Jito token rises as staked assets, fees, and users jump

Jito, the largest staking network on Solana, is performing well and assets in its ecosystem are reaching record levels.

The Jito (JTO) token has rallied to key resistance at $2.50, its biggest rise since September 30, and is up 37% from this month’s low.

The data shows that the amount of assets staked in the network has increased to $2.3 billion, a significantly higher figure than the January low of $247 million. Jito’s total value locked increased to 13.20 million based on Solana (SOL).

Further data shows Jito’s customer base has grown to 116,000, while monthly fees have soared to a record high. It generated $50 million in revenue this month; This is a significant increase from the $13 million earned in September. Additionally, the number of Jito token holders increased to 55,000.

Blockchain’s key player

According to TokenTerminal, Jito has become one of the most profitable players in the blockchain industry. He earned $295 million in fees this year, while Solana earned $404 million.

These figures show that the network is evolving, with Solana becoming the most popular blockchain this year.

Data from CoinGecko shows that Solana’s meme coins have reached a market cap of $12 billion. The largest tokens in the ecosystem are Dogwifhat, Bonk, and Popcat, with valuations of $2.5 billion, $1.58 billion, and $1.5 billion, respectively.

Solana also surpassed Ethereum in terms of cryptocurrencies traded this month, managing $39 billion worth of tokens; Ethereum’s volume was 31 billion dollars.

Jito is a liquid staking platform that allows users to earn returns by holding Solana. It is often seen as a better alternative to traditional staking as users can withdraw their funds at any time.

Jito has also launched a re-staking solution that allows users to earn additional rewards by transferring their already staked assets. On October 23, the network accepted Temporal as the new node operator for its repurchase solution.

Jito shows signs that the JTO chart has bottomed, according to TradingView

The daily chart shows that the JTO token found a strong bottom at $1.8415, where it has failed to break lower since July and marks the bottom of the descending triangle pattern.

Jito rose above the descending line of the triangle formation. It also broke above the 25-day and 50-day Exponential Moving Averages and the 78.2% Fibonacci retracement level.

Therefore, the token may continue to rise with the next target being $3.3345, the 50% retracement level and the June 31 swing high. This price is approximately 41% higher than the October 24 level.