Japan’s Jasmycoin Price Soars Amid Whale Movements: Can JASMY Hit New ATH? Pay Attention To This Metric
The price of JasmyCoin (JASMY), Japan’s largest crypto project, has seen significant momentum over the past few days. According to data from Coingecko, JASMY has surged over 29% in the last 24 hours to $0.009894, representing a 71% weekly gain.
The spike comes as two dormant whales moved a combined 665.655 million JASMY ($5.36 million) from Coinbase according to on-chain analytics firm, Spotonchain. The whales withdrew the tokens at an average price of $0.008054. One whale address is 0x8453a4b4a1133aa106e7c89d432abc8367b61e83, while the other is 0xAB5a13b31B98C502ad305c68aC7a6c6D79A42A27.
The two whale addresses have accumulated 1.223 billion JASMY from Coinbase since October 2021 at an average buy price of $0.01679. The total estimated cost for the whales is $20.54 million. Their 1.223 billion JASMY holdings are worth $10.88 million, representing an estimated 46.3% loss.
Bullish Sentiment Building Around JasmyCoin
In addition to the whale activity, sentiment around JASMY has grown increasingly bullish lately. According to crypto analyst “The Wolf of Memes Street,” increased interest from Japanese venture capital investors could push JASMY to $0.30.
“JASMY is much closer to $0.01,” he tweeted. “Smashing and upward from here as Japan is prep for web3 VC investors. More than $0.5b in volume. Get ready for $0.30.”
Similarly, Clinix Crypto, in a YouTube video discussion, sees the Japanese government’s approval of VC investments into crypto projects as a strong catalyst for JASMY.
“They’ve approved a proposal that would allow Japanese Venture Capital firms to invest in projects that only issue cryptocurrencies… which crypto is the biggest crypto from Japan?” the host remarked. “It’s Jasmy.”
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Show more +Furthermore, the Clinix Crypto host cites JASMY’s affiliation with venture capital firm DWF Labs as a potential driver of further price movement. “There’s a mention of JASMY’s affiliation with DWF Labs, which has a history of involvement in crypto price spikes and dumps,” the host said.
While acknowledging the risks of trading such a volatile asset, the channel’s host predicts JASMY could see another 20-30% upside if it holds current support levels around $0.0085.
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