JUP Token Falls 15% Despite $100M Buyback
Key Takeaways
As part of a large-scale buyback program, Jupiter has already acquired JUP tokens worth 19 million USD. Despite this measure, the token’s price remains under pressure. Since the beginning of the program, the price has dropped by around 15%. Contributing factors include weak market activity on Solana and potential dilution due to token unlocks.
100 Million USD Buyback Program
In February 2025, Jupiter announced a 100 million USD buyback program. The goal was to strengthen confidence in the JUP token and stabilize its price. By early May, 19 million USD had been used. Nevertheless, the token price did not recover. Instead, it fell from around 0.50 USD to 0.41 USD.
Market Conditions Hindering Recovery
An analysis by Pine Analytics shows that declining activity on Solana’s decentralized exchanges (DEX) had a significant impact. The overall market slowdown in the first quarter of 2025 has limited JUP’s upside potential. Additionally, a large number of unlocked tokens is weighing on the market.
Token Unlocks Creating Selling Pressure
In January 2025, 700 million JUP were unlocked as part of the “Jupuary” airdrop. This accounts for about 7% of the total supply. In total, around 27% of the tokens are currently in circulation. Over 5 billion JUP remain locked. Once these enter the market, additional selling pressure could arise.
Signs of Moderate Accumulation
In the first week of May, over 4 million JUP were withdrawn from centralized exchanges, according to CoinGlass. This indicates moderate accumulation. At the same time, data from Hyblock shows that larger investors (“whales”) have reduced their holdings — a possible reason for the price decline.
Technical Outlook: Support at 0.41 USD?
The 0.41 USD level could serve as short-term support. For a sustained recovery, however, the Relative Strength Index (RSI) would need to rise above 50 again. This would indicate stronger buying pressure. Currently, there is a lack of clear signals for a trend reversal.
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Our Assessment
So far, Jupiter’s buyback program has had no noticeable effect on the price of the JUP token. The reasons lie in a weak overall market, declining activity on Solana, and a high number of unlocked tokens. In the short term, support may form at 0.41 USD, but without clear technical signals, the situation remains tense. Investors in JUP should closely monitor further token unlocks and market activity.
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