As an experienced cryptocurrency analyst, I’ve closely monitored the market trends and developments for several years now. The recent surge of JasmyCoin (JASMY) among the top 100 cryptocurrencies is a fascinating development that I can’t help but examine in detail.
JasmyCoin (JASMY) has risen to the top of the list among the major 100 cryptocurrencies, benefiting from the surge following the United States’ approval of Ethereum (ETH) spot exchange-traded funds (ETFs).
JASMY experienced a 26% increase in value over the past 24 hours and was priced at $0.028 during my current update. This represents a new price peak for JasmyCoin since April 2022. Nevertheless, it’s important to note that despite this recent rise, JASMY remains significantly undervalued, having dropped by 99.44% from its record high of $4.99, which was reached on February 16, 2021.
As a researcher, I’ve observed an impressive surge in JASMY‘s daily trading volume, which has soared by an astounding 600% to hit $422 million. Furthermore, its market capitalization is rapidly approaching the $1.4 billion threshold, positioning it as the 69th largest cryptocurrency at this moment in time.
Jasmy Corporation, a leading IoT provider based in Japan, uses JASMY as its proprietary token. Their goal is to merge the decentralized nature of blockchain technology with the Internet of Things (IoT), allowing users to convert their digital data into valuable digital assets.
Kunitake Ando, formerly the COO at Sony Corporation, Kazumas Sato, a former CEO of Sony Style.com Japan Inc., Hiroshi Harada, an executive financial analyst at KPMG, and other high-ranking Japanese business executives initiated the project.
The price surge of JasmyCoin is occurring in conjunction with the broader cryptocurrency market’s uptrend following the much-anticipated acceptance of Ethereum Spot ETFs.
Based on Santiment’s data, there was a significant surge in the number of whale-sized JASMY transactions. Specifically, the daily count of such transactions, which involve over $100,000 worth of cryptocurrency, grew from a mere four to an impressive 37 transactions within the last 24 hours.
As a crypto investor, I’ve noticed an uptick in whale transactions. This could be an indication of heightened market instability, leading to significant price fluctuations. Investors might be cashing out their profits in the short term, or there could be a widespread selling frenzy. Either way, brace yourself for potential large-scale price shifts.
As an analyst reviewing market intelligence data, I’ve noticed a significant increase in the dormant circulation of JASMY tokens over the past year. Specifically, there was a jump from 3.4 million to 24.28 million tokens circulating that hadn’t been active for 365 days. This surge could be indicative of investors preparing to sell their holdings and potentially profit from any market gains.
Furthermore, based on data from Santiment, the RSI for JASMY now stands at 82. This signifies that the asset is considered overvalued given its current price level.
For JASMY to remain in the bullish zone, its RSI would need to cool down below the 50 mark.
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2024-05-27 11:08