JasmyCoin (JASMY) is the first Japanese cryptocurrency to meet all regulatory requirements. Against the backdrop of changes in the country’s legislation and the awakening of two whales, the price of the coin is actively growing. Moreover, the JASMY token price jumped by more than 50% over the past 24 hours, and immediately by 183% in a week. Let’s figure out what factors are behind such an active growth of the Japanese cryptocurrency.
JASMY Market Performance and Growth Factors
According to coinmrketcap, at the time of writing, JASMY is trading at $0.014. Meanwhile, the highest level recorded over the past 24 hours was $0.18.
The capitalization of the cryptocurrency is $860 million. Trading volume over the past 24 hours has increased by 104% and broke through $1.6 billion. A total of 48,419,999,999 tokens are currently in circulation out of a total supply of 50 billion coins.
Latest changes in Japanese legislation. This week, Japanese venture capital firms were given the opportunity to invest in crypto projects. Previously this was prohibited. Many cryptocurrency startups had to raise funds abroad, which caused certain difficulties.
Two whales have awakened on the JasmyCoin market, which have collectively accumulated 1.2 billion tokens since October 2021. According to SpotOnChain, on February 20, both whales withdrew 665.655 million JASMY from Coinbase in the amount of $5.36 million.
Market maker DWF Labs has launched a Japanese cryptocurrency on the Binance crypto exchange. On the other hand, over the past 24 hours, the company has placed almost $5 million in JASMY on the site.
What is JasmyCoin?
JasmyCoin is a decentralized cryptocurrency project of the Japanese Internet of Things (IoT) provider Jasmy Corporation. Not only that, It was created by several former executives of the technology giant Sony.
Using IoT and blockchain technology, the project aims to give users complete control over their personal data. Also, they can securely send any information through IoT devices to companies in exchange for services. However, all confidential client information is stored in secure storage. Security is provided by InterPlanetary File System (IPFS) technology, which consists of Security Knowledge Communicator (SKC) and Smart Defender modules.
The cryptocurrency is an ERC-20 token based on Ethereum. In addition, it is the first Japanese cryptocurrency to meet all legal requirements. The coin provides all operations within the ecosystem of the same name.
