Top gainer JasmyCoin sees rise in trade activity

JasmyCoin (JASMY) has recently surged as the top gainer among the top 100 cryptocurrencies, benefiting from the uptick in the market following the approval of spot Ethereum (ETH) ETFs in the United States.

Over the past 24 hours, JASMY has seen a notable increase of 26% and is currently trading at [or_text model=”openai/gpt-3.5-turbo” prompt=”You are a news editor expand and Rewrite the following article, remove references to the source, make sure the generated article is well written, makes sense and is SEO enabled:

JasmyCoin (JASMY) has emerged as the top gainer among the leading 100 cryptocurrencies, capitalizing on the rally triggered by the approval of spot Ethereum (ETH) ETFs in the U.S.

JASMY is up by 26% in the past 24 hours and is trading at $0.028 at the time of writing. This is the first time since April 2022 that JasmyCoin has reached this price point. However, the so-called Japan’s Bitcoin is still down by 99.44% from its all-time high of $4.99 on Feb. 16, 2021.

JasmyCoin emerges as top gainer amid increased whale activity - 1

JASMY price, whale activity, RSI and dormant circulation – May 27 | Source: Santiment

Moreover, the daily trading volume of JASMY increased by 600%, reaching $422 million. The asset’s market cap is getting close to the $1.4 billion mark, making it the 69th-largest cryptocurrency at the reporting time.

JASMY is the native token of the Japanese Internet of Things (IoT) provider, Jasmy Corporation. The platform aims to combine the decentralization of the blockchain technology with IoT so that users can transform their digital information into digital assets.

The project was founded by Kunitake Ando (former COO at Sony Corporation), Kazumasa Sato (former CEO of Sony Style.com Japan Inc.), Hiroshi Harada (executive financial analyst at KPMG) and other C-suite executives from Japan.

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JasmyCoin’s price rally comes as the broader crypto market is witnessing bullish momentum after the approval of the long-awaited spot ETH ETFs.

According to data provided by Santiment, the number of whale transactions consisting of at least $100,000 worth of JASMY increased by more than eight times over the past 24 hours — rising from four to 37 unique transactions per day.

The increased whale activity could hint at high price volatility and big price movements would be expected due to investors taking short-term profits, or even a mass selloff.

Per data from the market intelligence platform, the JASMY dormant circulation for 365 days surged from 3.4 million to 24.28 million tokens. This could show that some investors are already getting prepared for profit-taking.

In addition, the JASMY Relative Strength Index (RSI) is currently sitting at the 82 mark, according to Santiment. The indicator shows the asset is overvalued at this price point.

For JASMY to remain in the bullish zone, its RSI would need to cool down below the 50 mark.

Read more: Standard Chartered: XRP ETF next

“].028, marking its highest price point since April 2022. Despite this surge, the digital asset, also known as Japan’s Bitcoin, remains down by 99.44% from its peak of .99 on February 16, 2021.

The daily trading volume of JASMY has spiked by 600%, reaching 2 million. With a market cap approaching .4 billion, JASMY now ranks as the 69th largest cryptocurrency.

JASMY serves as the native token for Jasmy Corporation, a Japanese provider of Internet of Things (IoT) services. The platform seeks to merge blockchain technology decentralization with IoT to enable users to convert their digital information into digital assets.

Founded by prominent figures 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), JasmyCoin aims to revolutionize the digital asset space in Japan.

As the broader cryptocurrency market experiences a bullish trend following the approval of spot ETH ETFs, JasmyCoin’s price rally has attracted attention. Additionally, there has been a significant increase in whale activity, with a surge in transactions involving at least 0,000 worth of JASMY over the past 24 hours.

The heightened whale activity may indicate potential price volatility, suggesting the possibility of significant price fluctuations as investors capitalize on short-term profits or engage in mass sell-offs.

Data from Santiment reveals a substantial increase in JASMY’s dormant circulation for 365 days, from 3.4 million to 24.28 million tokens. This rise suggests that some investors are gearing up for profit-taking opportunities.

Furthermore, the JASMY Relative Strength Index (RSI) currently stands at 82, indicating that the asset is overvalued at its current price level. In order for JASMY to sustain its bullish momentum, the RSI would need to decrease below the 50 mark.

As JASMY continues to make waves in the crypto market, investors and observers are closely monitoring its performance and potential for further growth.

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