Jupiter Exchange JUP Token Down 84% as Analysts Identify $0.09 Buy Target

TLDR:

• Jupiter controls 92% of Solana DEX aggregator market share generating $40M annual revenue stream 
• JUP token dropped 84% to $0.15 despite protocol allocating 60% of revenue to token buybacks 
• Jupiter Perps generates $34M annually but faces declining volume with no clear reversal catalyst 
• Analysts identify $0.09 as compelling entry point offering single-digit revenue multiple valuation

Jupiter Exchange has grown into a dominant force on the Solana blockchain, yet its JUP token has declined 84% over the past year.

The protocol now trades at $0.15 per token with a fully diluted valuation of $1 billion. Despite expanding beyond its original DEX aggregator roots, the token continues downward.

Pine Analytics recently examined Jupiter’s product lines, revenue streams, and potential entry points for investors seeking value in the declining asset.

Revenue Streams and Market Position

Jupiter’s DEX aggregator generates between $500,000 and $1.2 million weekly in revenue. This translates to roughly $40 million annually at current rates.

According to Pine Analytics, “Jupiter’s share of aggregator volume on Solana had fallen to 71%” in November 2024. OKX, DFlow, and Titan competed for market share during this period.

However, the analysis notes that Jupiter “has climbed back to 92% market share, trending toward complete dominance.” The aggregator represents Jupiter’s most defensible revenue stream and core business foundation.

Jupiter Perps ranks as the second-largest perpetuals DEX on Solana. Users can trade SOL, ETH, and BTC with leverage through the platform.

Recent data shows average weekly revenue of $1.5 million from perpetuals trading. Pine Analytics observes that “this product is on a downtrend with no clear catalyst for a reversal.”

The perpetuals market on Solana captures only a small portion of overall DEX perps activity. Realistic annualized revenue estimates sit around $34 million, though continued declines may push this lower.

Jup Lend holds $1.6 billion in deposits across USDC, SOL, and JLP assets. Kamino leads Solana lending with $3 billion in deposits but has declined since mid-December.

Meanwhile, Jup Lend deposits grow steadily upward. The lending protocol generates $20,000 to $30,000 weekly, producing roughly $1 million to $1.5 million annually. This revenue stream remains small but consistent.

Beyond these core products, Jupiter operates a $34 million stablecoin and a prediction market aggregator. The aggregator processes approximately $400,000 in weekly volume.

Jupiter also launched a wallet and various smaller products. These offerings contribute minimal revenue today but provide future growth optionality.

Token Economics and Valuation Analysis

Pine Analytics highlights that “since May 2025, just over 50% to 60% of revenue has consistently been used for JUP token buybacks.”

This demonstrates alignment between protocol earnings and token value. The buyback program represents one of Jupiter’s strongest value propositions for token holders.

Revenue sharing through buybacks creates direct correlation between business performance and token price.

Current valuation metrics place JUP at a 13x price-to-revenue multiple based on fully diluted valuation. Total annualized revenue across all products reaches $75 million to $80 million.

The aggregator contributes $40 million, perpetuals add $34 million, and lending provides $1.5 million. Additional products offer marginal revenue with expansion potential.

Conservative forward projections estimate $60 million in sustainable annual revenue. This assumes the aggregator maintains dominance while perpetuals decline further.

Applying a 10x multiple yields a floor valuation of $600 million. That calculation implies a JUP price around $0.09 per token.

The analysis concludes that at $0.09, investors would be “paying a single-digit multiple on proven revenue streams and getting all of Jupiter’s product expansion for free.”

Pine Analytics identifies this level as where “JUP becomes a compelling buy with meaningful margin of safety.” The research suggests waiting for further price decline before establishing positions.

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