JasmyCoin price reaches new 3-month high: Why is JASMY soaring?

JasmyCoin (JASMY), dubbed the “bitcoin of Japan”, has soared to a new year-to-date high.

Data from CoinMarketCap showed that the token’s price hit $0.031 across major crypto exchanges on Thursday. The gains accounted for a 24-hour jump of over 25%, with JASMY’s daily trading volume up by 116% to over $308 million and market cap increasing by 25% to $1.5 billion.

JasmyCoin ranked 66th among largest cryptocurrencies by market cap on CoinMarketCap at the time of writing.

Why is the price of JASMY soaring today?

Although JasmyCoin has attracted a lot of interest in the past few months, most of the gains have come since the decentralised data blockchain unveiled its AI-focused incubated program JANCTION.

JASMY price has also benefited from the buy pressure that followed the 100 million JasmyCoin lockup announced earlier this month.

While these developments have marked an upward flip for JASMY price, the sharp spike seen today appears pegged on a potentially groundbreaking partnership.

This relates to reports that JasmyCoin is partnering with tech giant and iPhone maker Apple. Its speculation that gained momentum after news out today stated that Apple has agreed to have Japan’s “My Number” ID functions integrated into iPhones.

The speculation is that JASMY could play a role in the digital ID system, rumours that sparked buy pressure for JASMY price.

JASMY second-biggest gainer behind Notcoin (NOT)

Today’s gains also came as the Bitcoin price climbed to above $69,120 after two days of downside action that included declines to lows of $67,096. As well as Bitcoin, Ethereum price rose above $3,800.

Amongst the top coins by market cap, JasmyCoin’s 26% gain ranked only second behind Notcoin (NOT), which was up 31% with a 24-hour trading volume of over $1.3 billion.

Other notable gainers on the day according to data from CoinMarketCap were ORDI, Arweave and Uniswap, with 16%, 13% and 5% price gains in the past 24 hours.

JASMY price prediction

As the price of JASMY broke above the $0.03 level, gains over the past week reached 46%. JASMY’s upward momentum has the 30-day returns at over 81% and the performance over the last one year currently stands at over 544%.

The jump from lows of $0.024 has JasmyCoin positioned for a potential breakout to the $0.05 and then $0.10 levels.

Crypto analyst Captain Faibik shared a bullish chart for JASMY, indicating a possible rally if bulls hold above the key support level of $0.02.

$JASMY Bulls are Back in the Town, Next Bullish Rally incoming..!!#Crypto #JASMY #JASMYUSDT pic.twitter.com/0FlGJYovIh

— Captain Faibik (@CryptoFaibik) May 30, 2024

JASMY currently trades around $0.031.

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