Jito token falls 9.0% in a steady slide through Wednesday

Jito token falls 9.0% as a steady slide runs through Wednesday

Jito ($JTO) traded at $0.493 at 5:40 p.m. ET on Oct. 14, down 9.0% in 24 hours after a slide that ran most of the day.

The quick take

Price: $0.493, -9.0% ↓ in 24 hours (CoinGecko, 5:40 p.m. ET)
Trigger: no announcement from Jito; sell trades beat buys 620 to 337 in its top pool
Watch: the 24-hour low of $0.490 and about $1.09 billion in Jito liquid staking

What happened

The Jito token falls 9.0% in a day, trading at $0.493 at 5:40 p.m. ET on Wednesday, according to CoinGecko. Jito ($JTO) is the governance token of the Jito liquid staking protocol, whose JitoSOL token holds staked Solana ($SOL).

Over the past 24 hours, $JTO traded between $0.490 and $0.546. That leaves it less than 1% above its daily low. Its market value stands near $262 million.

The weekly picture is milder. $JTO is down 4.9% over seven days and still up 7.4% over 30 days, CoinGecko data show.

Why it moved

This was a slow slide, not a sudden crash. On Binance’s JTO/USDT pair, the price held near $0.54 overnight until about 1 a.m. ET. It then slipped hour after hour, first dipped below $0.50 around noon ET and kept sinking into the evening.

The cause is not confirmed. Jito’s blog shows no new announcement since Sept. 28. The wider market was weaker too, but less so: $SOL fell 2.2% (CoinGecko), and Bitcoin ($BTC) lost 1.7% in 24 hours, per LiveCoinWatch.

Who’s buying and selling

Sellers led on-chain. In the largest $JTO pool on a decentralized exchange, the JTO/JitoSOL pair on Orca, DexScreener counted 620 sell trades against 337 buys over 24 hours. GeckoTerminal showed nearly the same split, 619 to 337.

That pool holds about $1.2 million in liquidity. Across all markets, CoinGecko put 24-hour trading volume at $31.5 million. Jupiter’s price of $0.491 matched CoinGecko within 0.3%.

What to watch next

Traders will watch whether $JTO holds above its 24-hour low of $0.490. Deposits are another gauge: DefiLlama shows about $1.09 billion locked in Jito liquid staking.

The token also remains about 92% below its record high of $6.01, set in December 2023.

Bottom line: The Jito token slid steadily all Wednesday without a clear trigger and now trades just above its daily low.

Price data: CoinGecko