JasmyCoin rises to the top amidst a surge in whale activity
JasmyCoin (JASMY) has emerged as the top performer among the top 100 cryptocurrencies, taking advantage of the surge in the market following the approval of spot Ethereum (ETH) ETFs in the United States.
JASMY has experienced a 26% increase 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.
Furthermore, the daily trading volume of JASMY has increased by 600%, reaching $422 million. The market capitalization of the asset is approaching the $1.4 billion mark, making it the 69th largest cryptocurrency at the moment.
JASMY serves as the native token of Jasmy Corporation, a Japanese Internet of Things (IoT) provider. The platform aims to combine blockchain technology’s decentralization with IoT, enabling users to convert their digital information into digital assets.
The project was established by 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.
JasmyCoin’s price rally coincides with the overall bullish momentum in the crypto market following the approval of long-awaited spot ETH ETFs.
According to Santiment, the number of whale transactions involving at least $100,000 worth of JASMY has increased more than eightfold in the past 24 hours, going from four to 37 unique transactions per day.
The increased activity by whales may indicate high price volatility, and significant price movements are expected as investors aim to make short-term profits or potentially engage in a mass sell-off.
Santiment’s data also reveals that the JASMY dormant circulation for 365 days has surged from 3.4 million to 24.28 million tokens. This suggests that some investors are already preparing to take profits.
Additionally, Santiment reports that the JASMY Relative Strength Index (RSI) is currently at 82, indicating that the asset is overvalued at its current price level.
For JASMY to maintain its bullish position, its RSI would need to cool down and drop below the 50 mark.
Read more: Standard Chartered predicts XRP ETF as the next development.
