JasmyCoin, known as JASMY, has emerged as the top performer among the top 100 cryptocurrencies, benefiting from a surge in the market following the approval of spot Ethereum (ETH) ETFs in the United States.
In the past 24 hours, JASMY has seen a significant increase of 26%, with its current trading price 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.
JASMY’s daily trading volume has spiked by 600%, reaching $422 million. The cryptocurrency’s market cap is nearing the $1.4 billion mark, making it the 69th largest digital asset in the market.
JASMY serves as the native token for Jasmy Corporation, a Japanese Internet of Things (IoT) provider. The platform’s goal is to integrate blockchain technology decentralization with IoT, allowing users to convert their digital data into digital assets.
Founded by Kunitake Ando, Kazumasa Sato, Hiroshi Harada, and other high-ranking executives from Japan, JasmyCoin’s recent price surge coincides with a bullish trend in the broader crypto market following the approval of spot ETH ETFs.
Whale transactions involving at least $100,000 worth of JASMY have increased over eightfold in the past 24 hours, jumping from four to 37 unique transactions per day. This surge in whale activity may indicate potential high price volatility and significant price fluctuations as investors seek short-term gains or engage in mass selling.
Data from market intelligence platforms show that the dormant circulation of JASMY for 365 days has surged from 3.4 million to 24.28 million tokens. This suggests that some investors may be preparing for profit-taking.
Additionally, the JASMY Relative Strength Index (RSI) currently stands at 82, indicating that the asset is overvalued at its current price level. To sustain its bullish momentum, JASMY’s RSI would need to drop below the 50 mark.
In the future, there is speculation that an XRP ETF could be the next development in the cryptocurrency market, according to Standard Chartered.