Jupiter’s pseudonymous founder, "Meow," concluded the platform's first-ever ‘Catstanbul 2025’ event with a major announcement: the planned burning of 3 billion JUP tokens.
Jupiter’s pseudonymous founder, "Meow," concluded the platform's first-ever ‘Catstanbul 2025’ event with a major announcement: the planned burning of 3 billion JUP tokens, valued at $3.6 billion. The burn, meant to reduce emissions and decrease the platform's fully diluted valuation (FDV), was symbolically launched with the destruction of a large metal cat sculpture. Along with the burn, Meow revealed that Jupiter would begin using 50% of its protocol fees to buy back JUP tokens, which would be held for long-term purposes. The remaining 50% would be reinvested into growth, future strategy, and operational stability.
The announcements sent JUP’s price soaring, jumping 40% from $0.90 to $1.27, though currently at $1.059. Meow emphasized that the token’s value isn’t solely anchored in buybacks but also in its community, reminding the audience, “Every coin is a meme coin.” He also stated that while Jupiter might sell some JUP tokens to establish long-term partnerships, the platform’s goal is to use JUP for alignment, not expenses.
In addition to the token changes, Jupiter unveiled a slew of new initiatives. It announced the launch of 'Jupnet,' an omnichain network currently in beta. This move is seen as a way to strengthen Jupiter’s presence across multiple blockchain platforms. The platform also introduced a $10 million AI fund, created in collaboration with Eliza Labs, signaling Jupiter’s intent to make inroads in the growing artificial intelligence space.
Jupiter’s acquisition of a majority stake in Moonshot, a competitor to Pump.fun and a meme coin launchpad, was another highlight of the event. This acquisition marks Jupiter’s significant push into the meme coin sector. Meow expressed that while the platform’s primary goal is to grow JUP and its community, it is also focused on securing strategic partnerships that align with its values.
Meow’s keynote focused on the broader vision for Jupiter, which includes connecting the world and increasing capital and incentives to achieve this. He underscored the need for resources, stating that JUP’s role is to act as a "firepower" in achieving those goals. Jupiter’s developments, including the V2 upgrade, the AI fund, and the meme coin moves, point to the platform's broader strategy of expanding its ecosystem and influence in the cryptocurrency space.
The ‘Catstanbul 2025’ event capped off a series of announcements designed to position Jupiter as a key player in the cryptocurrency and blockchain industry, with a focus on sustainability, growth, and community.
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