JasmyCoin emerges as top gainer amid increased social activity

JasmyCoin has emerged as the top 24-hour gainer among the leading 100 cryptocurrencies as investors discuss further bullish momentum on social platforms.

The native token of the Japanese company Jasmy Corporation, JasmyCoin (JASMY), surged 7% in the past 24 hours and is trading at $0.032 at the time of writing. The asset’s market cap surpassed the $1.5 billion mark, making it the 53rd-largest digital currency at the reporting time.

JASMY’s daily trading volume increased by 102%, reaching $224 million. 

Notably, JasmyCoin emerged as one of the top gainers on July 27 as the token’s price rallied by 12%.

According to data provided by Santiment, the social activity around JasmyCoin has been consistently rising over the past five days when the asset was changing hands at $0.029 before taking a deep dive to the $0.025 mark. Data shows that the JASMY social volume increased by six times since July 23.

Per data from the market intelligence platform, the JASMY exchange inflow surged from 65.4 million to 105.3 million tokens over the past 24 hours. This movement hints at potential short-term profit-taking as JasmyCoin briefly touched a local high of $0.033 yesterday, July 27.

The exchange inflow, however, registered a smaller surge than the amount of tokens leaving the exchanges. According to Santiment, the JasmyCoin exchange inflow rose from 58.2 million to 86.6 million coins in the past 24 hours.

At this point, more investors are looking for potential profit-taking if the JASMY price rallies.

Data from Santiment shows that the JasmyCoin Relative Strength Index is currently sitting at 61. The indicator shows that the asset is slightly overbought at this price point and a price correction would be expected due to its high volatility.