As memecoins take the market by storm amid a fresh frenzy, one token seeing some slight dip is JasmyCoin (JASMY).
JASMY dips as DWF Labs sents coins to exchange
JasmyCoin’s price soared over the past three days, reaching highs of $0.04 on June 2. However, the token’s value has slipped to $0.034 as latest on-chain data indicates a leading crypto market maker has deposited a huge amount of JASMY to Binance.
According to Spot on Chain, DWF Labs has deposited millions of JASMY tokens on exchanges in the past three days.
In particular, DWF Labs’s cumulative deposits to Binance over the past three days have reached 97 million JASMY. That’s around $3.3 million worth of the popular token.
While the market maker still holds approximately 24 million JASMY worth $841,000, the token’s price has slumped each time the company sent tokens to the crypto exchange.
DWF Labs’ liquidation of such a significant holding of the token comes as a contrast to interest in memecoins. The company recently revealed its interest in adding meme coins to its portfolio.
“We are in talks with a few meme coins and willing to deploy a large amount of funds in order to let them grow faster and efficient,” DWF Labs managing partner Andrei Grachev said in a post on X.
Memecoins, including PEPE and WIF are up as a new frenzy takes hold.
JASMY price outlook: Can bulls bounce?
JasmyCoin price soared earlier this year, breaking above the crucial hurdles at $0.01 and $0.02 on the back of major news. This followed the Japan-based tokenized platform’s announcement of its incubated Decentralized Physical Infrastructure Network (DePIN) project JanctionMGT.
JASMY also surged amid reports of a partnership between Jasmy and tech giant Panasonic. However, despite the two companies’ plans around personal data and IoT, prices remained ranged until late last month.
On May 30, reports surfaced of a potentially game-changing collaboration and JASMY broke above $0.03.
Today’s slight dip after the DWF Labs transfers, the last of which hit Binance within the past 12 hours, may infuse new downside pressure.
Already, subsequent trading has seen JasmyCoin price fall towards a key support area. Currently flat in the past 24 hours as it pared gains, JASMY is poised at $0.034.
If prices drop further, bulls may have to rely on the robust support around $0.03 to prevent further rot to $0.02. On the upside, a breakout above $0.04 could open up gains towards $0.1.
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