Solana Altcoins See Price Movement Following Coinbase Support

The Altcoins associated with Solana (SOL) are experiencing price shifts after receiving backing from a major crypto exchange, attributed to increased trading volume in the U.S.

In a recent update on social media platform X, Coinbase announced it has added support for Jito Staked Sol (Jitosol) along with the NFT marketplace Metaplex (MPLX).

“Jito Staked Sol and Metaplex are now accessible on coinbase.com as well as the Coinbase apps for iOS and Android. Customers can log in to buy, sell, convert, send, receive, and store these assets,” the update stated.

As of now, Jitosol is trading at around $217. The announcement led to a noticeable interest in both assets. However, overall, the day saw a decline of 6.8% for Jitosol, with MPLX also slipping slightly in the past 24 hours.

Jitosol operates as a liquid staking token (LST), enabling users to earn extra rewards by staking Solana within the decentralized finance (DeFi) network JITO. Moreover, according to their website, assets not only stay in crypto wallets but also yield two forms of interest and remain liquid. This liquidity allows for trading at any time without the usual constraints.

“Jitosol stands out as an LST that distributes rewards while maintaining a set amount in your wallet. Its unique dual reward system generates both staking and MEV rewards,” they explained.

MPLX serves as a native token within the Metaplex NFT Marketplace, a decentralized platform built on Solana. It plays roles in governance and provides essential infrastructure for creating, trading, and managing NFTs.