JasmyCoin emerges as top gainer amid increased whale activity

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.

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.

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.