The Japanese cryptocurrency JasmyCoin (JASMY), which focuses on the Internet of Things, surprised investors last week by increasing by nearly 130%. At $0.0148, JASMY is trading at its highest price since May 2022.
There are now concerns about whatever undiscovered treasure might be the next big thing after this remarkable rise. Meme Kombat (MK) is becoming a viable option.
Highlights of the Cryptocurrency Market Volatility Rise and Fall for JasmyCoin
The rapid rise of JasmyCoin in the cryptocurrency industry has garnered notice.
JASMY reached a 52-week high of $0.0188 on Thursday, indicating the upward momentum behind the price of the coin.
But volatility has followed, similar to many cryptocurrencies that go through a vertical climb.
Even if there was a decline on Friday and a rebound on Saturday, there was still a decline yesterday.
A further indication of how erratic JasmyCoin’s journey has been is the 57% decline in trade volumes during the last day.
Furthermore, JASMY’s market capitalization has decreased to $731 million, which means it is no longer among the top 100 biggest cryptocurrencies worldwide.
It appears that traders are taking profits and lowering their exposure for the time being in the wake of JASMY’s sharp ascent.
Following a large price surge, there is typically a stabilizing phase that results in the formation of a big support or resistance level.
JasmyCoin’s ascent was impressive, but the most recent decline suggests that the buying frenzy may be abating, at least momentarily.
What is JasmyCoin, and why did its price increase?
However, why is JasmyCoin (JASMY) becoming so popular these days?
JasmyCoin is an Ethereum-based utility coin intended for use on the Jasmy network.
This platform uses blockchain and Internet of Things (IoT) technology to democratize data.
In the same way that consumers have control over their own money in their wallets, developers hope to grant users the same amount of control over their data.
Often referred to as “Japan’s Bitcoin,” the Jasmy project was established in 2016 by a group of experts in electronics and telecommunications.
However, JASMY has been overlooked by investors over the last few years as they failed to recognize its practical application potential.
Last week, JasmyCoin received further attention due to modifications made to the regulatory landscape in Japan.
Venture capital (VC) investment in cryptocurrency businesses is starting to receive more favorable treatment from the Japanese government.
Consequently, investor trust in cryptocurrency established in Japan, such as JasmyCoin, has surged, causing the recent price pump.