Solana-based DEX aggregator Jupiter capped off its inaugural 'Catstanbul 2025' event with a keynote from its pseudonymous founder, 'Meow,' who excitedly announced upcoming changes to the platform's native governance token, JUP.
Meow declared his intention to make JUP into the "most GOATed [greatest of all time] token," touting the platform's dedicated team and community. Meow reminded the crowd of the planned burning of 3 billion JUP tokens (initiated by the burning of a large metal cat sculpture), currently worth $3.6 billion, in a play to "reduce emissions, increase certainty, and reduce FDV."
"We want to really connect the entire world...and it's not going to be easy," Meow said. "We need a lot of incentives, we need a lot of capital, we need a lot of funds...the goal is simple, we need JUP to be that firepower."
Then Meow made another major announcement: the platform would begin using 50% of its protocol fee revenue to buy back JUP tokens to be held in the "long-term litterbox," whereas the other 50% of fees will be deployed for "growth, future strategy, and full operational stability."
"I strongly believe that the value of a token is not anchored in buybacks, despite what [Crypto Twitter] might tell you," Meow said. "The value of a token is anchored in community...remember, every coin is a memecoin."
The announcement led the price of JUP to rise about 40% from its low around $0.90 to about $1.27 before retreating slightly, according to The Block's JUP price page.
"I don't want to ever f---ing sell JUP for operational reasons," Meow said. "Why? Because JUP is not for expenses, JUP is for alignment." Meow noted that Jupiter may sell JUP to establish long-term partnerships with partners who are "really aligned with us."
The announcement caps off the platform's event which also saw Jupiter make major moves in the AI and memecoin space, acquiring a majority stake in memecoin launchpad and Pump.fun competitor Moonshot, introducing a new 'Jupnet' omnichain network currently in beta, debuting a V2 upgrade of the platform, and launching a new $10 million AI fund in conjunction with Eliza Labs.
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