JUP, the native cryptocurrency of Solana-based decentralized alternate (DEX) Jupiter, got here crashing down by 8% immediately amid the breach of its official X account, which was shilling meme cash. The Jupiter worth is down 8% immediately, presently buying and selling at $0.88, with each day buying and selling volumes crashing by 49%.
Jupiter Price Crashes Amid DEX Security Breach
The Jupiter worth is down 8% amid sturdy promoting strain As the official X account of Jupiter decentralized alternate was compromised earlier immediately, shilling some meme cash on the platform. The improvement triggered immediate panic, triggering sturdy sell-offs for JUP.
Following the event, JUP failed to carry above $1.0 and has come crashing down all the best way to $0.88 because the each day buying and selling quantity tanked 49% to below $175 million. As per the Coinglass data, the JUP futures open curiosity has additionally dropped 7.66% to $150.79 million. On the opposite hand, the 24-hour liquidations have soared to $1.1 million of which $1.05 million is in lengthy liquidations.
Hackes Promoted Meme Coins MEOW
Deleted posts from Jupiter’s primary account allegedly promoted a rip-off meme coin with the ticker MEOW. Reports counsel the token briefly hit a $30 million market cap inside seconds earlier than the posts had been eliminated and the coin skilled a rug pull.
Data from GeckoTerminal reveals the MEOW token, simply 4 hours previous, surged to a market cap of over $8 million earlier than collapsing by greater than 98%, in the end plunging to $88,000. The Jupiter DEX has been within the information not too long ago following its newest acquisition of crypto trading platform Moonshot.
DEX Recovers Within a Few Hours
Following the breach of their X account, the Solana-based decentralized alternate (DEX) Jupiter knowledgeable that they’ve regained management of their accounts. Commenting via their official X deal with, the DEX said:
“No customer or treasury funds were ever in danger. All programs and funds are in held in secure multisigs. No other comms channels were affected. Jupiter is fully secured. This issue was isolated to twitter alone”.
The alternate stated that they’re nonetheless determining what led to the safety lapse. Although they’d initiated a number of safety measures, the hacker managed to seek out his method out.
Update on the Twitter Hack:
In brief, our Twitter safety measures had been stringent and applied correctly at each degree. And additional, all Jupiter merchandise and staff members had been secure and no funds or data had been ever in danger.
The account takeover was accomplished with out triggering…
— Jupiter (🐱, 🐐) (@JupiterAlternate) February 6, 2025
JUP Price Action – Buy The Dip?
Crypto dealer Gery Cat famous that this could possibly be the fitting time to purchase the Jupiter worth dips. The analyst added that Jupiter (JUP) is gaining consideration as its worth motion interacts with a essential Daily Fractal Point (FP), forming a Daily Rebound (RB) zone. He instructed that this zone may function a possible space of curiosity for merchants contemplating lengthy positions.
He additional highlighted that the best bullish situation would contain Jupiter worth testing its 4-hour Fractal Point throughout the help space. A affirmation of purchaser power via vital quantity at these ranges would additional solidify the case for upward momentum.
However, contemplating the latest crypto market volatility, buyers ought to be cautious forward of constructing new positions.
Bhushan Akolkar
Bhushan is a FinTech fanatic with a eager understanding of economic markets. His curiosity in economics and finance has led him to concentrate on rising Blockchain expertise and cryptocurrency markets. He is dedicated to steady studying and stays motivated by sharing the information he acquires. In his free time, Bhushan enjoys studying thriller fiction novels and sometimes explores his culinary expertise.
Disclaimer: The offered content material could embody the private opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any duty for your private monetary loss.
