In the fast-paced world of crypto, it's easy to point fingers when token prices tank. A recent thread on X (formerly Twitter) from analyst @jussy_world sheds light on the Jupiter (JUP) token's steep decline, arguing it's not the team's doing but broader market forces at play. If you're scratching your head over why your Solana holdings are bleeding red, this breakdown will help make sense of it all.

Jupiter is a popular decentralized exchange (DEX) aggregator on the Solana blockchain – basically, it helps users find the best swap rates across various DEXs, making trading smoother and cheaper. Despite building solid products that rake in millions in revenue, JUP has dropped over 70% from its all-time high (ATH) and 40-60% in the last three months alone. But as jussy points out, this isn't unique to Jupiter.

Look at this snapshot shared in the thread: It lists 10 Solana-based tokens, including heavy hitters like Solana (SOL) itself, Pyth Network (PYTH), Raydium (RAY), and others. Every single one is down 70-90% from their peaks. Solana's native token SOL? Down big. Newer ones like DoubleZero (Z)? Even worse. This isn't a isolated flop – it's a market-wide bloodbath.

The key takeaway? We're at the tail end of a crypto cycle, and the much-hyped "altcoin season" – that period where alternative coins (alts) outperform Bitcoin – never really kicked off this year. Altcoin season typically follows Bitcoin's halving events, when money flows from BTC into smaller tokens, pumping their prices. But in 2025, things played out differently. Bitcoin dominated, and alts got left in the dust.

Jussy emphasizes that blaming teams is a cop-out. "It's your mistake to not understanding the cycle, and money flows," he writes. "It's your mistake to buy when the cycle is ending." Harsh, but fair. Teams like Jupiter's have delivered: Their platform handles massive trading volume, generating $2-4 million in weekly revenue. That's real utility in DeFi (decentralized finance), where protocols aim to replace traditional banking with blockchain-based alternatives.

This sentiment echoes in the replies. One user notes DoubleZero's recent launch turned nasty due to timing. Another praises Jupiter for still leading in volume despite the hate. Even jussy admits he sold his JUP at $0.8 earlier in the year, anticipating the cycle's close – a move he shared publicly on stream.

For blockchain enthusiasts and meme token hunters on Solana, this is a wake-up call. Meme coins, which often thrive in alt seasons due to hype and speculation, are hit even harder in downturns. But understanding cycles can help you time entries better. Check out CoinMarketCap for real-time data on alts, and follow analysts like jussy for DeFi insights.

What's next? If history repeats, a new cycle could spark recovery. In the meantime, focus on projects with strong fundamentals – revenue, user adoption, and innovation. Jupiter fits that bill, even if the price doesn't show it yet.

For the full thread, head over to X. What do you think – is it cycle blues or something else? Share your takes in the comments below.