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JasmyCoin Skyrockets 150%: Can the Rally Last?
- JasmyCoin’s value surged over 30% in a day and nearly 150% in a week, yet remains 98% below its February 2021 peak of USD $4.99, trading at $0.015 now.
- JASMY benefits from optimistic developments in Japan, including potential legal changes to boost Web3 investments.
- Recent on-chain analysis reveals a strategic investor profited approximately USD $387K by trading JASMY, amidst its price surge, highlighting active market participation and speculation.
JasmyCoin has gained over 30% in 24 hours and close to 150% in seven days making it the top performer of the moment.
However, JASMY is still a long way off from its all-time high in February of 2021. At that time the coin traded for USD $4.99 (AUD $7.61) and has since seen a 98% decline in value, changing hands for USD $0.015 (AUD $0.023) at the time of writing.
JASMY, which is listed on major exchanges such as Coinbase, Binance, Kraken and locally at Swyftx, has seen the recent gains amid optimistic developments in Japan.
JasmyCoin is a Japanese crypto project spearheaded by former Sony executives. Created as an Internet-of-Things (IoT) platform, Jasmy wants to “provide the infrastructure which allows anybody to use data safely and securely,” according to its whitepaper.
Japan Turning Crypto Friendly
Just days ago, the Japanese Cabinet approved a bill that, if passed by parliament, would enable investment funds and venture capital firms to possess cryptocurrencies. This move aims to facilitate institutional investment into Web3 startups, potentially boosting Web3 development and innovation in Japan.
This legislation is part of a broader effort under Japan’s Industrial Competitiveness Enhancement Act to stimulate new business creation, strategic investments, and innovation within the country, reinforcing Japan’s position as a pioneer in crypto regulation and investor protection.
While Japan is easing crypto investment for VCs, it is also tightening retail investor protections, notably proposing transactions requiring sender and recipient accounts to be under the same name, potentially limiting peer-to-peer transfers.
A Look On Chain Reveals Someone Cashed In
Crypto sleuth Lookonchain reports that while the JASMY token surged over the past month, a strategic investor deposited 20 million JASMY (worth USD $231K/ AUD $352K) into Binance—after initially accumulating 71.62 million JASMY for USD $451K (AUD $689K) at a rate of USD $0.0063 (AUD $0.0096) each, before the price rise.
With 51.62 million JASMY remaining, valued at USD $607K (AUD $927K), the investor’s total profit is around USD $387K (AUD $591), Loockonchain reported on X (formerly Twitter).
Author
Aaron Feuerstein
Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.
