Top Reasons for Jupiter Price Crash 8% Today

JUP, the native cryptocurrency of Solana-based decentralized trade (DEX) Jupiter, got here crashing down by 8% at the moment amid the breach of its official X account, which was shilling meme cash. The Jupiter value is down 8% at the moment, at the moment buying and selling at $0.88, with day by day buying and selling volumes crashing by 49%.

Jupiter Worth Crashes Amid DEX Safety Breach

The Jupiter value is down 8% amid sturdy promoting stress Because the official X account of Jupiter decentralized trade was compromised earlier at the moment, shilling some meme cash on the platform. The event triggered prompt 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 day by day buying and selling quantity tanked 49% to beneath $175 million. As per the Coinglass data, the JUP futures open curiosity has additionally dropped 7.66% to $150.79 million. However, the 24-hour liquidations have soared to $1.1 million of which $1.05 million is in lengthy liquidations.

Hackes Promoted Meme Cash MEOW

Deleted posts from Jupiter’s most important account allegedly promoted a rip-off meme coin with the ticker MEOW. Stories recommend 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.

Knowledge from GeckoTerminal exhibits the MEOW token, simply 4 hours outdated, surged to a market cap of over $8 million earlier than collapsing by greater than 98%, in the end plunging to $88,000.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 lately following its newest acquisition of crypto trading platform Moonshot.

DEX Recovers Inside a Few Hours

Following the breach of their X account, the Solana-based decentralized trade (DEX) Jupiter knowledgeable that they’ve regained management of their accounts. Commenting by means of their official X deal with, the DEX acknowledged:

“No buyer or treasury funds had been ever at risk. All applications and funds are in held in safe multisigs. No different comms channels had been affected. Jupiter is totally secured. This situation was remoted to twitter alone”.

The trade stated that they’re nonetheless determining what led to the safety lapse. Though they’d initiated a number of safety measures, the hacker managed to seek out his means out.

Replace on the Twitter Hack:

Briefly, our Twitter safety measures had been stringent and applied correctly at each degree. And additional, all Jupiter merchandise and group members had been protected and no funds or information had been ever in danger.

The account takeover was accomplished with out triggering…

— Jupiter (🐱, 🐐) (@JupiterExchange) February 6, 2025

JUP Worth Motion – Purchase The Dip?

Crypto dealer Gery Cat famous that this could possibly be the correct time to purchase the Jupiter value dips. The analyst added that Jupiter (JUP) is gaining consideration as its value motion interacts with a important Each day Fractal Level (FP), forming a Each day Rebound (RB) zone. He urged that this zone might function a possible space of curiosity for merchants contemplating lengthy positions.

He additional highlighted that the best bullish situation would contain Jupiter value testing its 4-hour Fractal Level throughout the help space. A affirmation of purchaser power by means of important quantity at these ranges would additional solidify the case for upward momentum.

Nonetheless, contemplating the current crypto market volatility, traders needs to be cautious forward of constructing new positions.