Top Market Maker Dumps 380 Mln JASMY to Binance As Price Soars 40% – CoinGape
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In a thrilling plot twist, one of the top market makers, DWF Labs, recently deposited colossal amounts of JASMY, an ERC-20-based token, to Binance, one of the world’s leading cryptocurrency exchanges. Notably, this transfer promptly garnered noteworthy interest among crypto market enthusiasts across the globe as JASMY’s price surged over 40% in the past 24 hours.
Meanwhile, derivatives data for the token orchestrated a bullish climate for JASMY, hinting at new money entering the market. The ERC-20-based token’s recent surge comes primarily attributed to regulatory relief in Japan, among numerous other factors. Jasmy’s recent resurgence appears to have piqued the interest of crypto market traders and investors globally, staging as Japan’s Bitcoin.
According to the data revealed by Scopescan, DWF Labs shifted 380 million JASMY, worth $5.9 million, to Binance over the past 24 hours. Meanwhile, data from Lookonchain suggested that the market maker acquired 700 million JASMY, worth $3.15 million, from Gate.io in June 2023, fueling speculations over future deposits to exchanges.
Intriguingly, the colossal transfer of JASMY to Binance failed to oppose JASMY’s recently witnessed price rally. In the interim, the derivatives data further signaled an uptrend, as mentioned above.
Coinglass’ data showcased a whopping 63.68% spike in the token’s open interest, along with a staggering 97.27% surge in volume. This seems to have propelled market optimism for the token.
With Japan’s easing of crypto and Web3 investments for VCs, the upward momentum further reclaims its validation. Heightened whale activity orbiting JASMY additionally aids this pump.
Aligning with the aforementioned data, the so-called Japanese Bitcoin noted significant gains within the broader crypto market.
Also Read: Binance To Add WLD, HBAR, FIL, PENDLE Pairs, Will Prices Rally?
As of writing, the JASMY token noted an upsurge of 36.11% over the past 24 hours and is currently trading at $0.0179. The token showcased a phenomenal surge of 189.05% over the past week, mirroring the recent turn of events in the JASMY’s favor.
Additionally, the token’s market cap jotted down a 34.48% increase, reaching $877.23 million, while the trading volume jumped 96.90%, reaching $1.63 billion.
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