JasmyCoin Surges as Top Gainer Amid Whale Activity Following Ethereum ETF Approval

JasmyCoin Surges as Top Gainer Amid Whale Activity Following Ethereum ETF Approval

JasmyCoin (JASMY) has surged as the top gainer among the leading 100 cryptocurrencies, buoyed by the recent approval of spot Ethereum (ETH) ETFs in the U.S. The token has risen by 26% in the past 24 hours, reaching $0.028, a price point not seen since April 2022. Despite this surge, JasmyCoin remains significantly down from its all-time high of $4.99 recorded on February 16, 2021, marking a 99.44% decrease.

The daily trading volume of JASMY has skyrocketed by 600%, hitting $422 million. Its market capitalization is nearing $1.4 billion, positioning it as the 69th-largest cryptocurrency at the time of reporting.

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

The recent price rally of JasmyCoin is part of a broader bullish trend in the crypto market, spurred by the approval of the spot ETH ETFs. Data from Santiment reveals a significant increase in whale transactions involving at least $100,000 worth of JASMY, which jumped from four to 37 unique transactions per day over the past 24 hours. This surge in whale activity suggests potential high price volatility, with possibilities of short-term profit-taking or even mass sell-offs.

Furthermore, the dormant circulation of JASMY tokens for 365 days has escalated from 3.4 million to 24.28 million tokens, indicating that some investors might be gearing up to take profits. The Relative Strength Index (RSI) of JASMY currently stands at 82, indicating that the asset is overvalued at its current price. For JASMY to maintain its bullish momentum, its RSI needs to decrease below the 50 mark.

As the broader crypto market continues to respond to regulatory developments, JasmyCoin’s recent performance underscores the dynamic nature of cryptocurrency valuations and the significant impact of whale activity on market movements.

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