Jupiter Acquires Majority Stake in Moonshot to Boost Solana Ecosystem

Jupiter, the leading perpetual exchange network on the Solana blockchain, has announced its acquisition of a majority stake in Moonshot, a company that enables users to buy and sell meme coins on Android and iOS.

The acquisition was revealed by Jupiter’s pseudonymous founder, known as “Meow,” in a recent post. Meow expressed enthusiasm for the deal, stating that the Moonshot team is “amongst the smartest, most driven group of people” they have ever met.

About Moonshot and Its Recent Success

Moonshot’s popularity surged this month following the launch of meme coins by Donald and Melania Trump. According to DeFi Llama, the platform’s daily fee reached a record high of $6.3 million on January 20, a significant increase from less than $50,000 on January 1.

Jupiter’s Acquisition and the Solana Ecosystem

The acquisition may indicate that Jupiter is optimistic about the Solana ecosystem’s continued growth. With a market capitalization of over $20 billion, all Solana meme coins have become a significant player in the cryptocurrency market. The largest Solana meme coins include Official Trump, Bonk, Pudgy Penguins, and Dogwifhat.

Jupiter’s Growth and Market Position

Jupiter has established itself as one of the biggest players in the decentralized finance industry, with a total value locked of $2.4 billion. The platform has handled over $208 billion in volume since its inception and boasts the second-biggest market share in the perpetual futures industry after Hyperliquid.

Following the Moonshot acquisition news, Jupiter’s JUP token rose by 15.7%, bringing its market capitalization to $2 billion and its fully diluted valuation to $9 billion.

Tips for Investors and Traders

If you’re interested in investing in the Solana ecosystem or trading meme coins, here are some key takeaways:

  • Conduct thorough research on the Solana ecosystem and its meme coins before investing.
  • Consider the potential risks and rewards of investing in a relatively new and volatile market.
  • Stay up-to-date with the latest developments in the Solana ecosystem and the cryptocurrency market.

Stay informed about the latest news and trends in the cryptocurrency market by visiting Global Crypto News.

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