JASMY Price Dips On Massive Dumping By Crypto Firm

JasmyCoin has caught the attention of investors with a remarkable surge of over 100% in the past 30 days. However, this rapid increase has also led to significant profit-taking activities in the crypto market. According to recent reports, a major crypto market maker, DWF Labs, has been unloading large amounts of JASMY tokens, resulting in a notable dip in its price.

JASMY Price Dips Amid Massive Dump

According to SpotOnChain, an on-chain transaction tracking platform, DWF Labs has deposited 97 million JASMY, worth $3.3 million, into Binance over the past three days. Notably, the report highlights that DWF Labs has been selling JASMY daily during this period, with the last transaction occurring today.

Besides, the report also showed that each deposit was followed by a short-term price drop, indicating the impact of these large-scale transactions on the market. Currently, DWF Labs holds 24 million JASMY, valued at approximately $841,000.

However, despite the recent sell-off, DWF Labs has managed to secure a substantial profit. Their total profit from these transactions is estimated at $9.49 million, representing a remarkable 307% return on investment (ROI).

Meanwhile, this activity by DWF Labs has sparked a wave of profit-taking among other investors, contributing to the downward pressure on JASMY’s price. The market is now closely watching the actions of large holders, as their transactions can significantly influence price movements in the short term.

Also Read: Binance Delisting & Ceasing Support of These Crypto, Prices Tank 25%

Price & Performance

The recent dumping by DWF Labs highlights the volatility inherent in the cryptocurrency market, particularly for assets that have seen rapid price increases. For JASMY investors, this serves as a reminder of the importance of monitoring market dynamics and the activities of large holders.

However, while the short-term price drop might concern some investors, it’s also essential to consider the broader context. The surge in JASMY’s price over the past month indicates strong interest and potential for future growth. However, the profit-taking by large market players suggests that investors should be prepared for potential volatility.

Meanwhile, the investors should exercise due diligence, especially for those considering entering or exiting positions in JASMY. Notably, understanding the market conditions and being aware of significant transactions is crucial while exploring the current volatile crypto sector. It’s worth noting that the actions of other large holders like DWF Labs can provide valuable insights into market trends and potential price movements.

As of writing, the JASMY price was down 1.23% and exchanged hands at $0.03409, while its trading volume soared 21% to $449.83 million. Despite the recent retreat, the crypto has gained over 22% over the last seven days, while witnessing a monthly gain of about 103%.

Also Read: Political Propagandas Risk Crypto Centralization, Says Jupiter Co-Founder

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Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.