JTO Surges 11% as On-Chain Strength Continues to Outpace Spot Selling
Jito Finance's token, JTO, has been experiencing a significant surge in value over the past few days, rising by approximately 11%. This growth can be attributed to several factors, including a substantial increase in on-chain capital and a strong pace of earnings for Q3.
The Total Value Locked (TVL) in Jito's protocol has climbed sharply over the past three days, reaching $768.78 million at the time of writing. This rise is often seen as a sign that investors have a long-term outlook on the price and are expecting to earn a yield from their locked capital.
The protocol's earnings data shows that Jito has already booked around one-third of its Q2 earnings just two months into Q3, with total earnings reaching $489,140. This is a solid mark for the protocol and could provide meaningful support to the token's price if it continues.
However, there are some caveats to consider. The perpetual market shows that investors are leaning long at a steady pace, but spot selling remains a concern. Over the past day, there was a net outflow of $89,400 in the spot market, with three consecutive days of selling.