JasmyCoin (JASMY) has surged to the top spot among the top 100 cryptocurrencies, riding the wave of excitement following the approval of Ethereum (ETH) ETFs in the U.S.
Over the past 24 hours, JASMY has seen a 26% increase in value, now trading at $0.028. This marks the first time since April 2022 that JasmyCoin has reached this price level. Despite this, Japan’s Bitcoin is still down by 99.44% from its all-time high of $4.99 on February 16, 2021.
With a daily trading volume that has jumped by 600% to $422 million, the market cap of JASMY is nearing $1.4 billion, placing 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 is focused on merging blockchain technology’s decentralization with IoT to enable 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 high-level executives from Japan.
The surge in JasmyCoin’s price coincides with a bullish trend in the broader crypto market following the approval of spot ETH ETFs. Whale activity in JASMY has increased significantly, with the number of transactions involving at least $100,000 worth of JASMY rising from four to 37 unique transactions per day.
This uptick in whale activity may suggest potential high price volatility, with investors likely to take short-term profits or engage in mass selling.
Data from the market intelligence platform shows that the dormant circulation of JASMY for 365 days has surged from 3.4 million to 24.28 million tokens, indicating that some investors are preparing for profit-taking.
Additionally, the JASMY Relative Strength Index (RSI) currently stands at 82, suggesting that the asset is overvalued at its current price. To sustain its bullish momentum, JASMY’s RSI would need to decrease below the 50 mark.
In other news, Standard Chartered predicts that an XRP ETF could be the next big development in the cryptocurrency market.