Jito Token Trading Volume Surpasses $1.45 Billion

The Jito (JTO) token, a protocol governance token on the Solana network, has taken the crypto world by storm after its listing on renowned centralized trading platforms, including Binance, Coinbase, Bybit, and Kucoin. According to data from CoinMarketCap (CMC), its daily trading volume has already surpassed an impressive $1.45 billion.

In just the past 24 hours, the value of the JTO token has skyrocketed by an astonishing 77.15%, with a single token available for purchase at $2.93. The total circulating supply of JTO tokens in the market now stands at $338.18 billion. This cryptocurrency made its debut on December 7, 2023, and was distributed among the Solana community, ensuring decentralized protocol governance.

Shortly after its listing on major trading platforms, the Jito token began trading at around $2. However, it is now poised to breach the $3 mark. The total supply of Jito tokens is limited to 1 billion JTO, with only 11.5% in circulation, amounting to 115 million. Out of these, 80 million were allocated for a community airdrop in the interest of users. Additionally, a portion of the cryptocurrency was designated for validators and other protocol participants.

Approximately 9,800 users who interacted with the protocol and engaged in SOL staking received 4,941 JTO tokens each, equivalent to approximately $14,380 at the current value.

Jito allows users to stake SOL tokens in exchange for the derivative asset, JitoSOL, which serves as a receipt token for participants in the staking process. In this decentralized finance (DeFi) protocol, over 6.4 million SOL, worth approximately $460 million, is currently locked.

Jito Labs, the primary developer behind the project, also manages the core client software for the Solana blockchain network, further emphasizing the significance of JTO's success in the crypto ecosystem.