In a notable development within Japan’s cryptocurrency landscape, JasmyCoin (JASMY), the country’s largest cryptocurrency project, has experienced a remarkable surge in price over the past month.

With gains exceeding 140% in the last 30 days and over 100% in the past week alone, JASMY has garnered significant attention from investors and market observers alike.

Prior to the recent surge in price, reports indicated substantial accumulation of JASMY tokens by prominent investors known as whales. This accumulation phase served as a potential catalyst for the subsequent price surge, highlighting the influential role of large-scale investors in shaping market dynamics.

However, as JASMY’s price continued to climb, concerns emerged regarding a potential trend reversal driven by profit-taking activities among whales.

Recent reports from Lookonchain revealed a notable transaction involving a whale identified as SmartMoney, who deposited 20 million JASMY tokens to Binance in a move presumably aimed at securing profits. 

The price of $JASMY has increased by ~120% in the past month.

A SmartMoney deposited 20M $JASMY($231K) to #Binance for profits 12 hrs ago.

He accumulated 71.62M $JASMY($451K) at $0.0063 before the price increased.

And has 51.62M $JASMY($607K) left, the total profit is ~$387K.… pic.twitter.com/dJk3msOwNt

— Lookonchain (@lookonchain) February 21, 2024

SmartMoney’s strategic accumulation of 71.62 million JASMY tokens at an average price of $0.0063 prior to the price surge underscores the calculated nature of whale activities within the cryptocurrency market.

With 51.62 million JASMY tokens remaining, SmartMoney has realized a total profit of approximately $387,000, reflecting the substantial gains made during the recent price surge.

Jasmy Price Action Despite Concerns On Whale’s Position

Despite concerns surrounding profit-taking by whales, JasmyCoin continues to demonstrate resilience in its price performance.

As of now, the token is trading on the upside, with a notable 16% gain recorded in the past 24 hours, indicating ongoing investor interest and positive market sentiment.

The dynamics surrounding JASMY’s price movements underscore the intricate interplay between investor behavior, market trends, and the broader cryptocurrency landscape.

With continued monitoring of whale activities and market developments, investors remain vigilant as they navigate the evolving landscape of digital assets.

In summary, JASMY’s recent price surge, coupled with whales’ accumulation and profit-taking activities, highlights the dynamic nature of cryptocurrency markets and the importance of strategic decision-making in navigating market fluctuations.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Filed under: Bitcoin - @ February 21, 2024 11:22 pm