Increased whale activity results in JasmyCoin emerging as the leading gainer
JasmyCoin (JASMY) has emerged as the top performer among the leading 100 cryptocurrencies, taking advantage of the surge sparked by the approval of spot Ethereum (ETH) ETFs in the United States.
At the time of writing, JASMY has risen by 26% in the past 24 hours and is currently trading at $0.028. This is the first time since April 2022 that JasmyCoin has reached this price level. However, Japan’s Bitcoin is still down by 99.44% from its all-time high of $4.99 on February 16, 2021.
The daily trading volume of JASMY has also surged by 600%, reaching $422 million. The asset’s market capitalization is nearing the $1.4 billion mark, positioning it as the 69th-largest cryptocurrency at this time.
JASMY serves as the native token of Jasmy Corporation, a Japanese Internet of Things (IoT) provider. The platform aims to combine the decentralized nature of blockchain technology with IoT, allowing users to convert their digital information into digital assets.
The project was established by notable individuals such as Kunitake Ando (former COO at Sony Corporation), Kazumasa Sato (former CEO of Sony Style.com Japan Inc.), Hiroshi Harada (executive financial analyst at KPMG), and other C-suite executives from Japan.
The price rally of JasmyCoin coincides with the overall bullish momentum in the crypto market following the approval of long-awaited spot ETH ETFs.
Data from Santiment reveals that the number of whale transactions involving at least $100,000 worth of JASMY has increased more than eightfold in the past 24 hours, rising from four to 37 unique transactions per day.
This surge in whale activity may suggest high price volatility, with significant price movements expected as investors seek short-term profits or engage in mass selling.
According to market intelligence platform data, the dormant circulation of JASMY for 365 days has surged from 3.4 million to 24.28 million tokens. This indicates that some investors are already preparing to take profits.
Additionally, Santiment reports that the JASMY Relative Strength Index (RSI) currently stands at 82, suggesting that the asset is overvalued at its current price level.
To maintain its bullish status, JASMY would need its RSI to cool down below the 50 mark.
Standard Chartered predicts that an XRP ETF could be next in line for approval.
