Weekly Token Spotlight: $JPG
10/4/2023
On September 25th, 2023, the $JPG token marked its debut on the Cardano blockchain, becoming accessible to community members who had engaged with the JPG.Store marketplace. This significant event included rewards for users based on their trading history and transactions during JPG Season 1. The $JPG token launch also saw liquidity pools going live on Minswap, followed by its introduction on the OKX Centralized Exchange. In this article, we delve deeper into the $JPG token and its utility functions.
$JPG Tokenomics and Distribution
The $JPG token plays a pivotal role in powering the JPG.Store marketplace. Let’s take a closer look at its tokenomics and distribution.
$JPG boasts a total supply of 1 billion tokens, with 20% of them, equivalent to 200,000,000 tokens, currently in circulation. As of the time of writing, $JPG’s circulating market capitalization stands at $3,003,238, while its fully diluted market capitalization reaches $15,016,191. This positions the token at spot #28 among the top 50 tokens by market capitalization on TapTools. At present, there are 8.89K token holders, a figure that has surged by 9.17% in the last 7 days. The median holder balance is 60.20 JPG, which is equivalent to 3.64 ADA. The average holder age is merely 7.19 days, due to the token only recently launching.
Liquidity
$JPG currently enjoys robust liquidity, with over 1.70 million ₳ spread across 4 Decentralized Exchanges and a 24-hour trading volume of 59.87k ADA. The lion’s share of this liquidity resides within the Minswap DEX, which holds a staggering 1.70 million ADA, constituting 99.75% of all $JPG liquidity. Spectrum Finance ranks second with 1.99k ADA of $JPG, amounting to 0.11%, while VyFinance occupies the third spot with 1.31K ADA, accounting for 0.08% of the token’s total liquidity.
Wave Digital Assets stands out as the leading Liquidity Provider for $JPG, having contributed 29,145,526 $JPG and 1,697,464 ADA in liquidity, equivalent to just over 3.3 million ADA in value.
Volume
Since its inception, $JPG has witnessed a flurry of trading activity, with over 8,000 trades accumulating to 10.61 million ADA in trading volume. The bulk of this trading volume emanates from addresses holding 250,000 ADA or less. Notably, the Orca and Whale trading volume combined totals just over 1 million ADA. The surge in trading activity primarily transpired during the launch week of the token when users of the JPG.Store marketplace received free tokens for their NFT trading history on the platform. So far over 20,000 addresses have claimed their token allocations, with many opting to capitalize on this windfall by selling their tokens.
Utility
Now we’ll go over the utility the $JPG token offers.
Trading Fees
The $JPG token brings tangible utility to its users, chiefly in the form of reduced trading fees contingent upon their holdings and tier qualifications. As users accumulate more $JPG tokens, they ascend through various tiers, each accompanied by progressively lower trading fees, ultimately reaching a fee rate of 0%.
Whitelist Privileges
Additionally, holding specific quantities of $JPG tokens unlocks exclusive whitelist privileges. Users gain access to NFT mints launching on JPG Store’s minting platform. The more $JPG tokens one holds, the greater their access and potential to mint the latest collections ahead of the general public.
Future Utility
The Jpg Foundation has announced more token utility will be added in the future.
Token Performance
Since launch the $JPG token is down over 45% with the price currently in the 0.055 range. Some community members have been disappointed with the price action, while others are using the chance to buy more $JPG while the price is low. X user Gnojek encouraged users to keep dumping their airdrop tokens as he accumulates. It will be interesting to see how the token performs in the coming weeks and months as we get closer to the bitcoin halving and a potential bull run.
Conclusion
In conclusion, the launch of the $JPG token on the Cardano blockchain on September 25th, 2023, was a significant event for the Cardano NFT community. It brought rewards for engaged users, liquidity integration on Minswap, and its introduction on the OKX Centralized Exchange. We’ve delved into its tokenomics, distribution, liquidity, trading volume, and utility functions, providing a comprehensive overview of this exciting addition to the cryptocurrency landscape. Keep an eye out for future utility announcements from the Jpg Foundation, as $JPG continues to evolve.
This article is strictly for informational purposes and does not constitute a promotion or financial advice. Our aim is solely to provide users with the latest news and updates within the Cardano ecosystem.
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