$1M Buyback and Tokenomics Update Announced
Solana-based liquid staking protocol Jito (JTO) has introduced changes to its tokenomics as part of its effort to strengthen the ecosystem. In an official statement, the team revealed it repurchased $1 million worth of JTO between August 22 and September 1, aiming to reduce supply and reinforce community trust.
Despite this bullish development, market sentiment remains subdued. According to available data, Weighted Sentiment has slightly improved but still lingers in negative territory—indicating that traders remain cautious about the altcoin’s short-term prospects.
Open Interest Drops, Speculation Weakens
One key sign of waning interest is the significant drop in Open Interest (OI). Since July, JTO’s OI has fallen from over $86 million to just $51 million, reflecting a broader retreat by speculative traders. This decline signals a lack of conviction, even in the face of seemingly positive news.
Even major announcements have failed to spark momentum. On August 22, investment firm VanEck introduced the first JitoSOL ETF, designed to allow users to earn staking yield. However, JTO only surged 7% before retracing those gains.
Long-Term Outlook Still Uncertain
The Jito team has actively engaged with regulators to gain clarity around liquid staking tokens (LSTs), but regulatory progress hasn’t yet translated into price recovery. Since its peak at $4.30 in November, JTO has declined by 58%, currently trading around $1.80.
Whether the revised tokenomics can aid recovery will likely depend on a broader shift in market sentiment. For now, the response remains muted.
