Jito announced on July 25 that the code for Jito Restaking has been released. With this update on X, the JTO token price flew more than 20% thereon. However, it traded at $3.14 at press time with an intraday 7% gain.
With the growth, JIto’s market cap also surged to $387.98 Million from the low of $222 million, recorded on July 5th, 2024.
When writing, The spot volume also surged to $121.566 million. The volume-to-market cap ratio of 24 hours stood at 30.82%. It signified massive liquidity in the token, which makes it easier to buy and sell the crypto at an exchange close to its price value.
What Does the Derivatives Data of Jito (JTO) Show?
In the past couple of days, the liquidation data displayed bullishness in the derivatives. As in the Jito (JTO) market, the bulls reigned supreme as the shorts were higher than the longs.
The shorts liquidated value in 24 hours was $460.61K, whereas the longs liquidated only $92.60K.
Similarly, with the bullishness in derivatives, the open interest has increased 11.47% in the recent trend, where the open contracts reached $61.38 Million. The derivatives volume has also increased to $362.37 million.
What Do the Fear & Greed Index and the Rich List of Jito (JTO) Signify?
The fear and greed index signified higher greed in the market, where the widget of the alternative websites pointed to 72.
As per JTO tokenomics data, the total supply was 1 Billion JTO, and the circulating supply at press time was 123.9 Million JTO. It makes 1.23% of the 100% float in the market, which is a major concern.
Despite this, the rich list data from CoinCarp showed that the number of holders at the time of writing was 50,070. That indicated a surge in the graph of holders, with the top 10 holders holding 62.71%.
Impressive Growth in TVL Witnessed in JTO
The rise in the total value locked (TVL) in Jito (JTO) over time reflected the increase in the demand for the project.
The total TVL has reached an all-time high of $2.199 Billion, per the DefiLlama. Additionally, a surge from nearly $650 Million has been displayed, almost 3x in the past 7 months.
It showed the Jito (JTO) growth at an impressive scale at the time of writing. It reflected that the more the TVL is, the better, more reliable, and less risky the asset is.
Decoding Price Behavior of Jito (JTO) on the Daily Chart
At the beginning of 2024, the JTO token price surged more than 250% on the daily chart.
The price flew from $1.5 to $5.33, but it was submitted to profit bookers. That drove the assets’ price lower to $2.54 by mid-April 2024.
Jito token’s price attempted again to rise, but at $4.75, the bearishness shattered the $2.5 support and dropped to $1.5 by July 5th.
Thereon, the price displayed a bullish spell in resonance with the broader market. The price displayed more than 90% gains in the past three weeks.
The indicators were bullish, and the 50-day EMA has pushed the growth of the asset.
MACD has displayed an ongoing surge in process, where the histogram has grown at 0.0955. The RSI flashed at 64.11, above the median line and 14-SMA.
The overall price structure highlighted bullishness. When writing, the nearest targets were $3.83 and $4.75, respectively. On the contrary, the support levels were at $2.44 and 1.50, respectively.
Jito Price Performance Assessment
In short, Jito’s price surged over 20% on restaking code release, its market cap tripled, liquidity boomed, and derivatives were bullish. Majorly, the TVL hit ATH with $2.2 Billion. However, concerns over low circulating supply still persisted.
