Layer 1 blockchain network Jupiter’s native token JUP, has outperformed most cryptocurrencies in 2022 by returning over 100% year-to-date as of 12 July. JUP’s listing on crypto exchange Coinbase (COIN) in June has helped the token gain exposure to return-seeking investors amid a crypto bear market.
However, historical data from CoinMarketCap showed that JUP has been through multiple phases of peaks and troughs. The token last hit an all-time high of $0.9044 in September 2017. It lost 99.9% of its value between January 2018 and December 2020.
After more than doubling in value since the start of 2022, JUP still remains about 98% below its record levels at current prices of near $0.015. Here we take a look at what’s next for the token and what factors could shape Jupiter price prediction.
What is Jupiter?
Jupiter is a layer 1 blockchain that allows developers to build applications on top of its network. The project was developed by Missouri-based Sigwo Technologies co-founded by Steve Grove and David May.
According to the company’s website, Grove is an IT professional with over 20 years of experience and has worked in the blockchain technology sector for five years. May had previously founded a decentralised sports-betting blockchain in 2016. He is also a medical practitioner and is exploring the role of blockchain technology in the medical field.
According to its website, Jupiter uses “military-grade encryption” to store data on applications. The blockchain is powered by the Gravity framework that developers can use to create customisable and secure decentralised applications (dApps) on its network. Developers can also use the Jupiter SDK to complete common tasks like data fetching and data encrypting/decrypting.
Metis, an encrypted and decentralised messaging application, is the project’s flagship offering. According to Jupiter, users do not need to submit…
