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JASMY is 99% below its all-time high (ATH).
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The Cryptocurrency claims to be a “Bitcoin,” but it is an Ethereum token.
For the second time in 2024, JasmyCoin (JASMY) experiences a strong price rally and approaches the $0.045 area.
As CriptoNoticias explained, JASMY is the token of a Japanese project specialized in the Internet of Things (IoT). In your website, The development team presents this asset as “the bitcoin of Japan”although it is a ERC-20 token of the Ethereum network which has no clear utility (nor any relationship with the real bitcoin)
Now, and thanks to the momentum of a new bullish wind in 2024, JASMY managed to position itself in the position 63rd in the ranking of cryptocurrencies with the highest market capitalizationreaching a value of 2,000 million dollars.
At the time of publication of this note, its price is $0.04, which represents a monthly increase of 136%. However, JASMY’s price is very far from $4.99, the all-time high (ATH) it marked in February 2021.
For the second time this year, JASMY reaches the $0.04 line. Source: TradingView.
This second bullish wind is driven by several factors. One of them is that Coinbase, the second exchange of bitcoin (BTC) and largest cryptocurrencies in the world, included JASMY in the new index cEITHERIN50.
JasmyCoin was included in the COIN50 index. Source: Coinbase Account X.
This COIN50 index tracks the performance of 50 cryptocurrencies that were selected through a methodology based on market capitalization and fundamental evaluation.
According to Coinbase, its goal is to “facilitate the development of new indices, provide a comprehensive view of the market, and assist investors in navigating the changing digital asset landscape.”
The inclusion of the Japanese cryptocurrency to COIN50 It is important because it increases your exposure to investors.
To understand what this means, we must take into account what was stated by Matthew Sigel, head of research at VanEck, who said that this indicator aspires to become the “S&P 500 of cryptocurrencies.”
In that sense, it is worth mentioning that the asset was listed on Upbitthe largest exchange in South Korea a couple of weeks ago, which can be interpreted as an endorsement of the project. So, cryptocurrency is available to a broader investor base.
Although the news of inclusions on these platforms mostly generates bullish movements, it can be ephemeral if the project does not have solid fundamentals to support this price increase. And, in this case, it seems not to have them.
Beyond the enthusiasm that this news aroused, it is very difficult for JASMY to surpass the $4.99 line again for the simple reason that Its market capitalization should be $244 billion.
If this were to happen, JASMY would be placed as the third most valuable asset on the market, the place it currently occupies XRP, the cryptocurrency of Ripple Labs. A scenario that is practically impossible for an asset whose usefulness is not clear.
When JASMY was launched on the market, not all of the currency was issued, which allowed each unit to reach a high value without requiring too high a capitalization.
However, in the following years, the self-perceived “Japanese bitcoin” became highly inflationary due to the constant token issuance. This increased supply without there being a proportional demand, causing a sharp drop in price.
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