Jupiter price prediction: Coinbase listing gives JUP forecast a bump

Jupiter price prediction: Coinbase listing gives JUP forecast a bump

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 their personal information to use Metis. The app also offers ad-free experience and two-factor authentication security.

Leda is a non-fungible token (NFT) marketplace built on the Jupiter blockchain that uses the network’s native JUP token to create or buy NFTs. Fndr is an encryption password manager on Jupiter.

JUP is the native token of the Jupiter blockchain used to create and buy NFTs on Jupiter’s NFT marketplace Leda and to earn yield on decentralised and centralised crypto exchanges.

Token holders can also  join the Jupiter Earn program by buying a crypto called FORGE in exchange for JUP.

According to CoinMarketCap, as of 12 July, JUP is the 643rd largest cryptocurrency with a market capitalisation of about $15m. The token has a maximum supply of one billion tokens and JUP’s circulating supply was at 999.17 million tokens at the time of writing.

Coinbase listing and other JUP news

In the most recent Jupiter news, on 22 June Coinbase (COIN) announced that it will list the JUP coin on its exchange, boosting the coin’s value to reach $0.02191 on 24 June, a 70% surge from the $0.0728 a day earlier.

According to Anndy Lian, chief digital advisor at Mongolian Productivity Organization and the author of Blockchain Revolution 2030, the price spike was accompanied by a series of factors.

“Many investors were very hopeful and thought that the market had gone into a recovery mode when the increase happened. I think the market is not at its lowest right now and we could be halfway down the dip,” he told Capital.com.
“The project should market more and build up the confidence level in case the market dips further. It is a fact that most people have not heard much about JUP, and personally, I do not see any of my peers using their blockchain. Listing on Coinbase is the beginning, not the end,” Lian added.

Earlier in June, Metis Messenger was launched on Apple’s App Store. In February this year, Jupiter released Metis Messenger v1.4 that allowed sending and receiving JUP tokens. Future versions will focus on buying and selling assets and managing NFTs within the app.

In late December 2021, crypto exchange KuCoin integrated Jupiter Mainnet to allow deposit and withdrawal services. KuCoin previously listed the token in June 2021.

Earlier in 2021, Jupiter Bridge was hacked on multiple occasions. Fortunately for the users, their funds were not lost and only the Jupiter team was affected, according to the project’s blog post. JUP slumped over 50% in the fourth week of November 2021.

JUP price performance: Volatile ride

Data from CoinMarketCap showed that JUP was trading at around $0.02 on 12 January 2017. The token would see its best year in 2017 amid an initial coin offering (ICO) boom in the cryptocurrency sector.

JUP soared to an all-time high of $0.9044 on 17 September 2017. Even though the token saw its prices drop after hitting record highs, JUP closed the year over 1600% higher at $0.33.

However, its value nearly wiped out in the three years that followed. Between 1 January 2018 and 31 December 2020, the token fell from $0.33 to $0.00029, a slump of 99.9%.

JUP price got a boost after KuCoin listed the token in June 2021, rising to a high of $0.07 in the first week of that month. However, JUP prices failed to keep the momentum and fell 90% to $0.007 by 31 December 2021.

The token has rebounded in 2022 helped by Jupiter’s mainnet integration on KuCoin, release of its latest version of decentralised messaging app and token listing on Coinbase (COIN). As of 12 July 2022, JUP has gained 109% year-to-date from about $0.007 to its current price of about $0.015.

Jupiter price prediction

As of 12 July, CoinCodex’s Jupiter coin price prediction based on technical indicators showed that the token’s value could surge over 100% to reach $  0.030899 by 17 July 2022.

CoinCodex’s one-month JUP price prediction saw the token rising further to $0.047442.

For the longer term, algorithm-based website Wallet Investor’s Jupiter price prediction for 2022 suggested the token could trade at an average price of $0.00159 by the end of the year.

Wallet Investor’s Jupiter price prediction for 2025 saw the token to rise to an average price of $0.000542 by the end of 2025.

DigitalCoinPrice was bullish on JUP’s price performance for the long term. According to its Jupiter price prediction for 2030, the site expected the token to trade at an average price of $0.0695 in 2030.

GovCapital’s Jupiter price prediction as of 12 July 2022 saw the token trading at $0.214 in five years’ time.

 

 

 

Original Source: https://capital.com/jupiter-jup-price-prediction

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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Coinbase Ventures Into the NFT Market – Trend Setting for Other Crypto Platforms?

Coinbase Ventures Into the NFT Market – Trend Setting for Other Crypto Platforms?

Coinbase has announced the launch of its marketplace for non-fungible tokens (NFTs). Prospective users will be able to join the waiting list to use Coinbase NFT – a decentralised marketplace for NFTs that will make minting, purchasing, showcasing, and discovering NFTs easier for its users.

NFTs offer buyers the opportunity to own digital assets that are stored on the blockchain. NFTs have gained mainstream attention across the art, music and fashion industries, enabling creators to monetise their digital work and providing buyers with a unique and clear proof of ownership.

NFT trading activity is on the rise. It soared this summer, more than doubling between July and August 2021, with roughly 280,000 unique buyers and sellers by the end of August. High profile NFT sales include the £500,000 sale of the ‘Charlie Bit My Finger’ NFT earlier this year.

Coinbase NFT will be a peer-to-peer marketplace designed to enable creativity. The initial launch will support Ethereum-based ERC-721 and ERC-1155 standards with multi-chain support planned for the near future. The platform has been created to foster community and connect creators, collectors and fans. Users will receive a personal feed that will showcase their NFTs in one place, helping to connect them with like-minded fans or artists.

As part of Coinbase’s overarching mission to drive economic freedom, Coinbase NFT will empower creators and help to raise the ‘creator economy’ from being a smaller subset of the ‘real economy’ into a central driver of economic activity.

The Knock-on effect

Despite using blockchain, crypto exchanges have typically kept their distance from NFTs. In the last couple of years, NFTs have seen an unprecedented level of popularity, setting off alarms for crypto exchanges, making them wonder if it should be something to look at. Coinbase has finally taken the plunge, but what will this mean for the NFT market and how will other crypto exchanges respond?

Barron Solomon, CEO and co-founder of Solo Music said, “While established exchanges like Coinbase and Robinhood [rumoured] have come to the NFT space later than the industry’s most prominent platforms, their arrival is a promising sign for the future of NFTs. Crypto-curious people are likely to feel more comfortable starting their NFT research with entities they know and trust, with familiar platforms. Once they dip their toe into the NFT world, I’m confident that they will become interested in the space and look to platforms new or old that are offering unique NFTs specific to their interests. I think NFTs in the music and entertainment industry in particular will see massive engagement as fans and consumers become more familiar with engaging in the digital space. Ultimately, this will lead to mainstream adoption which benefits the industry as a whole.”

“Coinbase’s Coinbase NFT launch signals that the entire cryptocurrency market has fully embraced NFTs.” said Aubery Strobel, Head of Communications at Lolli. “For many, Coinbase was their first experience in buying bitcoin and other alt-coins. Now it will be, for many, their first on-ramp to owning an NFT. Next for this industry will be the integration of NFTs into a digital and physical identity across platforms, creating the beginnings of the metaverse.”

On the topic of the digital and physical identity Victor Hogrefe, CBO and Co-Founder at EonLabs, said, “A broader point here about NFTs is that their popularity shows we’re shifting from the real-world economy to the digital economy. It’s about changing how and what we value.

“It may not be a smooth ride for NFTs, though. The tokenisation of traditional assets has met with two massive obstacles:

  • The problem of connecting the asset with the token in a meaningful and secure way, thus preventing double-spending or other types of fraud (If I can tokenise a house, and sell those tokens to overseas investors, what is to prevent me from then also selling the house in a traditional way, thereby double selling the house?)
  • Securities laws. The problems of dealing with securities law, regulatory and jurisdictional issues make tokenisation of assets a pain and tend to erode the benefits of doing so at all.

“The low-hanging fruit of asset tokenisation is assets that already only exist in digital form, and this is exactly what we’ve seen with the rise of NFTs.”

María Paula Fernandez, Advisor to the Board of Directors at Golem Network said, “Coinbase have a proven track record of having one of the easiest crypto onboarding processes in the industry. Coinbase provided many options for getting the best use out of coins, but we never had anything like that for NFTs. OpenSea is good but they are not as widespread as Coinbase – they don’t have the know-how of what a user needs to the same extent, and how to capitalise on an increase of users through word of mouth.

“It would be great to see other crypto platforms follow suit but they would have to be mindful approach towards onboarding new technologies and new users – understanding the risks that come with this.

“I think Coinbase’s expansion is fantastic as we needed healthier competition in the space. No market should be dominated by a singular business. The expansion offers a new alternative for people, to change up what they had previously been used to and not go to that only option in the market.”

Anndy Lian, Founding Member of INFLUXO, said “The announcement that Coinbase is entering into the NFT market, coupled with FTX launching a Solana-based NFT marketplace, suggests strongly that NFTs are going to go mainstream in a big way. While the current dominant NFT marketplace OpenSea has seen up to 80,000 transactions a day its browser based wallet is not super easy to use at times and there have been security issues which have put people off. The Coinbase emphasis on usability, from initial minting to discovery of new and exciting NFTs, is a sign of the growing accessibility of the NFT market. Another sign of taking NFTs mainstream may be what Coinbase describes as a ‘personal feed’, blending social media and NFTs. Following Twitter’s rollout of profile NFTs and TikTok’s launch of its first creator-led NFT collection, TikTok Top Moments, this could be huge, especially if Facebook picks up on this NFT personalization trend and runs with it.

Coinbase’s reach will bring new users to the world of NFTs and whilst they will initially only use Coinbase as a means to trade and mint, the more confident they get, the more likely they will explore other platforms.

 

 

Author

Francis is a junior journalist with a BA in Classical Civilization, he has a specialist interest in North and South America.

 

Original Source: https://thefintechtimes.com/coinbase-ventures-into-the-nft-market-trend-setting-for-other-crypto-platforms/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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