JasmyCoin (JASMY) has surged as the top gainer among the leading 100 cryptocurrencies, riding the wave of optimism sparked by the approval of spot Ethereum ETFs in the U.S. Over the past 24 hours, JASMY has risen by 26%, reaching $0.028, a level not seen since April 2022. Despite this rally, the so-called “Japan’s Bitcoin” remains significantly below its all-time high of $4.99 from February 2021, still down by 99.44%.
Trading Volume and Market Cap Surge
The daily trading volume of JASMY has skyrocketed by 600%, hitting $422 million. Its market cap is approaching the $1.4 billion mark, making it the 69th-largest cryptocurrency. JASMY is the native token of the Japanese Internet of Things (IoT) provider, Jasmy Corporation, which aims to integrate blockchain technology with IoT to transform digital information into digital assets. The project is led by former Sony executives Kunitake Ando, Kazumasa Sato, and Hiroshi Harada.
Whale Activity and Market Volatility
The recent price surge is accompanied by significant whale activity. Data from Santiment shows the number of whale transactions involving at least $100,000 worth of JASMY has increased more than eightfold in the past 24 hours, jumping from four to 37 transactions. This heightened activity suggests potential price volatility, with possible short-term profit-taking or a mass selloff.
Indicators of Potential Overvaluation
Santiment’s data also reveals a surge in JASMY’s dormant circulation for 365 days, from 3.4 million to 24.28 million tokens, indicating that some investors are preparing for profit-taking. Furthermore, the Relative Strength Index (RSI) for JASMY currently sits at 82, signaling that the asset is overvalued at this price point. To sustain its bullish momentum, JASMY’s RSI would need to cool down below the 50 mark.
