Jupiter Token Spikes as DEX Aggregator Plans to Spend Half its Fees On Buybacks

Solana decentralized exchange (DEX) aggregator Jupiter’s JUP token spiked 40% on Sunday after the protocol announced that half of the platform’s fees would be spent on token buybacks.

Speaking at its Catstanbul event in Istanbul on Jan. 26, pseudonymous founder Meow said he wanted to make JUP the “most GOATed token,” referring to the “greatest of all time,” before announcing the buyback plans.

The tokens will be held in a “long-term litterbox,” Meow said. The remaining 50% of fees will go towards growth, future strategy and operational stability, he added.

The move comes on the heels of the $550 million airdrop launched on Jan. 22 and plans to burn three billion JUP tokens, currently worth $3 billion. JUP rose as high as $1.26 after the announcements before falling back to $1.07.

Meow also emphasized that he never wants Jupiter to sell tokens for operational expenses, saying, “JUP is not for expenses; JUP is for alignment. That’s why we spent a year building the treasury.”

Moonshot Acquisition

Meow also revealed that Jupiter has acquired a majority stake in memecoin launchpad Moonshot, which shot to prominence with the launch of President Donald Trump’s Official Trump token. Moonshot processed trading volume of $400 million during TRUMP’s launch.

Moonshot briefly jumped to the top spot in the Apple App Store’s finance category during that frenzy. Moonshot makes buying memecoins easy through its integration with Apple Pay.

Moonshot also announced the launch of a $10 million fund aimed at open-source artificial intelligence (AI) development.