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Jito Labs’ JTO Price Pumps After “Experimental” Listing on Coinbase. Will This Momentum Continue?

Coinbase users can now trade the Jito (JTO) token, recently added to the platform under the “Experimental” label.

This move follows Coinbase’s almost-immediate decision to list JTO after the announcement of the Jito protocol’s airdrop.

According to Coinbase, the “Experimental” label is designated for assets new to the platform or those with lower trading volumes, urging users to exercise caution due to potential risks such as price volatility and canceled orders.

What is JTO’s Price Now?

At present, JTO boasts a market cap exceeding $300 million, accompanied by a substantial 24-hour trading value surpassing $1.3 billion.

As of time of publication, the token is valued at $2.80, reflecting a 50% surge within the first five hours since its launch.

What is JTO?

Functioning as the governance token for Jito, a Solana blockchain-based project, JTO holds significance as the second-largest decentralised finance (DeFi) venture on Solana.

Jito will purportedly enable users to earn returns by pledging their tokens to the network.

Jito Labs, the brains behind Jito, claims that their task is to counter the adverse impacts of maximum extractable value on Solana.

Their approach involves empowering community members through the decision-making prowess of the Jito Network.

Airdrop Details

Just yesterday, Jito Labs released the blueprint for their upcoming airdrop distribution, breaking down the 10% airdrop share (100 million JTO).

15% of this share is earmarked for Jito-Solana validators, 5% for Jito MEV searchers, and a significant 80% for JitoSOL users, provided they held a minimum of 100 points before November 25, 2023.

Almost 30% of Solana’s stake now flows through the Jito Labs client.

Moreover, over 40% of the Solana network’s stake weight actively engages with the Jito MEV network of validators.

See Related Article – Jito Labs’ Upcoming Airdrop, Token Claim, And What to Expect

* Original content written by Coinlive. Coinbold is licensed to distribute this content by Coinlive.