🌎 JasmyCoin Surges 26% Amid Approval of Spot Ethereum ETFs in US

JasmyCoin (JASMY) has emerged as the top gainer among the leading 100 cryptocurrencies, driven by the recent approval of spot Ethereum (ETH) ETFs in the U.S. JASMY has surged by 26% in the past 24 hours and is currently trading at $0.028. This marks the first time since April 2022 that JasmyCoin has reached this price level. However, it 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 has increased by 600%, reaching $422 million. The asset’s market cap is approaching the $1.4 billion mark, making it the 69th-largest cryptocurrency at present.

JasmyCoin: A Brief Overview

JasmyCoin is the native token of the Japanese Internet of Things (IoT) provider, Jasmy Corporation. The platform aims to combine blockchain technology with IoT, enabling users to transform their digital information into digital assets. The project was founded by notable figures such as 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).

Key Metrics and Market Activity

The recent price rally of JasmyCoin coincides with the broader bullish momentum in the crypto market following the approval of spot ETH ETFs. According to data from Santiment, the number of whale transactions involving at least $100,000 worth of JASMY has increased more than eightfold over the past 24 hours, rising from four to 37 unique transactions per day. This increased whale activity could indicate high price volatility and potential significant price movements due to investors taking short-term profits or a mass selloff.

The JASMY dormant circulation for 365 days has surged from 3.4 million to 24.28 million tokens, suggesting that some investors are preparing to take profits. Additionally, the JASMY Relative Strength Index (RSI) is currently at 82, indicating that the asset is overvalued at this price point. For JASMY to maintain its bullish trend, its RSI would need to cool down below the 50 mark.