Key Takeaways:
- Jasmy coin price rallied 30% on Nov 10.
- The Bitcoin-led bullish trend doubled the coin’s price since Oct. 20.
- JASMY whales fueled the rally and took partial profits on Nov 10.
YEREVAN (CoinChapter.com) – Jasmy Coin (JASMY), or the ‘Japanese Bitcoin,’ as it’s often referred to in the East, rallied over 30% to $0.0056 on Nov 10, doubling its price since Oct. 20. Meanwhile, it is interesting to see the reasons behind the rally, and if the bulls will secure profits soon enough. Let’s go!
JASMY at 6-month high
The coin gave a choppy performance in 2023 but pared its Q2-Q3 losses. However, even considering the latest uptrend, JASMY traded 97% below its all-time high of over $0.23.
Meanwhile, the latest uptrend was mainly due to investor optimism that rippled through the market after Bitcoin’s surge to over $37,000. Most top 100 cryptocurrencies by market cap followed suit, as traders bet on everything from the alpha crypto to the most risky meme coins.
A closer look at JASMY’s on-chain metrics says that the bulls have put considerable weight behind the rally. But who are those bulls and why wouldn’t they take a profit after a 100% surge? Let’s dive in.
Jasmy bulls are actually whales
According to data from the on-chain tracker Santiment, the number of Jasmy holders has grown in the previous year. However, the whales, i.e., wallets with 100 million JASMY and more, dominate the market, controlling over 74% of the circulating supply.
The statistics also show that the ‘whalest of the whales’, accounts holding over 1 billion JASMY, have been unloading their stash since June, briefly increasing it Nov 5-9, which likely fueled the rally further. As the chart above illustrates, those addresses took profit on Nov 10, which could mean a looming correction for Jasmy Coin price, at least in the short term.
Will the whales sell their stash?
Generally, smaller accounts and retail investors tend to follow whales, assuming they have a deeper knowledge of market conditions. Thus, when whales pick a strategy, smaller investors tend to follow eventually, albeit not simultaneously.
If whales secured their gains not expecting higher returns, shrimp might follow soon enough and bring Jasmy’s price lower. As of Nov 10, the number of over $100,000 transactions spiked, along with one transaction worth over $1 million.
