Altcoin
Top Reasons for Jupiter Price Crash 8% Today
JUP, the native cryptocurrency of Solana-based decentralized exchange (DEX) Jupiter, came crashing down by 8% today amid the breach of its official X account, which was shilling meme coins. The Jupiter price is down 8% today, currently trading at $0.88, with daily trading volumes crashing by 49%.
Jupiter Price Crashes Amid DEX Security Breach
The Jupiter price is down 8% amid strong selling pressure As the official X account of Jupiter decentralized exchange was compromised earlier today, shilling some meme coins on the platform. The development caused instant panic, triggering strong sell-offs for JUP.
Following the development, JUP failed to hold above $1.0 and has come crashing down all the way to $0.88 as the daily trading volume tanked 49% to under $175 million. As per the Coinglass data, the JUP futures open interest has also dropped 7.66% to $150.79 million. On the other hand, the 24-hour liquidations have soared to $1.1 million of which $1.05 million is in long liquidations.
Hackes Promoted Meme Coins MEOW
Deleted posts from Jupiter’s main account allegedly promoted a scam meme coin with the ticker MEOW. Reports suggest the token briefly hit a $30 million market cap within seconds before the posts were removed and the coin experienced a rug pull.
Data from GeckoTerminal shows the MEOW token, just four hours old, surged to a market cap of over $8 million before collapsing by more than 98%, ultimately plunging to $88,000. The Jupiter DEX has been in the news recently following its latest acquisition of crypto trading platform Moonshot.
DEX Recovers Within a Few Hours
Following the breach of their X account, the Solana-based decentralized exchange (DEX) Jupiter informed that they have regained control of their accounts. Commenting through their official X handle, the DEX stated:
“No customer or treasury funds were ever in danger. All programs and funds are in held in secure multisigs. No other comms channels were affected. Jupiter is fully secured. This issue was isolated to twitter alone”.
The exchange said that they are still figuring out what led to the security lapse. Although they had initiated several security measures, the hacker managed to find his way out.
Update on the Twitter Hack:
In short, our Twitter security measures were stringent and implemented properly at every level. And further, all Jupiter products and team members were safe and no funds or info were ever at risk.
The account takeover was completed without triggering…
— Jupiter (🐱, 🐐) (@JupiterExchange) February 6, 2025
JUP Price Action – Buy The Dip?
Crypto trader Gery Cat noted that this could be the right time to buy the Jupiter price dips. The analyst added that Jupiter (JUP) is gaining attention as its price action interacts with a critical Daily Fractal Point (FP), forming a Daily Rebound (RB) zone. He suggested that this zone could serve as a potential area of interest for traders considering long positions.
He further highlighted that the ideal bullish scenario would involve Jupiter price testing its 4-hour Fractal Point within the support area. A confirmation of buyer strength through significant volume at these levels would further solidify the case for upward momentum.
However, considering the recent crypto market volatility, investors should be cautious ahead of building new positions.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
A crypto market crash has occurred, with Bitcoin, Ethereum, XRP, and the Dogecoin price witnessing significant declines. This price decline came following the Federal Reserve Chair Jerome Powell’s testimony before the Senate Banking Committee.
Crypto Market Crash: Why BTC, ETH, XRP, And DOGE Are Dropping Today
CoinMarketCap data shows that Bitcoin, Ethereum, XRP, and Dogecoin have suffered significant price declines following a crypto market crash. This occurred following Jerome Powell’s testimony before the Senate Banking Committee, which was bearish for risk assets.
Powell said there is no need to hurry to adjust the current economic policy. He further remarked that they want to make more progress on inflation before pivoting.
These statements from the Fed Chair again highlighted the hawkish stance that the US Central Bank is currently adopting in terms of its monetary policy. This is bearish for risk assets like Bitcoin, Ethereum, XRP, and Dogecoin since the Fed is unlikely to cut interest rates anytime soon.
It is worth mentioning that Powell had made some positive remarks for the market, including affirming the Central Bank’s commitment to end debanking. He also revealed that they don’t plan on making a Central Bank Digital Currency (CBDC).
However, these remarks weren’t enough to stop the crypto market crash, as Powell’s hawkish speech quickly sparked a wave of sell-offs. The Bitcoin price could quickly dropped below the $97,000 support level and is at risk of falling below $95,000 at the time of writing.
Coinglass data shows that over $200 million has been liquidated from the crypto market in the last 24 hours, with long positions taking the most hit.
Donald Trump’s Contribution To The Market Decline
US President Donald Trump has also contributed to the crypto market crash with the tariffs he has implemented since he took office on January 20. Yesterday, Trump announced a 25% tariff on aluminum and steel imports.
The US president has promised to impose certain tariffs on the European Union, to which the EU has also responded that it will retaliate with tariffs of its own. These developments have raised concerns about trade wars, which are bearish for the crypto market. China already retaliated by imposing taxes on certain US imports.
As Coingape reported, Trump revealed last week that he plans to announce ‘reciprocal tariffs‘ this week on countries that have imposed unfair taxes on the US. This move could also negatively impact the market and lead to further declines.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
In an astonishing development, Franklin Templeton has joined the Solana ETF rally, submitting documents in the US state of Delaware. By registering the Franklin Solana Trust entity, the asset manager has initiated procedures for its spot Solana ETF launch.
Notably, the move comes following the Securities and Exchange Commission’s (SEC) acknowledgment of Canary Capital’s Solana ETF application. While many investment firms are vying to launch altcoin ETFs, the community keenly awaits the SEC’s potential moves.
Franklin Templeton Registers Solana ETF in Delaware
In a recent filing, Franklin Templeton, a US-based global investments firm, submitted documents in the US state of Delaware to launch its Solana ETF. As an initial step towards the ETF launch, the asset manager registered the Franklin Solana Trust entity in Delaware, joining the rally of Solana ETFs.
While Franklin Templeton follows the footsteps of several other investment firms, including Grayscale and Canary Capital, this shows the increasing institutional demand for Solana. Commenting on Solana’s growing adoption, FOMO HUNTER, a prominent crypto voice on X, stated,
Solana ETF filings are heating up. Franklin joining the race adds momentum, but remember, regulatory approval is just the start.
What is Franklin Templeton’s Crypto Index ETF?
Recently, Franklin Templeton submitted an amended S-1 filing to the SEC, seeking regulatory approval for its Franklin Templeton Crypto Index ETF.
Although the fund initially plans to track its Bitcoin and Ether ETFs, it will eventually expand to include other altcoins. The platform stated in the filing, “The fund currently may not hold any digital asset other than bitcoin and ether. It is uncertain whether any digital assets other than bitcoin and ether may in the future be added to the Underlying Index.”
However, Franklin Templeton could add new cryptocurrencies to the Crypto Index ETF only after the SEC approved a similar ETP or fund for that asset.
Asset Managers Await SEC Approval for Solana ETFs
Notably, VanEck was the first platform to apply for a Solana ETF back in June 2024. Since then, several platforms, including Grayscale, Canary Capital, Bitwise, and 21Shares joined the rally, filing for spot Solana ETFs.
Last month, the SEC officially acknowledged Grayscale’s 19b-4 filing to list and trade its Solana Trust on NYSE Arca. With this, the SEC has opened a 21-day public comment period on a $102.8 million Solana-based fund. After the comment period, the SEC will decide whether to approve, reject, or further review the application.
In the latest update, the SEC acknowledged Canary Capital’s filing, signaling the regulator’s potential approval of the ETF. However, the SEC’s classification of Solana as an unregistered security casts shadow over the move. According to Bloomberg analysts Eric Balchunas and James Seyffart, ETFs for Litecoin and Hedera are more likely to receive SEC approval ahead of those for Solana and XRP.
Solana Price Dips Despite Increasing Institutional Interest
Despite growing institutional interest in Solana, the price continues to dip, currently trading at $196.57. The token has marked notable declines of 3.34% and 9.99% over the last day and last week, respectively.
Boasting a market cap of $95.94 billion, Solana is ranked 5th on CoinMarketCap. However, its 24-hour trading volume contrasts with the increasing institutional demand. Currently, Solana’s volume is recorded at $3.81 billion, down by 14.03%.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Altcoin
Crypto Analyst Begins Countdown To Altcoin Season Of 2025, You Won’t Believe How Close It Is
Many crypto analysts and investors are still eagerly anticipating the arrival of a full-blown altcoin season in this market cycle. While some surges have been observed in individual altcoins like Solana and XRP, the broader alt market has yet to see the kind of explosive rally that characterizes an official altcoin season.
This delay is largely attributed to Bitcoin’s continued dominance, which has remained strong despite periodic pullbacks. However, one analyst has now begun the countdown, predicting that the long-awaited altseason is just days away.
Crypto Analyst Predicts Altcoin Season Will Begin In Just Three Days
Bitcoin dominance is still near cycle highs and the market has yet to confirm a definitive shift, but technical analysis suggest that altcoins may soon gain momentum. According to the Bitcoin Dominance Chart from Coinmarketcap, Bitcoin’s dominance is currently at 60.2%, having recently reached a multi-year high of 61% on February 8.
However, according to a crypto analyst known pseudonymously as Pepa (@moonshilla) on social media X, the next official altcoin season is about to kick off within the next three days. Taking to the social media platform to start the countdown, the analyst noted that alts have three days and seven hours before lift-off.
The post was accompanied by a chart of the total altcoin market cap against Bitcoin (OTHERS/BTC), showing that the price action recently touched the lower trendline of a multiyear ascending channel. This trendline has historically been a key inflection point, with a bounce from here preceding the last two altseasons in previous cycles. If the pattern holds, a strong reversal to the upside could be in play for the altcoin market cap.
Historical Patterns Suggest February 14 Could Be The Start
Backing up the prediction, Pepa pointed to historical trends in previous market cycles. In an earlier post, the analyst laid out a timeline of past altcoin seasons, noting that major alt surges have occurred in the year after Bitcoin’s halving event.
According to this data, the first altcoin season began on February 14, 2017, following the 2016 Bitcoin halving. The second alteason kicked off on January 1, 2021, after the 2020 halving. Now, the next projected start date for altcoin season is February 14, 2025, and we could see a potential repeat of the 2017 cycle. Interestingly, this observation is based on a 44-day chart, with the next 44-day candle set to open in just five days.
Despite the analyst’s countdown, alteason cannot truly materialize until Bitcoin dominance begins to weaken. Currently, Bitcoin dominance sits near multi-year highs, meaning that BTC continues to attract most of the capital inflows as it looks to break above $100,000 again.
Additionally, Ethereum’s performance relative to Bitcoin has historically been a precursor to broader altcoin rallies. If ETH/BTC shows strength, it could confirm that the market is shifting in favor of alts. At the time of writing, Ethereum is testing a key support on the ETH/BTC price chart. A bounce from here could be the first step in a new altseason.
Featured image from Adobe Stock, chart from Tradingview.com
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