Jupiter price prediction: A new breakout for JUP

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Jupiter is rallying after being listed on Coinbase, but not all think it can keep the momentum

The planet Jupiter                                 
The Jupiter blockchain uses military-grade encryption to achieve its privacy goal – Photo: Shutterstock
                                

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The centralisation of data storage using cloud computing has led many to choose blockchain alternatives, in attempt to stop technology giants from controlling large amounts of data.

Jupiter was built to give users a platform that prioritised privacy, accountability and security. The network claims it uses military-grade encryption software. Multiple decentralised applications (DApps) have since been launched on the blockchain using this technlogy, including its own encrypted messaging service.  

Yet, the Jupiter cryptocurrency has been struggling since it rebranded from the Darcrus coin in 2019. The team will be hoping its new Coinbase listing will give it a much-needed resurrection.

What is Jupiter?

Jupiter is building an accessible blockchain with privacy and security at its core. The project is using encryption technology to help it achieve this goal. Users can interact with the blockchain’s DApps without any concerns of their data being widely accessible.

Its website states: “The Jupiter Project aims to make blockchain accessible and safe for everyone. Jupiter’s military-grade encryption helps ensure that user data is private and secure.”

Steven Grove is the founder of this security-focused blockchain. Based in America, he has previously worked as a systems administrator for the US Army. Meanwhile, David Mah is the co-founder of Jupiter and is located in Australia. Mah has a background in medicine, but has also founded the sports-focused blockchain Wagerr.

The Jupiter ecosystem

Since launching in 2017, plenty of new products and DApps have been launched on the Jupiter blockchain. The application titled Gravity is enabling this. It allows users to build DApps that are focused on privacy or accountability.

Other core features that have been developed on Jupiter include Leda, an non-fungible token (NFT) marketplace. Like most marketplaces, investors can create, sell and trade these unique digital assets. But instead of NFTs, Jupiter calls them Singleton Asset Tokens.

One of Jupiter’s most unique products is a chatting service called Metis. Its website states: “Through JSON formatting and our military-grade encryption, the Metis application can secure every single message on the platform. Metis uniquely uses accounts for channels and builds each user a channel list that is stored in their account.”

Jupiter Token

Part of the ecosystem is the Jupiter (JUP) token, a cryptocurrency that exists on both Ethereum and Binance Smart Chain. However, there is a surprising lack of detail on the utility of JUP according to its whitepaper and website.

CoinMarketCap has revealed that 80% of the token’s supply has been dedicated to the community with the remaining amount evenly split between the team and foundation. Meanwhile, the Jupiter dashboard has revealed the token is used for fees with the average block charging $0.002 JUP.

JUP’s price has been struggling in recent years and its sparse utility could be to blame. The Jupiter roadmap has revealed a new focus on decentralised finance (DeFi), whether this can help remains to be seen.

Price history: JUP token

The JUP coin launched on 12 January 2017 at $0.01 and was initially under name Darcrus (DAR) with the blockchain titled NXT. The first two years proved to be a volatile period for the cryptocurrency. In May 2017, the price of DAR surged after it completed a burn of almost 5,000 tokens. The security token reached a peak of $0.43 on 9 May.

It climbed even further the following month with it peaking at $0.61 on 7 June. It then dropped back below $0.20 in July.

September saw DAR skyrocket to its all-time high. It was listed on the Bittrex exchange and the price reach to a record $0.90. However, this hype did not last and the token was hit by bad news.

A blog post revealed: “In October, Darcrus was delisted from Bittrex because of our buyback and burn program. It had a severe effect on liquidity in the market, but the Darcrus team wanted to stay true to the spirit of the project’s charter.”

The price of the token slumped below $0.10 in December. It did see its fair share of peaks and troughs in 2018, but it eventually was victim to that year’s bear market. DAR was fluctuating around its launch price at the end of 2018, which carried into the new year.

Then, in March 2019, the blockchain revealed a rebrand to Jupiter. Instead of forking, the project described the process as a clone. This was because it was not carrying any information from the NXT blockchain.

On 19 March, investors could swap one DAR for 7.35 Jupiter. The price of JUP reached a peak of $0.12 the following day.

After a period of volatility, JUP was not able to keep up the momentum. By the beginning of September, the Jupiter token price was trading below its 2017 launch price.

The JUP bulls had to wait two years until it saw another breakout. Jupiter’s chatting app Metis launched on Apple’s app store on 17 March 2021. The token saw some bullish tendencies with it peaking at $0.12 again, but it soon continued its depreciating trend.

As Jupiter entered 2022, it had fallen again below its listing price in 2017. It then proved vulnerable to the recent crypto crash as it is dropped to $0.003 on 12 May.

At the time of writing, on 23 June, it has recovered some of these losses with it trading at $0.01, up 44% on the previous seven-day period. These gains follow the token being listed on the Coinbase exchange.

Jupiter price prediction

There is a mixed consensus when it comes to a Jupiter coin price prediction, but most do not think a new all-time high is likely. WalletInvestor describes it as a “bad” long-term investment and says its long-term depreciating trend is likely to continue. Its Jupiter price prediction for 2022 expects it to drop to $0.001 by the end of December.

Meanwhile, Gov Capital predicts it can reach $0.03 in a year’s time. The Jupiter price prediction for 2025 assumes the token will rise to $0.12 at the end of the year.

A much more gradual forecast is given by TechNewsLeader which suggests the token can only hit a maximum of $0.022 in 2025. Its Jupiter price prediction for 2030 anticipates a max price of $0.14.

PricePrediction provides a similar outlook for JUP’s future. It thinks Jupiter will average out at $0.005 this year and $0.016 in 2025. The Jupiter token price prediction expects it to eventually hit $0.13 in 2031.

FAQs

Jupiter is a blockchain prioritising security and privacy features. An ecosystem of DApps have been built on the network, including an encrypted messaging service.

Most are optimistic over Jupiter’s future and TechNewsLeader thinks it can hit $0.14 in 2030. However, this is not guaranteed to occur and some analysis, like WalletInvestor, expects JUP to continue depreciating. Investors should take this into consideration when deciding whether or not to make an investment. Remember, never invest more money than you can afford to lose.

There is a circulating supply of 964 million JUP, out of a total supply of 1 billion JUP.

It depends. Jupiter is building a blockchain that is focusing on private and secure DApps. But its token has been stuck in a long-term bearish trend. Investors should carry out their own research before coming to a decision about investing any money in a project.

Further reading

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