Jupiter Surges 12% as Buybacks Top 1M Tokens and Solana Ecosystem Feels the Heat

Jupiter's price surged by over 12% in the past 24 hours, fueled by discussions around the Solana ecosystem and its buyback program. The daily trading volume jumped by 109%, to more than $80 million.

The Jupiter Strategic Reserve has been reducing circulating supply in the market while creating demand through a buyback program. In the past month alone, they have added 143,572 JUP tokens, bringing this month's total to 1.013 million tokens.

Discussions around fees have sparked network strength across the Solana ecosystem, with many users criticizing Robinhood for collecting high fees in both the frontend and backend. As a result, prices of related assets such as Raydium (RAY) are also seeing double-digit gains.