Why is Jito up 10.39% Today, July 20, 2026? JIP-38 turns JTX fees into a JTO buyback test

Jito's JTO rallied 10.39% on heavy volume after JIP-38 proposed routing 100% of the DAO's JTX revenue share into programmatic JTO buybacks and burns, formalizing a fee-to-token-demand loop through at least Q4 2027. The market is repricing tokenomics, but near-term follow-through depends on realized JTX fees and executed burn transparency, with supply concentration a residual risk.