After announcing a major token reform, the price of the popular altcoin has surged in the past few days.
Meow, the pseudonymous co-founder of Solana-based company Jupiter, revealed plans to update the tokenomics of JUP. The proposed changes include a 30% reduction in the total supply of JUP, currently at 10 billion tokens, a voluntary 30% reduction in team-distributed tokens, and a 30% reduction in “Jupiter emissions”.
In a post on Twitter on July 27, Meow emphasized the importance of the upcoming week for JUP. During this period, there will be significant development activity, voting, and discussions. By the end of the week, the Jupiter community, including developers, JUP holders, and related projects, will have a clear understanding of the new arrangement.
The week will kick off with the publication of the JUP Essay, followed by an audit of the JUP community tokens distributed so far on Tuesday. The proposal to reduce the token supply will be put to a vote on Wednesday.
If approved, it could further increase the value of JUP by reducing the supply and increasing demand. The plan to withdraw 3 billion tokens from circulation aims to increase the value of the coin and strengthen the community.
The price of JUP has risen by over 13% in the last 24 hours and is currently trading at $1.17 at the time of writing.
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