JasmyCoin (JASMY) has emerged as the top gainer among the leading 100 cryptocurrencies, driven by a rally following the approval of spot Ethereum (ETH) ETFs in the U.S.
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 JasmyCoin has reached this price point. However, “Japan’s Bitcoin” is still down by 99.44% from its all-time high of $4.99, which it reached on February 16, 2021.
The daily trading volume of JASMY has skyrocketed by 600%, reaching $422 million. The asset’s market cap is nearing $1.4 billion, making it the 69th-largest cryptocurrency at this time.
JasmyCoin (JASMY) is the native token of Jasmy Corporation, a Japanese Internet of Things (IoT) provider. The platform aims to combine blockchain technology with IoT to allow users to transform their digital information into digital assets.
The project was founded by notable 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), among others.
JasmyCoin’s price rally aligns with the broader crypto market’s bullish momentum following the approval of the long-awaited spot ETH ETFs.
Data from Santiment reveals that 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.
The increased whale activity suggests potential high price volatility and significant price movements, possibly due to investors taking short-term profits or even a mass selloff.
Additionally, data from the market intelligence platform indicates that the dormant circulation of JASMY for 365 days has surged from 3.4 million to 24.28 million tokens. This could indicate that some investors are preparing for profit-taking.
Moreover, the JasmyCoin (JASMY) Relative Strength Index (RSI) is currently at 82, indicating that the asset is overvalued at this price point. For JASMY to sustain its bullish trend, its RSI would need to decrease below the 50 mark.
