Investors have been drawn to JasmyCoin’s impressive spike of over 100% over the last 30 days. However, the cryptocurrency market has also seen a large profit-making spike due to this quick rise. Recent reports state that DWF Labs, a significant cryptocurrency market maker, has been selling off a lot of JASMY tokens, which has caused the token price to drop significantly.
The price of JASMY Drops During Large Dump
Over the last three days, DWF Labs has deposited 97 million JASMY, or $3.3 million, into Binance, according to SpotOnChain, an on-chain transaction tracking website. Notably, the report emphasizes that DWF Labs has been selling JASMY daily during this time; the most recent transaction was made today.
In addition, the study demonstrated that every deposit was accompanied by a brief decline in price, showing the effect of these significant trades on the market. At the moment, DWF Labs has 24 million JASMY, which is worth about $841,000.
But even after the recent sell-off, DWF Labs has turned a healthy profit. With an estimated $9.49 million in earnings from these trades, they have achieved an impressive 307% return on investment (ROI).
In the meantime, DWF Labs’ actions have prompted a wave of profit-taking among other investors, pushing the price of JASMY lower. Because major holders’ transactions have the potential to impact short-term price changes greatly, the market is currently actively monitoring their actions.
Cost and Efficiency
The recent dumping by DWF Labs reminds us of the market’s inherent volatility in the cryptocurrency space, especially for assets with sharp price gains. This should also remind JASMY investors about the significance of keeping an eye on significant holders’ activity and market dynamics.
Though some investors may be concerned about the short-term price decline, it’s equally important to consider the larger picture. JASMY’s price spike during the previous month indicates strong interest and possibilities for future growth. Nonetheless, the significant profit-taking of market participants suggests that investors should be ready for possible volatility.
Investors should conduct due research in the interim, particularly if they consider taking a position in or selling out of JASMY. Notably, while investigating the current chaotic crypto sector, it is imperative to comprehend the market conditions and be conscious of noteworthy transactions. It’s important to remember that the activities of other significant holders, such as DWF Labs, might offer insightful information about market patterns and prospective price changes.
As of this writing, the JASMY price was down 1.23% at $0.03409, and its trading volume had increased by 21% to $449.83 million. Despite the recent decline, the cryptocurrency has risen by more than 22% over the past seven days, for a monthly gain of over 103%.
