JTO soars nearly 30% after Upbit announces listing

JTO, the native token of Jito, has spiked 30% since Upbit announced it will be listing the Solana-based coin on Feb. 21 at 14:30 KST.

According to a recent notice, Upbit will be adding trading support for the Jito native token starting from Feb. 21 at 14:30 KST. The token will be available for trading on the Korean won market.

Shortly after Upbit announced its listing the Jito (JTO) native token spiked as high as 28%, reaching a price of $3.49 according to data from crypto.news. At press time, the token is trading hands at $3.17, having gone down by 3.5% in the past hour.

In the past few days, the token has not seen much movement in its price, only rising slightly by 0.92% in the past week and 5.48% in the past month. According to the Upbit notice, the previous day’s closing price for JTO was 4,136 Korean won or equal to $2.88.

Jito’s trading volume also saw a significant boost in the past 24 hours, rising by 425.5% compared to the previous trading day. This indicates that more traders are now buying and selling the token. JTO has a market cap of $925 million, just shy of reaching a billion. Meanwhile, its fully diluted valuations stands at $3.2 billion and a circulating supply of 296 million tokens.

Buy orders for JTO will be restricted to around five minutes after trading support begins. While all types of orders, with the exception of limit orders, will be restricted for one hour after the exchange begins trading support. Sell order prices are capped at a minimum of 10% less than the previous day’s closing price.

Jito is known as the biggest liquid staking project on Solana, with a TVL of 15.12 million SOL or equal to $2.6 billion according to its website. As previously reported on Jan. 29, Jito rose to become the third largest crypto project by fees with $63 million, falling only behind Tether (USDT) and Tron (TRX).

Jito launched its native token, JTO, in November 2023 as a governing token and to develop liquidity for the Solana-based protocol.