JasmyCoin (JASMY) has rapidly gained popularity worldwide. Analysts have observed that JASMY reserves on crypto exchanges have reached an all-time high. As more users buy and hold JASMY off exchanges, a significant supply shock could occur, potentially driving the price to $17.
Altcoins Showing Bullish Trends
While Bitcoin (BTC) struggles to break its sideways movement, many altcoins, including JASMY, display signs of price spikes. TON, VET, XRP, and JASMY exhibit bullish trends, indicating an upward reversal during the coming bull run phase.
JasmyCoin: The ‘Bitcoin of Japan’
JasmyCoin, often called the ‘Bitcoin of Japan,’ has experienced a surge in positive sentiment from the crypto community. The coin has made significant strides to regain its previous all-time high of almost $5. Recently, Sony announced the launch of its crypto exchange in Japan, which many believe could trigger a JASMY price spike.
Impact of Japanese Market Actions
Japan’s bullish moves have previously caused JASMY prices to rise. For example, when Japan announced the integration of the My Number Card onto iPhones, JASMY’s price surged. This collaboration indicated that JASMY technology would be used in Apple products. Additionally, Japan’s collaboration with the EU brought further attention to JASMY. The technology used in the EUID Wallet is similar to JASMY’s technology used for the My Number Card.
Increased Global Attention and Adoption
Since the start of this year, JASMY has gained significant global attention. A crypto analyst and JASMY enthusiast recently noted a crucial observation. The analyst highlighted that JasmyCoin reserves on exchanges have dropped significantly since October 2022, from 23 billion to 14.6 billion. This decline indicates that more users are buying and holding JASMY off exchanges, reflecting the coin’s immense popularity and high expectations.
Potential for a Supply Shock
The analyst believes that if JASMY’s adoption and significant outflows from exchanges continue to grow, a substantial supply shock will occur. This supply shock could lead to exceptional price increases, potentially driving JASMY’s price to the anticipated $17 mark. The JASMY team foresees this significant price increase due to the ongoing adoption and reduced supply on exchanges.
In conclusion, JASMY has rapidly gained popularity and shows bullish trends alongside other altcoins. Japan’s market actions and global attention have significantly impacted JASMY’s price. The potential for a supply shock could drive the price to $17, as predicted by analysts and the JASMY team.
