The Jasmy Coin price has given back some of the gains it experienced last week as demand for the coin wanes. The coin’s price has crashed to $0.033, about 33% below the highest point this year. As a result, its total market cap has dropped to about $161 million, making it the 304th biggest coin globally. The maximum supply of the JASMY coin is 50 billion, while the circulating supply is 4.7 billion.
What is JasmyCoin?
Jasmy is the native token for the Jasmy League. A Japanese blockchain project allows service providers in multiple industries to deploy their services to users on the Jasmy Platform. As a result, they don’t need to store their clients’ data in-house, which will help them save money and increase security.
Therefore, the JasmyCoin is the native token for the ecosystem. Companies use the coin to pay for data storage and other popular services within the ecosystem. Also, data utilizers can make secondary use of the data on the Jasmy platform to improve their businesses. It is still unclear about the number of companies using Jasmy in their ecosystem.
Like all cryptocurrencies, the Jasmy Coin price jumped to an all-time high in 2021. At the time, it reached a high of $0.3488 as more users embraced the token. However, it then crashed hard during the ongoing cryptocurrency sell-off as investors worried about the network’s growth and actions by the Federal Reserve.
Jasmy price prediction
Turning to the daily chart, we see that the Jasmy Coin price has been in a strong bearish trend in the past few months. It has fallen by more than 90%, bringing its total market cap to about $161 million. However, the coin has recently crawled back and risen by over 300% from its lowest level this year. It has moved from a low of $0.0075 to the current $0.032.
Along the way, it has managed to move slightly above the 25-day and 15-day moving averages. Therefore, in my view, I see that a bullish trend is yet to be established, meaning that the coin will likely resume the downward trend in the near term. This view will be invalidated of it moves above $0.1.