Two Solana (SOL)-Based Altcoins Get the Nod From Top US-Based Crypto Exchange by Trading Volume Coinbase

A pair of Solana (SOL)-based altcoins is dipping in price after gaining support from the largest crypto exchange by trading volume in the US.

In a new thread on the social media platform X, Coinbase Assets says it is adding support for Jito Staked SOL (JITOSOL) and non-fungible token (NFT) marketplace Metaplex (MPLX).

“Jito Staked SOL and Metaplex are now live on http://coinbase.com and in the Coinbase iOS and Android apps. Coinbase customers can log in to buy, sell, convert, send, receive or store these assets.”

News of the support caused both assets to dip as JITOSOL is trading for $217 at time of writing, a 6.8% decrease on the day while MPLX is valued at $0.169, a fractional decrease during the last 24 hours.

JITOSOL is a liquid staked token (LST) where users can earn extra rewards by staking Solana on the decentralized finance (DeFi) network Jito. Furthermore, according to its official website, the asset not only stays in your crypto wallet and accrues two forms of interest, but it is also liquid, meaning it isn’t locked up and can be traded on demand.

“JitoSOL is a reward-bearing LST that maintains a constant quantity in your wallet. What sets JitoSOL apart is its dual reward system, accruing both staking and MEV rewards. And as rewards accrue over time the JitoSOL/SOL exchange rate increases as well.”

MPLX is the native asset of the Metaplex NFT marketplace, a decentralized platform built on top of Solana that serves as its governance token as well as provides the infrastructure for minting, trading, and managing NFTs.

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Featured Image: Shutterstock/marymyyr