Jupiter’s native token JUP jumped as much as 18 on Monday before retracing, marking one of the day’s top moves among major altcoins, as broader crypto markets rallied on Bitcoin’s break above $109,000.

The sudden spike came after the largest DEX aggregator on Solana recently announced it would launch a new lending product later this summer. 

Called Jupiter Lend, the platform promises loan-to-value ratios of up to 90, well above the 75 average for crypto lending, and fees as low as 0.1.

But a few analysts say the token’s sharp rise can’t be attributed to a single event.

Min Jung, an analyst at Presto Research, told Decrypt that the spike was less about any “single catalyst” and more about converging developments that are “driving bullish sentiment.” 

The analyst pointed to the Huma Finance token sale, where Jupiter staking is rewarded, as well as signs of life returning to the meme coin space.

“On the macro front, meme markets are showing signs of a rebound, and Jupiter is well-positioned to benefit from that renewed momentum,” Jung said.

The macro picture includes Bitcoin’s rally to a $111,814 all-time high last week; it currently trades at $109,003, down 0.2 in the past 24 hours, per CoinGecko.

Jupiter was among several mid-cap tokens to benefit from renewed risk appetite, rising over 22 this past week to $0.61, CoinGecko data shows.

Kadan Stadelmann, CTO of Komodo Platform, told Decrypt how Jupiter is “riding on the back of Bitcoin at the present juncture,” noting its gains have coincided with a wider market uplift sparked by BTC’s breakout and the U.S. debt downgrade.

“The higher Bitcoin goes, the more innovation we will see in the industry from incumbent and upstart projects alike,” Stadelmann said.

While the price action caught traders’ attention, some see this as a longer-term validation of Jupiter’s positioning in Solana’s DeFi stack. 

Speaking to Decrypt, Arjun Vijay, founder of Indian crypto exchange Giottus, pointed to Solana’s TVL nearly doubling since April, from $11 billion to $20 billion, and a corresponding surge in Jupiter’s trade volume. 

“As the market stabilizes, Jupiter‘s rally is driven by strong fundamentals rather than fleeting hype,” Vijay said, contrasting it with the user fatigue that followed January’s meme coin frenzy, which peaked with tokens from figures such as President Donald Trump.

At the moment, Jupiter processes more than $1 billion in daily DEX volume and holds over a third of the aggregator market, second only to DEX aggregator 1inch, as per DeFiLlama data.

Edited by Sebastian Sinclair

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