JasmyCoin (JASMY) price has continued to defy gravity this week as it became one of the top-performing cryptocurrencies in the market. The token surged to the year-to-date high of $0.032, much higher than the year-to-date low of $0.0045. Subsequently, its market cap has soared to over $1.4 billion.

Jasmy token surged in a high-volume environment, signalling that there is robust demand for the so-called Japanese Bitcoin. Data by CoinGecko shows that the volume on Friday stood at over $458 million, a big increase from Thursday’s $150 million.

The total volume in the past five days has averaged over $288 million, which is much higher than in the same period last week.

This rally is happening for three main reasons. First, Jasmy has become one of the top trending cryptocurrencies in social media in the past few months. It has been trending in popular platforms like Yahoo Finance, StockTwits, Reddit, and X. As shown below, the number of transactions and Jasmy users has soared.

Jasmy transactions

Second, this popularity has led to a fear of missing out (FOMO) among day traders. This also explains why many meme coins like Floki, Pepe, and Book of Meme are doing well. The theory is that these tokens generate stronger returns than Bitcoin when conditions are good. With $100, one can buy almost 3,500 JASMY tokens.

Third, Jasmy is soaring because the crypto industry has stabilized in the past few weeks. Bitcoin has moved to over $68,000 while the total market cap of all cryptocurrencies has jumped to over $2.6 trillion. 

A key catalyst for the recent rally is the decision by the Securities and Exchange Commission (SEC) to approve spot Ethereum ETFs. This is notable for Jasmy because it is an ERC-20 token with over 70k holders.

Looking ahead, the next potential catalyst for the Jasmy token is the US PCE report. These numbers will provide more information about what to expect from the Federal Reserve in the coming months.

JASMY chart by TradingView

The daily chart reveals that the JASMY token price has been in a strong bull run in the past few months. It has surged above the crucial resistance point at $0.027, its highest swing in March. Moving above that level signalled that there is still more demand for the token.

JasmyCoin has soared above all moving averages while the Relative Strength Index (RSI) has formed a cup and handle pattern, a popular sign of a continuation. Therefore, the token’s bull run will likely continue as buyers target the key resistance at $0.045. 

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