JTO, the native cryptocurrency of the Jito Network, has once again joined a mega uptrend. The Jito (JTO) price has surged by a staggering 10% in the last 24 hours currently reaching all the way to $3.88 with its market cap surpassing $450 million.

The Jito (JTO) Price Action and Open Interest Spike

Earlier this month, the JTO price surged all the way past $5 hitting its new all-time high. However, it faced a strong pullback slipping all the way to $3.15 before staging a recovery. The Jito (JTO) price has already gained over 20% since its April low and attempting a breakout above the $4.0 resistance. If successful, Jito will begin its rally to a new all-time high going ahead.

On the other hand, the open interest in Jito has surged significantly across all major exchanges in the last 24 hours. The Jito open interest has surged to the tune of 20-45% across top cryptocurrency exchanges such as Binance, OKX, Bitget, and others.

Open interest stands as a pivotal metric utilized by traders and analysts to gauge market sentiment and forecast forthcoming price shifts. A surge in open interest coupled with ascending prices signifies robust market trends and potential upward momentum, reinforcing confidence in a prevailing positive outlook. This alignment fosters trust in the overall market sentiment and signifies a consensus among market participants.

Courtesy: Coinglass

About Jito Protocol

Jito Network plays a significant role in the Solana ecosystem through its JitoSOL liquid staking pool and a range of MEV products.

Investors can convert their SOL into JitoSOL, preserving SOL’s liquidity and access to DeFi opportunities while earning staking rewards. Notably, JitoSOL offers additional benefits by sharing transaction revenue generated from MEV extraction on Solana.

MEV, or Maximum Extractable Value, refers to profit opportunities arising from the order of transaction execution. For instance, significant swaps on platforms like Orca can create price disparities that savvy traders exploit for profit, known as arbitrage and classified as MEV.

To address the challenges posed by MEV, the Jito Foundation was established, aiming to mitigate negative impacts, ensure fair profit distribution through campaigns like airdrops, and enhance transparency. Additionally, Jito has introduced an open-source validator client to foster a competitive landscape for MEV extraction

The post Jito (JTO) Price Surges 10% Amid Strong Open Interest, New ATH Possible? appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am