JUP up 21% in 24 hours as Dexlab integration may fuel more meme coin frenzy

Jupiter recorded an over 21% increase in the last 24 hours after the company unveiled an integration of Solana minting tool Dexlab into Jupiter Routing. The integration also comes at a time when BitMEX co-founder Arthur Hayes has said meme coins have provided positive value for the Solana ecosystem.

Read more: Solana-based Jupiter posts hefty returns amidst meme coin rally

JUP’s steady rise

Jupiter reached a two-month high on Monday after hitting $1.84. This follows an impressive month for the Solana-based DEX, which soared more than 200% in March. While JUP dropped sharply after the sell-off following its airdrop, it has risen steadily afterwards. Besides its price, Jupiter's on-chain metrics also show that its Total Value Locked (TVL) increased by 82% in March from $211.84 million to $386.38 million, according to DeFiLlama.

JUP/USDT 1-hour chart

The recent price increase follows Jupiter's community call on X to provide clarity around its Jupiter DAO and the integration of Dexlab on its platform. After kick-starting its DAO by funding a multi-sig DAO wallet with about $137 million – 10 million USDC and 100 million JUP – the Jupiter team held several community calls on the voting structure for DAO. This has sparked interest among JUP holders.

Furthermore, Jupiter integrated Dexlab, a Solana-based AMM and minting protocol, into its routing algorithm. Dexlab allows users to easily create tokens and set up liquidity pools for them, according to Jupiter’s announcement on X.

With Jupiter's growing popularity and the supposed easy token minting feature of Dexlab, Solana could see a new surge in meme token launches. Solana already boasts of igniting a meme coin rally in March, which saw tokens like dogwifhat (WIF), Book of Meme (BOME) and Slerf (SLERF) recording impressive gains.

Also read: Altcoins that show strength during Bitcoin price decline: JUP, SEI, AVAX, GALA and SUI

Meme coins accrue value to their underlying blockchains

While many have labeled these meme tokens as valueless, Arthur Hayes, co-founder of BitMEX, has said that they bring value and attention to the underlying blockchain network that they run on.

"Solana price is going up because people are launching these meme coins on it and a new developer to this space says, 'Oh, this is interesting, I want to develop on Solana because I know I have users'," said Arthur. He further emphasized, "You can poo-poo these things as stupid and valueless but if it brings attention, if it brings more engineers to the space, then it's positive value to the chain itself."

Hayes' words also come at a time when Solana co-founder Anatoly Yakovenko breaks his silence on the meme coins flooding Solana. In a recent post on X, he said, "Personal behavior change towards something good is much more important than financialization of good," after a debate in the crypto community on the status of meme coins.