JasmyCoin emerges as top gainer amid increased whale activity

JasmyCoin (JASMY) has surged by 26% in the past 24 hours, trading at $0.028 at the time of writing. This marks the first time since April 2022 that JASMY has reached this price level. However, it remains significantly below its all-time high of $4.99 from February 16, 2021, down by 99.44%.

Increased Whale Activity
JasmyCoin has emerged as a top gainer amid heightened whale activity. According to Santiment, the number of whale transactions (each involving at least $100,000 worth of JASMY) increased more than eightfold in the past 24 hours, rising from four to 37 unique transactions. This spike in whale activity could signal potential price volatility and significant price movements due to short-term profit-taking or a possible mass selloff.

Trading Volume and Market Cap
The daily trading volume of JASMY has skyrocketed by 600%, reaching $422 million. The asset’s market cap is approaching $1.4 billion, making it the 69th-largest cryptocurrency at the time of reporting.

Background and Founders
JasmyCoin is the native token of Jasmy Corporation, a Japanese Internet of Things (IoT) provider. The platform aims to merge blockchain technology with IoT, allowing users to convert their digital information into digital assets. The project was founded by prominent executives, including Kunitake Ando (former COO at Sony Corporation), Kazumasa Sato (former CEO of Sony Style.com Japan Inc.), and Hiroshi Harada (executive financial analyst at KPMG).

Market Context
JasmyCoin’s price rally coincides with a broader bullish trend in the crypto market, spurred by the approval of long-awaited spot ETH ETFs. The increased activity and interest in the market have contributed to JASMY’s recent surge.

Dormant Circulation and RSI
Data from Santiment 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 might be preparing to take profits. Additionally, the JASMY Relative Strength Index (RSI) is currently at 82, suggesting that the asset is overvalued at this price point. For JASMY to sustain its bullish momentum, its RSI would need to cool down below 50.

JasmyCoin’s recent surge and increased whale activity highlight its growing adoption and market interest. However, the high RSI and significant dormant circulation suggest caution, as these factors could lead to potential price corrections.

Source: crypto.news

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