Jito token drops 12% as sellers outnumber buyers

Jito token drops 12% as sellers outnumber buyers in its top pool

Jito ($JTO) traded at $0.5088 at 8:41 a.m. ET on Oct. 7, down 12% in 24 hours on Binance’s JTO/USDT pair.

The quick take

Price: $0.5088, -12% ↓ in 24 hours (Binance JTO/USDT, 8:41 a.m. ET).
Trigger: A steady slide since late Tuesday morning, with sellers ahead of buyers in the top Orca pool.
Watch: Whether $JTO holds the day’s low near $0.508 that CoinGecko tracks.

The Jito token drops 12% in a day, with Jito ($JTO) at $0.5088 at 8:41 a.m. ET on Wednesday, Oct. 7. That is the price on Binance’s JTO/USDT pair. Jupiter’s price of $0.5099 agrees within 0.2%.

What happened

Binance’s hourly data put $JTO at $0.5917 in the 11 a.m. ET hour on Tuesday, its best level of the past day. From there it slipped almost every few hours. It was under $0.55 by 4 p.m. ET and reached $0.5089 at 8 a.m. ET today.

CoinGecko shows a 24-hour range of $0.508 to $0.593, so the token now trades at the bottom of that band. Its 7-day change is -8.6%, while the 30-day change is still +14%, per CoinGecko.

$JTO also sits about 92% below its record high of $6.01, set on Dec. 7, 2023, according to CoinGecko.

Why it moved

The whole market was weaker, but $JTO fell further. Bitcoin ($BTC) lost 2.8% and Ethereum ($ETH) 4.8% over 24 hours, per LiveCoinWatch. Solana ($SOL) slipped 3.0% to $116.80 on Binance’s SOL/USDT pair.

Jito’s own news was upbeat. Jito Foundation president Brian Smith told The Block that the JTX trading platform will add equities within two weeks and ship a mobile app this fall. “We definitely expect to integrate perps, maybe later this winter,” he said.

The Block reports that 80% of JTX fee revenue goes to the Jito DAO for token buybacks and burns. Jito has posted no announcement in the past day that explains the drop, so the cause is not confirmed.

Who’s buying and selling

Sellers led in the token’s largest pool, the JTO/JitoSOL pair on Orca. DexScreener counted 807 sells against 468 buys over 24 hours. GeckoTerminal showed a similar split, with 807 sells and 483 buys.

That pool held about $1.3 million in liquidity. Jito’s liquid staking pool, which issues JitoSOL, held $1.23 billion in deposits, per DefiLlama.

What to watch next

Watch whether $JTO holds the $0.508 low in CoinGecko’s 24-hour range. Also watch for the JTX equities feature that Smith said will arrive within two weeks.

Bottom line: $JTO lost 12% in a day, more than the wider market, while Jito’s product news stayed positive.

Price data: Binance (JTO/USDT), checked against Jupiter. Market context: LiveCoinWatch.