Jito Token Launch Sends Rival Marinade to All-Time Highs
• Jito's successful JTO token launch lifted competitor Marinade's MNDE token to all-time highs, doubling to $0.50 within hours
• Marinade now has $500M fully diluted valuation compared to Jito's $3.5B, despite Marinade having 2x the total value locked
• Jito airdropped 4,900+ JTO tokens to 10,000+ wallets, leaving many sidelined who likely started buying MNDE
• Both protocols draw comparisons to Lido on Ethereum, but Lido struggled to replicate success on Solana and quit in October
• Repricing may relate to low JTO liquidity - only ~5% of total supply circulating currently, limiting tokens available to buy/sell