JUP rallied 51.3% over the four-week period ending October 13, even as underlying protocol revenue contracted. Data from The Defiant indicates that Jupiter Exchange fees decreased to $16.82 million between September 15 and October 12, down from $19.81 million in the preceding 28-day cycle. Despite the dip in fee generation, this revenue stream continues to fund JUP token buybacks. The price appreciation occurred alongside a roughly 15% decline in monthly exchange fees, highlighting a divergence between market performance and current protocol earnings.