The Japanese cryptocurrency market is in a state of euphoria, with JasmуCoin (JASMY) emerging as the new leader. In just 24 hours, the token's price surged by more than 26% to settle at $0.028, a level not seen since the spring of 2022. As a result, its daily trading volume increased by 600% to $422 million.
Such an impressive rally in the so-called Japanese Bitcoin has pushed its market capitalization to $1.4 billion. However, JASMY is still far from its all-time high of $5 posted in February 2021. Experts are now questioning the reasons behind this explosive growth. One major factor is a bullish trend in Japan’s digital market, fueled by the approval of spot Ethereum ETFs.
According to blockchain data platform Santiment, the number of JASMY whale transactions worth $100,000 has increased eightfold, from 4 to 37, which is a stunning result. However, high trading activity among crypto whales could trigger a surge in market volatility. Analysts warn of significant price fluctuations due to mass sell-offs or short-term profit-taking by investors.