The Jito (JTO) cryptocurrency is a Solana-backed token that recently gained noteworthy traction within the broader crypto market as it experienced a massive surge in its price. Moreover, the token caught the eyes of crypto traders and investors as it emerged as one of the top trending tokens within the crypto realm.

In addition, Jito positions itself as a Solana-based Defi platform, facilitating liquid staking.

Interestingly, the soaring of the JTO token appears to fall in line with the opening of an airdrop recently, evoking immense keenness among crypto fanatics. Meanwhile, the token’s parent currency, Solana (SOL), also noted an upsurge in its price.

Jito (JTO) Token: Here’s All You Need To Know

Jito stands as the second-largest liquid staking (LST) protocol catering to Solana users seeking to trade and borrow against SOL tokens locked with validators. JitoSOL, JTO’s primary asset, acts as a depository receipt for staked SOL.

Furthermore, the token orchestrates profits from both the staking processes within the Solana network. Besides, it also generates moonlight incomes via Jito’s MEV-style method of auctioning blockspaces.

The JTO token initially commenced trading at the price of $1.20 but soon began noting a significant pump in its price. Intriguingly, the pump witnessed by the token was so bullish that even after the deposit of 7 million JTO to Binance, the price barely slumped.

Concerning the aforestated data, the JTO token appears to be portraying significant bullish sentiments within the broader crypto market. Moreover, the Jito community recently initiated a token airdrop, allowing users to claim 90 million JTO governance tokens since Thursday morning.

In addition, the total value locked (TVL) for Solana Jito liquid staking now amounts to $486.84 million as of writing.

Also read: US, Japan, South Korea Forge New Front Against Crypto Money Laundering

Jito JTO Price Rallies

The Jito price, while writing, witnessed a colossal upswing of 36.20%, reaching $4. In addition, since its inception, the token has recorded a surge of 140.44%, accompanied by a 36.44% increase in its market cap.

Meanwhile, the Solana price also witnessed a jump, aligning with JTO’s price spike.

As of writing, the Solana price stood at $77.13, soaring 5.18% over the past day. Moreover, the token also noted a weekly upswing of 23.70%. Simultaneously, JTO’s price surge may be linked to the jump witnessed by Solana.

As the JTO token continues to soar whoppingly, crypto market enthusiasts eagerly await the next milestone for the cryptocurrency, the $5 mark.

Also read: Popular Analyst Predicts 20% Further Rally In ADA, DOGE And DOT Prices

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.