Jasmy Coin Price: Why is Jasmy Price Rallying?
Understanding JasmyCoin (JASMY) Before delving into the reasons behind JasmyCoin’s recent surge, let’s first understand what sets it apart. Launched in Japan in 2018, JasmyCoin endeavors to establish a decentralized platform for managing data and IoT devices. Over time, it has garnered attention from both investors and developers, emerging as a popular choice within the cryptocurrency landscape. The primary objective of JasmyCoin is to empower companies by providing solutions that enable users to retain complete control and ownership over their data. Market Performance of JasmyCoin Price Jasmy price market performance chartAs per the press time, Jasmy is trading at $0.01628, showcasing an increase of 43.7% within the last 24 hours, and an upstick of 160% over the past week. Its upward course continues with a remarkable growth of 213% over the last month. The coin has rebounded significantly, exhibiting a growth of 143% year-over-year, following a challenging period of losses throughout the previous year. Jasmy’s all-time high was recorded on Feb 16, 2021, at $4.99, and the last time it touched $0.02 range was in May 2022. JasmyCoin has a market capitalization of $788.64 million, positioning it as 91st on CoinMarketCap. Its daily trading volume for Jasmy has experienced a substantial increase of over 71.50% in the last 24 hours, amounting to $1.43 billion. This surge signifies a notable increase in investor interest and activity within the cryptocurrency. So, what exactly is driving this significant upward movement in JasmyCoin’s value? Top Reasons Behind Jasmy Rallying The recent surge in JasmyCoin’s value can be attributed to several key factors 1. Regulatory Changes One significant factor contributing to JasmyCoin’s recent rally is the regulatory changes in Japan. The country’s government has taken crucial steps towards facilitating direct investments in digital assets by venture capital firms and other investment entities. These legal changes are meant to make direct investments in cryptocurrency projects more accessible in Japan, marking a significant advancement for the country’s digital economy. This regulatory ease is expected to unleash a wave of domestic funding to Web3 companies, reducing their dependence on foreign capital. Consequently, this move is anticipated to fuel innovation and expansion within Japan’s booming cryptocurrency sector, creating fertile ground for new startups and technologies to thrive. Known for its proactive approach in establishing regulatory frameworks for stablecoins, Japan’s move aims to support the development of Web3 while prioritizing user protection. This regulatory shift, particularly the approval of venture capital investments in crypto projects, has boosted confidence and legitimacy in JasmyCoin, which is deeply rooted in Japan and boasts a strong local community. 2. Intensified Whale Activity The recent surge in JasmyCoin’s value can be partly attributed to intensified whale activity within the JASMY market. Specifically, two dormant whales, identified as 0x845 and 0xAB5, have reemerged, collectively withdrawing a substantial 665.655 million JASMY tokens from Coinbase. This withdrawal amounts to approximately $5.36 million based on the current valuation. Whales activity on Coinbase (Courtesy of Spotonchain)These whales had been accumulating JASMY tokens since October 2021, accumulating a total of 1.223 billion tokens. They made their recent withdrawal, indicating a strategic move to capitalize on the market’s current momentum. This significant movement of tokens not only adds to the buying pressure within the market but also demonstrates the whales’ confidence in JasmyCoin’s future prospects. Despite the substantial investment made, totaling $20.54 million, their current holdings are valued at $10.88 million, suggesting a wise approach to managing their cryptocurrency portfolio. 3. Influential Figures Support JasmyCoin JasmyCoin has caught the eye of prominent voices who believe in its potential. One such advocate is Matthew Perry, a respected expert in cryptocurrency trading. Perry recently shared his positive outlook on platforms like Twitter and YouTube, expressing confidence in JasmyCoin’s ability to surprise the market with its bright future. Additionally, other influential personalities within the cryptocurrency community, like the analyst known as “The Wolf of Memes Street,” have also endorsed JasmyCoin, predicting that its value could reach as high as $0.30. This optimistic forecast is fueled by increasing interest from Japanese venture capitalists and the enthusiastic support of the wider crypto community. #JASMY is much closer to $0.01. Smashing and upward from here as Japan is prep for web3 VC investors. More than $0.5b in volume. Get ready for $0.30 pic.twitter.com/KPqQ1DcyRj — The Wolf of Memes Street 🚀 (@Web3Senator) February 20, 2024 With a large following on social media, these figures have the power to influence how people perceive JasmyCoin and the overall market. Their support and predictions may have swayed investor sentiment and contribute to JasmyCoin’s ongoing success. 3. Conclusion These factors have contributed to the impressive performance of Jasmycoin, which has surged by more than 160% from its 2023 lows and reached a new all-time high of $0.01625 on February 21, 2024. However, the future of Jasmycoin is still uncertain, as it faces challenges such as competition, volatility, and regulation. Therefore, investors should be cautious and do their own research before investing in Jasmycoin or any other cryptocurrency.