--- title: What's Driving Token Prices? September 25, 2024 description: Join Arca's Director of Research, Katie Talati, to learn about what is driving token prices in the digital asset ecosystem. image: https://www.ar.ca/hubfs/Blog/WDTP/WDTP%20Thumbnail.jpg --- [![email-sig-logowhite](https://www.ar.ca/hs-fs/hubfs/email-sig-logowhite.png?width=102&height=96&name=email-sig-logowhite.png "email-sig-logowhite")](https://www.ar.ca/) [![Get in Touch](https://no-cache.hubspot.com/cta/default/4536350/28ac2c2f-186c-436f-9682-1169cf946ad3.png)](https://cta-redirect.hubspot.com/cta/redirect/4536350/28ac2c2f-186c-436f-9682-1169cf946ad3) ** ** ** [![Arca](https://www.ar.ca/hs-fs/hubfs/arca_square_576x576.png?width=60&height=30&name=arca_square_576x576.png "Arca")](https://www.ar.ca/) [![Get in Touch](https://no-cache.hubspot.com/cta/default/4536350/28ac2c2f-186c-436f-9682-1169cf946ad3.png)](https://cta-redirect.hubspot.com/cta/redirect/4536350/28ac2c2f-186c-436f-9682-1169cf946ad3) ** ** ** Search **Menu** ** ** [![Data Room](https://no-cache.hubspot.com/cta/default/4536350/72e2934a-0f70-4634-897e-b99fd4807a9b.png)](https://cta-redirect.hubspot.com/cta/redirect/4536350/72e2934a-0f70-4634-897e-b99fd4807a9b) [![Get in Touch](https://no-cache.hubspot.com/cta/default/4536350/28ac2c2f-186c-436f-9682-1169cf946ad3.png)](https://cta-redirect.hubspot.com/cta/redirect/4536350/28ac2c2f-186c-436f-9682-1169cf946ad3) ![](https://www.ar.ca/hubfs/Whats-Driving-Token-Prices-Header.jpg) [Investing Themes](https://www.ar.ca/blog/tag/investing-themes) | # What's Driving Token Prices? September 25, 2024 [![Katie Talati](https://www.ar.ca/hubfs/Katie%20Talati.png)](https://www.ar.ca/blog/author/katie-talati) Written by [Katie Talati](https://www.ar.ca/blog/author/katie-talati) Sep 25, 2024 **Join Katie Talati, Arca’s Head of Research, weekly on Wednesday at 4PM EST / 1PM PST as she shares notable token activity over the past week and her insights on what market events drove these token price movements.** Watch Our Founders Video - **MKR/SKY (+6.3%)** - Sky, formerly known as MakerDao, officially began the migration process for users last week, allowing them to swap their DAI stablecoin to USDS and swap their MKR for SKY (at a ratio of 1:24000). So far about $400M of DAI has migrated to USDS (of a total $5.4B) and about 5% of the MKR supply has migrated to SKY. Sky’s founder, Rune Christensen, also made a surprise announcement at the Solana Breakpoint conference last week, revealing that Sky would deploy on Solana using the Wormhole bridge. Sky will also provide a “large liquidity incentive” to promote the usage of SKY and USDS on Solana.  - **SOL (+16%)** - Last week, Solana held its annual Breakpoint conference, during which the project made a few headline announcements. The first is that “Frankendancer,” the validator client developed by Jump Trading, is live on its mainnet. Frankendancer is considered the test version of “Firedancer,” which is the full validator client and will be live later this year. Validator client diversity for Solana is an important step for the Layer-1 protocol to evolve and mature as it looks to compete with Ethereum in the long term. The second big announcement came from asset manager Franklin Templeton who announced it will launch a mutual fund on the Solana blockchain. Franklin Templeton already has an on-chain money market fund on Ethereum, so it will be interesting to see what assets this new mutual fund represents on Solana. - **TIA (+19%)** - Data availability project Celestia announced this week it had raised $100M in funding from Bain Capital Crypto, Syncracy Capital, 1kx, Robot Ventures, Placeholder, and others. The announcement comes as Celestia’s TIA token is about to see a large cliff unlock next month, increasing the supply by 148%. The project launched its mainnet and token just under a year ago and was the first project to outperform and lead the market in its uptrend in Q4 of last year. Most feel the project is already significantly overvalued at $7B, with about $41K in fees generated. However, the project has seen a significant uptick in projects using Celestia, and fees have been generated since the beginning of the summer. - **JUP (+22%)** - DEX aggregator and leading Solana Defi project Jupiter announced at the Breakpoint conference last week that it had acquired two crypto projects to grow its reach and expand its product offering. Jupiter acquired SolanaFM, a block explorer, and Coinhall, a DEX aggregator and trading terminal tool for Solana and Cosmos blockchains. The project also revealed plans to launch a mobile app, Jupiter Mobile, in the coming weeks with the help of crypto on-ramp Moonpay. Considering Solana’s push into mobile with its Saga phone and retail focus, a mobile application for Jupiter will ensure it retains its spot as the number 1 trading venue on Solana.  *DISCLAIMER: This commentary is not intended to be investment advice, investment research, or a recommendation. Please consult your investment professional for your own circumstances."* ### Subscribe For the Latest Blockchain News & Analysis     Disclaimer: This commentary is provided as general information only and is in no way intended as investment advice, investment research, legal advice, tax advice, a research report, or a recommendation. Any decision to invest or take any other action with respect to any investments discussed in this commentary may involve risks not discussed, and therefore, such decisions should not be based solely on the information contained in this document. Please consult your own financial/legal/tax professional. Statements in this communication may include forward-looking information and/or may be based on various assumptions. The forward-looking statements and other views or opinions expressed are those of the author, and are made as of the date of this publication. Actual future results or occurrences may differ significantly from those anticipated and there is no guarantee that any particular outcome will come to pass. The statements made herein are subject to change at any time. Arca disclaims any obligation to update or revise any statements or views expressed herein. Past performance is not a guarantee of future results and there can be no assurance that any future results will be realized. Some or all of the information provided herein may be or be based on statements of opinion. In addition, certain information provided herein may be based on third-party sources, which is believed to be accurate, but has not been independently verified. Arca and/or certain of its affiliates and/or clients may now, or in the future, hold a financial interest in investments that are the same as or substantially similar to the investments discussed in this commentary. No claims are made as to the profitability of such financial interests, now, in the past or in the future and Arca and/or its clients may sell such financial interests at any time. The information provided herein is not intended to be, nor should it be construed as an offer to sell or a solicitation of any offer to buy any securities, or a solicitation to provide investment advisory services. Previous Story [← “That’s Our Two Satoshis” - Can We Believe in “Alt Season”?](https://www.ar.ca/blog/can-we-believe-in-alt-season) [** ](https://www.ar.ca/blog) Next Story [“That’s Our Two Satoshis” - A Recap of Token 2049 Recaps →](https://www.ar.ca/blog/a-recap-of-token-2049-recaps) ## You May Also Like These Stories on Investing Themes [![](https://www.ar.ca/hubfs/Blog/WDTP/WDTP%20Thumbnail.jpg) ](https://www.ar.ca/blog/whats-driving-token-prices-july-1-2026) [Investing Themes](https://www.ar.ca/blog/tag/investing-themes) ### [What's Driving Token Prices? 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June 10, 2026](https://www.ar.ca/blog/whats-driving-token-prices-june-10-2026) Jun 11, 2026 | 1 min read ### Arca Los Angeles I New York (424) 400-7444 info@ar.ca [![LinkedIn](https://www.ar.ca/hubfs/LinkedIn.png "LinkedIn")](https://www.linkedin.com/company/arcafinance/mycompany/) [![Twitter](https://www.ar.ca/hubfs/Twitter.png "Twitter")](https://twitter.com/arca) [![Youtube](https://www.ar.ca/hubfs/Youtube.png "Youtube")](https://www.youtube.com/c/Arcafinance) ### Contact Us Copyright © 2025 Arca Holdings. All Rights Reserved.  |  [Important Disclosures](https://www.ar.ca/important-disclosures) ```json { "@context" : "http://schema.org", "@type" : "VideoObject", "contentUrl" : "https://youtu.be/hHdcrzD7_0w", "description" : "Meet the founders of Arca and learn about what inspired them to join the digital asset ecosystem. 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