News
JASMY Price Drops as DWF Labs Moves Tokens to Binance
2024-06-03 04:34:48 ET
As memecoins take the market by storm amid a new frenzy, one token seeing a slight decline is JasmyCoin (JASMY).
JASMY Drops as DWF Labs Sends Coins to Trade
JasmyCoin price has soared over the past three days, reaching highs of $0.04 on June 2. However, the token’s value dropped to $0.034 as the latest on-chain data indicates that a major cryptocurrency market maker has deposited a huge amount of JASMY onto Binance.
Second
Point on the chain
DWF Labs has deposited millions of JASMY tokens onto exchanges over the past three days.
Notably, DWF Labs’ cumulative deposits on Binance over the past three days have reached 97 million JASMY. The popular token is worth around $3.3 million.
Although the market maker still holds around 24 million JASMY worth $841,000, the token’s price has plummeted every time the company has sent tokens to the cryptocurrency exchange.
The liquidation of such a significant stake in the token by DWF Labs is at odds with the interest in memecoins. The company recently revealed its interest in adding meme coins to its portfolio.
“We are in talks with some meme coins and are willing to deploy a large amount of funds to grow them more quickly and efficiently,” Andrei Grachev, managing partner of DWF Labs
She said
in a post on X.
Memecoins, including PEPE and WIF, are on the rise
a new frenzy takes over
.
JASMY Price Outlook: Can Bulls Rebound?
JasmyCoin price skyrocketed earlier this year, surpassing crucial hurdles of $0.01 and $0.02 on the back of major news. This followed the announcement by the Japanese tokenized platform of the JanctionMGT project, incubated for the Decentralized Physical Infrastructure Network (DePIN).
JASMY has also grown thanks to news of a partnership between Jasmy and tech giant Panasonic. However, despite the two companies’ plans for personal data and IoT, prices remained variable until the end of last month.
On May 30, news emerged of a potentially game-changing collaboration and
JASMY broke above $0.03
.
Today’s slight decline following the DWF Labs transfers, the latest of which hit Binance in the last 12 hours, could inject new downside pressure.
Subsequent trades have already seen JasmyCoin price drop towards a key support area. Currently unchanged over the past 24 hours as it pared gains, JASMY is poised at $0.034.
If prices fall further, bulls may have to rely on the robust support around $0.03 to avoid further rot to $0.02. On the upside, a breakout above $0.04 could open gains towards $0.1.
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