In the fast-paced world of Solana's DeFi ecosystem, where meme tokens often steal the spotlight, Jupiter stands out as a powerhouse aggregator that's been making waves. But a recent tweet from Solana researcher @sol_nxxn has sparked a lively discussion about the disconnect between the platform's impressive metrics and its native token's lackluster performance.

The tweet highlights Jupiter's recent achievements: hitting an all-time high (ATH) in revenue, leading the pack in Total Value Locked (TVL)—which is basically the total amount of assets deposited into the protocol—and launching a major lending product. On top of that, they're doing buybacks of the $JUP token. Yet, despite all this, the token's price is tanking. As of September 26, 2025, JUP was sitting at around $0.4284, down nearly 20% over the past week, as shown in this screenshot from the tweet:

The poster speculates that maybe the heavy allocations to airdrops and the team are weighing it down, or perhaps there's not enough real-world use case for the token itself. They throw the question out to the community: "What do you think?"

Community Reactions Pour In

The replies paint a picture of confusion and frustration among Solana enthusiasts. One user, @kingpinofweb3, simply says, "I am really confused," echoing the sentiment of many who see Jupiter's products as top-notch but can't wrap their heads around the token's slump. @Sora_i_guess chimes in with, "Not sure about the token itself but just use jup," suggesting that while the platform is a go-to for trading—especially those viral meme tokens on Solana—the token might not be pulling its weight.

Others point to potential competitors like Backpack, which could launch its own token and steal market share. @YanRazor notes, "At this rate backpack will easily defeat them and launch their token so well." There's also talk of the "flywheel" not spinning fast enough, meaning the ecosystem's growth mechanisms aren't translating to token value yet. And @Cosm0_Web3 questions, "Last ASR when? What’s the point of having JUP rn? JUP is not Jupiter atm," referring to Active Staked Rewards or similar mechanics, implying the token feels detached from the platform's success.

A few replies dive deeper: one mentions a lack of significant use cases for $JUP, even as Jupiter Exchange thrives. Another hints at broader market factors, with @DeFiZenWeb saying, "tbh the focus has shifted to other protocols."

Breaking Down Jupiter's Wins

Let's unpack those achievements mentioned in the tweet, as they're no small feat in the competitive Solana landscape, where meme tokens like dogwifhat or BONK can drive massive trading volumes through platforms like Jupiter.

First, revenue ATH: According to data from DefiLlama, Jupiter's fees have soared to over $291 million, with revenue hitting $71.77 million in recent periods. This surge is partly fueled by high trading activity on Solana, which recently clocked $2.32 billion in daily DEX volume, outpacing most other blockchains except Ethereum.

Leading in TVL: Jupiter's liquidity pools, like JLP, have exceeded $2 billion in TVL as of early September 2025, per reports from Phemex. This positions it as a top player in Solana's DeFi scene, which itself boasts a TVL of over $12.5 billion.

The major lending product? That's Jupiter Lend, powered by a partnership with Fluid. Launched in late August 2025, it shattered records by attracting $634 million in TVL within 48 hours, and by mid-September, it had pulled in $1.2 billion. This not only boosts Solana's overall DeFi TVL but adds a new revenue stream for Jupiter. As noted in a tweet from @Syndica_io, 50% of protocol revenue goes toward $JUP buybacks, which are then sent to a "Litterbox" mechanism—essentially burning or redistributing tokens to support value.

These buybacks were announced earlier in the year, causing a 40% spike in JUP price back in January 2025, according to The Block. So, in theory, more revenue should mean more buybacks, which could prop up the token.

Why the JUP Token Lag?

Despite these milestones, JUP's price has been on a downward trajectory, underperforming even as Solana thrives. Community speculation aligns with broader analyses. For one, token unlocks—scheduled releases of vested tokens—can flood the market and pressure prices. A July 2025 analysis from CCN suggested that while a $32 million unlock loomed, strong trading volume might cushion the blow. But with the price now below $0.43, it seems sentiment won out.

Market volatility plays a role too. A Reddit thread from August 2025 on r/solana pins it on sentiment driving the price so far, with fundamentals yet to catch up. Predictions vary: CoinCodex forecasts a further dip to $0.33 by September 30, while more optimistic takes from CoinDCX see it climbing to $1.60–$2.10 by August, assuming better macro conditions.

There was also a scare with an NPM attack in early September, where malicious packages targeted crypto users. Jupiter quickly confirmed they were unaffected, as detailed in a 99Bitcoins report, but the event may have spooked investors, leading to consolidation around $0.51 before the recent drop.

In the meme token realm, which Meme Insider loves to cover, Jupiter's role is crucial—it's the go-to for swapping those hyped-up Solana memes. But if the token lacks strong utility beyond governance or staking rewards, it might not capture the hype. As one reply put it, "$JUP has no significant use case, but guys at @JupiterExchange won't admit it."

Looking Ahead for JUP and Solana Memes

For blockchain practitioners eyeing Solana's meme scene, Jupiter remains essential for efficient trades. The platform's innovations could eventually lift JUP if buybacks ramp up and sentiment shifts. Keep an eye on upcoming unlocks, Solana's overall performance, and any new use cases for the token. In the meantime, this thread serves as a reminder: in crypto, strong fundamentals don't always mean immediate price pumps—patience and community vibes matter too.

If you're trading memes or diving into DeFi, tools like Jupiter can enhance your strategy. Stay tuned to Meme Insider for more insights on how these developments impact the wild world of Solana tokens.