50% retracement level, and the highest swing on June 31. This price is about 41% higher than its October 24 level.
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