JasmyCoin rises to the top as whale activity surges
JasmyCoin (JASMY) has emerged as the top performer among the top 100 cryptocurrencies, taking advantage of the surge in value triggered by the approval of Ethereum (ETH) ETFs in the United States.
At the time of writing, JASMY is trading at $0.028, experiencing a 26% increase in the past 24 hours. 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.
Additionally, the daily trading volume of JASMY has risen by 600%, reaching $422 million. Its market capitalization is approaching the $1.4 billion mark, positioning it as the 69th largest cryptocurrency currently.
JASMY serves as the native token for Jasmy Corporation, a Japanese Internet of Things (IoT) provider. The platform aims to merge blockchain 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 executives from Japan.
JasmyCoin’s price rally coincides with a bullish trend in the broader cryptocurrency market following the long-awaited approval of spot ETH ETFs.
According to Santiment data, 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 indicate high price volatility, with potential significant price movements resulting from investors seeking short-term profits or even a mass sell-off.
Market intelligence data shows that JASMY’s 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.
Furthermore, Santiment reports that JASMY’s Relative Strength Index (RSI) currently stands at 82, indicating that the asset is overvalued at its current price level.
To maintain its bullish momentum, JASMY’s RSI would need to cool down below the 50 mark.
Read more: Standard Chartered believes XRP ETF could be the next big thing.
