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Why Is JasmyCoin Price Going Up?
The Tokyo-based cryptocurrency project JasmyCoin (JASMY) price surged by over 20% on Friday, gaining significant traction among crypto market participants. Notably, the coin has rallied intraday against the backdrop of strong technical indicators, defying the current broader crypto market’s volatile trend. Simultaneously, market participants anticipate whether the coin could sustain a price rally ahead, primarily in the wake of macroeconomic events impacting broader market sentiments.
Here’s Why JasmyCoin’s Price Is Pumping Today
Notably, JasmyCoin’s price appears to be pumping primarily due to strong market technicals, defying broader trends. According to market enthusiast Paul Webborn on X, the token further reflects a highly bullish outlook, with its current surge in line with the Elliott Wave theory.
For context, the Elliott Wave theory is a technical analysis that suggests prices move in repetitive patterns called waves. These waves are categorized as ‘primary, intermediate, and minor.’
As per the market enthusiast, the token has completed primary waves 1 to 4, leaving room for gains as the final impulse wave (5) progresses. The next resistance level lies at $0.082, whilst $0.32 remains the final target, per the market analyst. Overall, this bullish projection and market breakdown have echoed noteworthy optimism surrounding JasmyCoin’s price action ahead.
Derivatives Market Signals Rising Market Interest
Further, the derivatives data for the asset underscored heightened market interest in the asset as it showcases the potential for further gains. According to the latest Coinglass data, JASMY futures OI shot up by 44%, reaching $63.10 million today.
Further, the derivatives volume witnessed a staggering 648% increase to $562.54 million. As a response, JasmyCoin’s price surged remarkably amid burgeoning market interest and further money inflow to its ecosystem.
Coin’s Price Shoots 23%
As of press time, JASMY token’s price witnessed a 23% surge in value and is currently sitting at $0.03253. The coin’s intraday bottom and peak remain at $0.0261 and $0.03392, respectively. Further, intraday trading volume for the asset rose by 443% to $553.15 million, underscoring optimism among traders amid the recent pump,
It’s also worth mentioning that the coin defies the current crypto market trend ahead of the U.S. PCE inflation data release. Bitcoin & altcoins witness a turbulent action after unchanged interest rates this FOMC whilst the PCE data looms. Despite these macroeconomic events bringing investor uncertainty around risk assets, JASMY continues to pump.
Meanwhile, market analyst ‘CryptoELITES has further posted on X, portraying a bullish outlook for the coin. “Jasmy is heading to $0.31 very soon,” the analyst added, sparking optimism over the future price action for the token.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: 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.
Investment management firm 21Shares has filed its S-1 registration statement for the Polkadot ETF offering with the US Securities and Exchange Commission (SEC). This DOT-focused fund marks one of the non-conventional crypto ETF applications filed with the regulator this week.
The Polkadot ETF From 21Shares
According to the S-1 filing, 21Shares said the firm plans to list the Polkadot ETF on the Cboe BZX Exchange. The asset manager noted that the fund is a passive investment that does not seek to generate returns beyond tracking the price of DOT. Explaining this, 21Shares said this funds model means it will not speculatively sell DOT when the price is high and buy when it is low.
It informed prospective investors that it will not pursue its investment objectives through leverage or derivatives products. Having ruled out these measures, it said it would solely track DOT price as featured on the CME CF Polkadot-Dollar Reference Rate.
This 21Shares filing is the second time the firm is featured on the ETF front this week. As reported earlier, the Cboe exchange refiled its Solana 19b-4 application alongside those of VanEck, Canary Capital, and Bitwise.
This is a breaking news, please check back for updates!!!!
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: 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.
Amid its underperformance, Ethereum is set to enter its most bullish month in history. This has sparked a positive sentiment among investors, who hope for a bullish reversal. Crypto analysts have also made bullish predictions for ETH based on the crypto’s historical performance in February.
What To Expect As Ethereum Enters Its Most Bullish Month
Cryptorank data indicates that investors can expect Ethereum to make significant gains as it enters its most bullish month in February. ETH has recorded positive monthly closes in February for the last six years. In fact, the crypto has only recorded a negative monthly close once, which was in 2020.
Last year, Ethereum recorded a 46.7% gain in February, its second-highest monthly gain in 2024, behind the 47.4% gain it recorded in November. Meanwhile, it is worth mentioning that ETH’s average monthly gain in February is 34.4%. Based on this, the ETH price could rally to as high as $4,300.
Such a rally would be significant as it could pave the way to a new all-time high (ATH) for Ethereum, as crypto analysts like Ali Martinez have suggested. Martinez recently alluded to ETH’s bullish historical performance in February as one reason why this wasn’t the right time to give up on it.
Crypto analyst Ted also made a bullish case for ETH heading into February. He predicted that the crypto could rally to as high as $4,500 next month and that a new all-time high for ETH by March is highly likely, especially if Donald Trump’s World Liberty Financial keeps buying Ethereum.
Interestingly, in another X post, the analyst also predicted that ETH could rally to between $9,000 and $10,000 in the next three to four months. Crypto analysts like Titan of Crypto and CrediBULL Crypto have also predicted that ETH can reach $10,000 in this market cycle.
Ethereum’s Roadmap For 2025
In an X post, Titan of Crypto highlighted Ethereum’s 2025 roadmap while asserting that ETH is gearing up for a major move up this year. As part of the roadmap, he highlighted profit zones on his accompanying chart, in which investors should be looking to secure profits. The first take profit zone he highlighted is at $5,664.
The second take-profit zone is at $7,400, the third is at $8,500, and the fourth is at $10,000, indicating that ETH can indeed reach this psychological $10,000 price level in this market cycle. Ethereum whales have been actively accumulating in anticipation of a significant price surge. Ali Martinez revealed that these whales bought over 100,000 ETH during the recent price dip.
At the time of writing, the Ethereum price is trading at around $3,200, up over 1% in the last 24 hours, according to data from CoinMarketCap.
Featured image from iStock, chart from Tradingview.com
MuskIt coin has skyrocketed over 200% in the past 24 hours since the news about Errol Musk raising funds resurfaced. Meanwhile, it is speculated that it would take Elon Musk’s endorsement to truly cause a spike in the the meme coin’s value and market cap. It remains to be seen what happens to the meme coin segment with the recent development in MUSKIT’s token value.
MuskIt Coin Skyrockets
The value of MuskIt coin has skyrocketed by 262.73% in the last 24 hours, and the meme coin is exchanging hands at $0.03916. Recent data further shows that there is a spike of 7723.53% in 24-hour trading volume. However, the token is still down from a high value of 0.2241 which it achieved earlier today.
The surge in the value of MuskIt is briefly credited to Errol Musk, Elon Musk’s father. According to a Fortune report, Errol is hoping to raise around $200 million by capitalizing on the meme coin which shares his family name. It has been reported that the funds will be utilized to support the Musk Institute which is a for-profit think tank.
Interestingly, the MuskIt coin was originally launched on December 12, 2024, but the meme coin failed to gain sufficient momentum. It has now made a comeback and is seeking a potential endorsement from Elon Musk to mark higher upticks.
Will Elon Musk Endorse MuskIt Coin?
MuskIt coin shares its name with the Musk family and Errol Musk is looking to capitalize on it. What is missing from the list is an endorsement from Tesla CEO Elon Musk who is often seen supporting Dogecoin. Elon Musk has not come out in support of MuskIt but the community is speculating that he would soon join the meme coin’s hype.
It was earlier speculated that a Dogecoin price rise would take the value to around $0.6 after Elon revealed DOGE target. This essentially refers to the cuts that the DOGE department would undertake on the US Federal spending. Elon Musk does hold a significant influence but there is little to confirm his potential association with MuskIt coin in the future.
Meme Coins Sector In Focus
Meme coins have been gaining traction since the launch of TRUMP and MELANIA meme coins on Solana. MuskIt had added more interest around the meme coin segment. TRUMP meme coin is one of the three meme coins with over 300% gain in January. It is being traded at $26.42. Other meme coins on the list are MTAUR and XCN. MELANIA meme coin is down but has been able to leave a significant impact on meme coin enthusiasts.
MuskIt is speculated to follow the same path if Errol Musk continues to pursue his interest in backing it. For now, Errol Musk has said that he hoping this does not turn out to be a pump-and-dump scheme.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: 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.
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