This summary text is fully AI-generated and may therefore contain errors or be incomplete.
Jasmy Coin, also known as the ‘Japanese Bitcoin,’ experienced a significant rally on November 10, with its price surging by over 30% to reach $0.0056. This rally has doubled the coin’s price since October 20. Despite this recent uptrend, it is worth noting that Jasmy Coin is still trading 97% below its all-time high of $0.23. The rally was largely driven by investor optimism following Bitcoin’s surge to over $37,000, which had a ripple effect on the broader cryptocurrency market. On-chain metrics indicate that the rally was supported by bullish investors, with a particular focus on the whales. These whales, who hold 100 million JASMY or more, control over 74% of the circulating supply. Interestingly, the largest whale accounts, holding over 1 billion JASMY, have been gradually selling off their holdings since June. However, they briefly increased their holdings from November 5-9, which likely contributed to the rally. On November 10, these whale accounts took profits, suggesting a potential correction in the short term for Jasmy Coin’s price.It is common for smaller investors to follow the lead of whales, assuming that they have a better understanding of market conditions. Therefore, if the whales have decided to secure their gains and do not anticipate further price increases, it is possible that smaller investors will follow suit, leading to a decrease in Jasmy Coin’s price. Notably, there has been a spike in transactions over $100,000, including one transaction worth over $1 million, indicating significant activity in the market.Overall, while Jasmy Coin has experienced a notable rally, there are indications that a correction may be on the horizon. The actions of the whales will likely influence the behavior of smaller investors, potentially leading to a decrease in price.