JUP remains stuck near all-time lows against SOL despite Jupiter's strong Solana market

Jupiter (JUP) has turned into a multi-purpose app on Solana, with peak fees and revenues. Despite this, the JUP token remains under pressure. 

JUP remains stuck at a low range, with no signs of a breakout despite the growing interest in the Solana ecosystem. Jupiter’s services have become key for meme token trading, general routing to Solana DEX, and other tasks. The app is often among the leading fee producers on Solana. 

However, the native JUP token is not showing a connection to the performance of the project. JUP has traded between $0.65 and $0.45 for the past six months, peaking at $1.25 in December 2024. JUP open interest on derivative markets is just $83M, down from $249M at the beginning of 2025.

JUP is also near its lowest price against SOL, leaving investors stuck with an asset that has lagged behind its main network. 

Another evidence that valuations in crypto are bs@JupiterExchange has one of the biggest user bases in defi, one of the highest revenue, aggressive product expansion, existing products like @jup_lend have so many announcements coming, Jupnet is about to launch, then watch out… https://t.co/r64FsNrCq6

— DMH 🦇🔊🌊 (@DeFi_Made_Here) October 3, 2025

Despite its successful products, JUP still has a market cap of just $1.42B. The token still has an FDV of $3.15B, potentially signaling selling pressure over the years.

Currently, the Jupiter community is also raising the question of the JUP utility and the effect of increased trading. One of the proposals is to attempt a shift in JUP utility, copying the Hyperliquid model with buybacks based on protocol fees.

Why is JUP lagging? 

JUP is getting support in the form of buybacks from the team. However, the token may also face selling pressure from retail and early whales. Additionally, the 2025 Jupuary event caused significant selling pressure, bringing the price down from its local peak in December 2025. 

Not even the recent Meteora MET airdrop for Jupiter stakers was enough to boost demand for the token and increase the market price from its lows. JUP also did not rise due to the perp DEX narrative, despite Jupiter offering perpetual futures trading.

JUP is anticipating another Jupuary event that will distribute 700M tokens in early 2026. Until that moment, other measures to prop up the price may be inefficient, as the market still expects the airdrop recipients to sell. 

Jupiter still unveils new products

JUP is also growing its supply through Active Staking Rewards (ASR), making the token slightly inflationary. Additionally, the team still holds over $58M in its Litterbox, a strategic JUP reserve which is not burnt or locked. One of the proposals includes burning the strategic reserve and decreasing the total supply of JUP.

I said it so many times and I’ll say it again:

– burn litter box
– burn 3-4b supply
– change ASR reward to SOL from 50% protocol fees
– make staked JUP able to be used as collateral
– use JUP as gas fees on JUPNET

I’m a $JUP supporter but team needs to address those points

— David (@davidkimoficial) October 5, 2025

The community is worried about the overly-generous monthly ASR program, in addition to the upcoming Jupuary, which will inflate the supply by about 10%.

Jupiter still produces $2.41M in daily fees based on its most widely used products, including the native DEX, router, and perpetual futures market. 

Recently, Jupiter released a new desktop wallet integrating all services, offering access to the Solana ecosystem with even lower fees. The desktop wallet plans to expand to NFT trading and complex DeFi positions.

Sign up to Bybit and start trading with $30,050 in welcome gifts