JASMY/USD forecast: Building JasmyCoin trading volumes may be setting stage for price rebound

JASMY/USD forecast: Building JasmyCoin trading volumes may be setting stage for price rebound

Jasmycoin (JASMY) has been spiralling downwards for over a year, losing more than 99% of its value since its $1.8 peak at the end of May 2021. At the time of writing on 4 November 2022, the coin traded at $0.005728.

However, its trading volumes have been on a rise, up at $119m on 4 November 2022, surpassing its 31 July 2021 high of $97m.

With a number of projects on the way, can the cryptocurrency pick up its pace?

Let’s take a deep dive into the jasmycoin universe, including the latest JASMY/USD forecast round-up.

What is Jasmy/USD?

Jasmy is a Tokyo-based IoT company that specialises in data management, and the safe purchasing and selling of data. It was established in April 2016 and dubbed “Japan’s bitcoin”.

The company is headed by former Sony (SNE) executives Kunitake Ando and Kazumasa Sato, and Hiroshi Harada, a former employee at KPMG AZSA LLP.

The Jasmy platform combines blockchain and Internet of things (IoT) technologies “to provide an infrastructure that allows anyone to use data safely and securely”.

In an interview with Binance, Jasmy’s CFO, Hiroshi Harada noted that the blockchain’s main purpose is to “create a mechanism/platform which allows all users to take ownership of their own data in a secure and private manner.

“Instead of letting a handful of big tech corporations take control of such sensitive data, Jasmy aims to help enable a world where everyone can feel safe and secure about the use of their own data.”

The platform allows for the safe storage of personal information through its Personal Data Locker (PDL) which provides users with full ownership over their data. In addition to that, Jasmy also has a Secure Knowledge Communicator (SKC), its core service responsible for the achievement of data democratisation.

Jasmy's ecosystem explained

Merchants pay users who store their data on Jasmy for access using the platform’s native cryptocurrency, JasmyCoin (JASMY), which can be used by users for investment purposes, governance and metaverse utility. JASMY is an ERC-20 token built on the Ethereum (ETH) ecosystem.

In the future, Jasmy also aims to provide IoT solutions to manufacturers interested in the smart home market and local governments in pursuit of a smart city.

The maximum number of JASMY coins is capped at 50 billion, with over 4.7 billion tokens in circulation, based on data provided by CoinMarketCap, as of 2 November. According to the platform, the token has a market capitalisation surpassing $24m.

A dip in the price trend

Historical JASMY/USD chartJasmycoin started its journey well, surging by around 230% in just four days, up from $1.3024 on 12 February 2021 to its all-time high of $4.2929 on 16 February 2021 as the coin was listed on Gate.io.

In the next four days, however, JASMY dropped more than 58% to $1.7. It surged in the following weeks, jumping by 67% to $2.9628 by 2 March 2021, ahead of its listing on the Jubi exchange.

After falling by around 39% to $1.8 on 7 March 2021, JASMY managed to surge past the $2 barrier as the project joined GitHub, a platform where users could discuss it.

By 24 April 2021, JASMY had lost over 50% of its value, falling to $0.9866, a then all-time low. The token continued to move sideways before skyrocketing to $2.1586 on 6 May 2021 following a staking campaign organised by Gate.io, which ran for 14 days between late April 2021 and early May 2021.

Since the mini-hike at the start of May 2021, JASMY has been struggling to pick up pace, embarking on a bear dip and losing over 97% of its value, down to $0.05456 by 20 June 2021.

In the final quarter of 2021, JASMY saw a brief spike, in line with overall positive market sentiment and its listing on the crypto exchange Coinbase, as its price surged 409.7% to $0.2781 on 3 November 2021.

The positive trend diminished as the token entered the new year, with its value falling by 95% by the start of March 2022. Since then, JASMY has been trading in bear territory at $0.005728, as of 4 November 2022.

Why the dip?

A few analysts brought up a number of reasons as to why JASMY had crashed in June 2021.

Martin Škorjanc, the CEO of NiceHash, told Capital.com that the bearish trend was likely driven by unfriendly crypto news in Japan and the fact that Jasmy Inc. decided to release too many tokens at the same time with no solid mechanism for managing their circulation.

The token’s unfamiliarity among investors was also a reason for its price to significantly drop, Dr Pooja Lekhi, Professor of Global Financial Institutions, Risk Management Approach and Financial Management at University Canada West said.

“Secondly, some rivals have advantages over Jasmy. IOTA crypto was an early mover in this space with many established partnerships. Therefore, it took more time for Jasmy to prove its worth.”

News driving the Jasmy/USD rate

On 31 October 2022, JasmyCoin was listed on the Stealth crypto exchange making it eligible to trade with more than 600 other assets. This saw the token’s trading volume reach an all-time high of $99.4m on the day.

On 5 September 2022, Jasmy announced that the token became the official sponsor of the Japanese professional football club, Sagan Tosu. In addition to becoming a sponsor, Jasmy also launched the Sagan Tosu Fan Token, a new cryptocurrency that uses non-fungible tokens (NFTs) and is based on the Jasmy blockchain, thus seeing the company enter an entirely new market.

In an interview with Binance recorded in early September 2022, the blockchain’s CFO, Harada, noted that Jasmy was exploring the idea of launching its NFTs onto other broader marketplaces such as Binance NFT, OpenSea and Magic Eden in the future, thus further expanding their niche.

Harada also mentioned a number of projects that Jasmy is working on in the third quarter of 2022, which have the potential to influence the future of the JASMY/USD forecast including:

  • The development of the DD coin, the Japanese Yen-backed stablecoin that will be incorporated into the ecosystem
  • The development of the Platinum Data Happiness Discovery Project, that will award users who participate in the project JASMY tokens and help them identify which data is tied to their happiness through the use of artificial intelligence

JASMY/USD forecast 2023 and beyond

At the time of writing, the algorithm-based forecasting service Wallet Investor gave a mixed jasmycoin to the US dollar forecast. The site noted that JASMY was “a bad long-term investment”, expecting the token to fall to $0.000350 in 2023 but surge to $0.009099 in 2027.

DigitalCoinPrice on the other hand gave a more positive JASMY/USD forecast. Based on its analysis of past price performance, the website predicted that the JASMY/USD forecast for 2022 could reach $0.00706 by the end of the year and surge to an average of $0.00949 in 2023.

Its JASMY/USD forecast for 2025 showed the cryptocurrency reaching $0.0149 on average and $0.0179 in 2027. The platform’s long-term JASMY/USD forecast for 2030 expected the cryptocurrency to surge to $0.0316 on average.

The founder of SmartBlocks and host of Cryptonized, Mark Fidelman, told Capital.com that in the long run the token has potential to surge due to it being known as “the Japanese bitcoin”.

“I wouldn’t be a buyer at this point, but a token to watch,” Fidelman added.

Anndy Lian, chief digital advisor at the Mongolian Productivity Organisation and author of NFT: From Zero to Hero, also brought up the fact that because JASMY is known as the local bitcoin, it is supported by many.

He noted that in order for JASMY to grow, the company must start to develop it “outside of Japan and grow their footprint in key market”, noting:

“Additionally, I do hope to also see their enterprise services get more adoption instead of moving into offering fan token. They should focus on real utilisation according to their mission and this is the only way the project will grow in value.”

When considering JASMY/USD predictions, it’s important to keep in mind that cryptocurrency markets remain extremely volatile, making it difficult to accurately predict what a coin or token’s price will be in a few hours, and even harder to give long-term estimates. As such, analysts and algorithm-based forecasters can and do get their predictions wrong.

We recommend that you always conduct your own due diligence on the asset before trading, looking at the latest news, a wide range of analyst commentary, and technical and fundamental analysis. Keep in mind that past performance is no guarantee of future returns. And never invest money that you cannot afford to lose.

 

Source: https://capital.com/jasmy-usd-forecast-dollar-jasmycoin-crypto-price-volume

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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The scourge of NFT wash trading — and how not to get suckered in

The scourge of NFT wash trading — and how not to get suckered in

What are the different kinds of NFT wash trading, and what are the red flags that a prospective investor should look for? Anndy Lian explains.

Wash trading is not a new word for people in the financial world. You probably have heard from friends that cryptocurrencies are highly “washed” and round-tripping with the same buy and systematically sell price. Since you are familiar with this term, let me tell you the NFT market has similar issues with wash trading.

In a nutshell, wash trading makes it difficult for non-fungible token enthusiasts to gauge genuine market interest in NFT collections. It also inflates and skews the amount of trading in marketplaces, misleading analysts about what’s going on on trading platforms.

All in all, NFT wash trading is one of the biggest impediments to accurately evaluating projects and assets in the NFT industry, which includes NFT collections, NFT tertiary tokens (think $X2Y2 and $LOOKS) and the studios and developers who bring products to market.

Using Footprint Analytics’ data set to detect and filter wash trading, let us take a closer look at how wash traders operate and how on-chain data could be analyzed to detect suspicious activity.

What is wash trading?

Wash trading is a form of market manipulation where an investor simultaneously sells and buys the same financial instruments to create misleading, artificial activity in the marketplace.

In terms of NFTs, wash trading occurs when the same user is behind both sides of an NFT transaction. It means that both the seller and buyer address is actually owned by the same person. At the moment, wash trading is very common in NFT markets, which are not subject to government regulation or supervision, unlike traditional securities.

Why do people wash trade NFTs? 

There are two main motives behind wash trading in the NFT space.

Type 1: To earn platform rewards 

Type 2: To create an appearance of value or liquidity 

To create a false sense of liquidity and an inflated value of a specific NFT collection or asset, some unscrupulous creators turn to wash trading to deceive buyers. They profit when genuine buyers are tricked into buying an NFT from them at a pumped-up price. This type of wash trader hides their activities with new wallet addresses that are self-funded from central exchange wallets. This type of wash trading generates a relatively small volume, which is not as disruptive to the market as Type 1 wash trading.

How is wash trading done?

Due to Type 1 wash trading transactions’ disruptiveness to NFT transaction data, Footprint Analytics aimed to filter them out as much as possible. To understand this type of wash trading, we have to understand the token reward system of X2Y2 and LooksRare. In simple terms, X2Y2 and LooksRare distribute tokens daily to both sellers and buyers based on the address’s trading volume as a portion of the marketplace platform’s daily total volume. Token rewards are fixed daily, so wash traders can wash trade and earn reward tokens repeatedly when the daily distribution resets.

Figure 1 shows an example of wash trading activities on the X2Y2 marketplace— the NFT collection is Dreadfulz.

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Figure 1 –  Dreadfulz Wash Trading Example (Source: @Hanson520 Footprint Analytics)

As we can see from the figure above, the same NFT (ID 164) was bought back and forth between the same two wallets several times in a day with 300+ ETH sale prices per transaction. On Sept. 1, 2022, these two addresses traded 19 times, generating 7228 ETH in volume and paying 36.14 ETH in X2Y2 platform fees. Keep in mind that the royalty fee rate for Dreadfulz was not set on X2Y2; therefore, no creator fees were paid. Wash traders will choose collections with 0% creator fees to minimize their wash trading costs.

How to detect wash trading

I have looked at how a few analytics platforms, including Footprint Analytics, do their detection and followed their logic. Their methodologies are somewhat similar, to be honest. Along with my own knowledge and analysis, here is a checklist of suspicious data and activity that should trigger any prospective NFT buyer’s alarm bells:

  • A particular NFT is traded by the same address more than X times a day while the rest of the collection remains untouched.
  • The same address is trading the same NFT in a high-frequency manner.
  • A collection of NFT goes into a self-selling in a high-frequency manner when there is no marketing or promotion backing the sale.
  • The average historical price transacted is X times higher on marketplace A vs. B.
  • The sale price of an NFT is transacted X times higher than the lowest-priced NFT available for sale.
  • The same wallet addresses funding all the suspicious wallets that buy and sell the NFTs.
  • An abnormal high trading volume on a constant basis.

The above assumptions are not perfect, and I hope to work with researchers on developing a more comprehensive scorecard to determine NFT trends and behaviors more effectively. The ability to trace multiple wallets over time to identify various levels of relationships would be vital too.

How wash-traded are the top NFT collections?

In Figure 2, Footprint Analytics applied their detection rules to the collections with the most trading volume on X2Y2 and LooksRare.

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Figure 2 – Wash Trades Stats of Selected Collections (Source: Footprint Analytics)   

Based on their rules, they have detected that 95% or more of the trading volume of these collections is wash trading transactions. Wash trading makes up an extremely high percentage of trading volume for these collections, which paints a misleading picture of the collections’ historical volume and sale activities. You can review all the transactions they have filtered at ud_suspicous_txn dataset on their website.

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Figure 3 – Wash Trading Stats of Blue Chip Collections (Source: Footprint Analytics) 

For Footprint Analytics to ensure their rules are working as intended, they have applied them to blue chip collections that are not subjected to wash trading activities in Figure 3. You can view the ud_suspicious_txn_bluechip_collections dataset and review the filtered transactions.

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Figure 4 – Wash Trading Stats of LooksRare and X2Y2 (Source: Footprint Analytics) 
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Figure 5 – Unfiltered Trading Stats of Opensea, LooksRare and X2Y2 (Source: Footprint Analytics) 

Figure 4 indicates that 94.71% and 81.04% of the trading volume on LooksRare and X2Y2 are wash trading transactions, which appears consistent with the marketplace statistics, as shown in Figure 5. We can see from the unfiltered data that the average price per transaction on Looksrare almost reaches US$85,000, which is around 90 times the average price of OpenSea and unrealistically expensive.

You can view the ud_suspicious_txn_x2_looks dataset and review the filtered transactions for X2Y2 and Looksrare marketplaces, as shown in Figure 4.

Final takeaways 

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Figure 6 – Monthly NFT Volume Stats of OpenSea, LooksRare and X2Y2 (Source: Footprint Analytics) 

Looking at the monthly trading statistics of the NFT market since January 2022 in Figure 6, we can see that wash trading volume makes up more than 50% of total volume almost every month. Even though total volume is down by a substantial amount from January highs, the percentage of wash trading volume in the NFT market remains similar every month. This underscores how disruptive wash trading is to having accurate NFT transaction data and the importance of filtering out wash trading for any meaningful NFT data analysis.

 

Source: How to detect NFT wash trading and not get suckered in (forkast.news)

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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With bitcoin price hovering around the $20,000 mark, market observers expect its trading to continue between $18,000 and $22,000

With bitcoin price hovering around the $20,000 mark, market observers expect its trading to continue between $18,000 and $22,000

According to market observers and its volatile conditions, cryptocurrency trading has maintained the range between $18000 and $22000 for a month. Additional thoughts were shared.

Bitcoin price has a lot to do with the supply and holders too. If you have looked at Glassnode’s data, over 80% of the total USD-denominated wealth invested in bitcoin has been moved for at least three months. When supply is dormant, the price is dormant, and this means that holders are unwilling to spend at a lower price.

Another possible reason is that SEC chair Gary Gensler said in an interview with Yahoo Finance on 15 July 2022 that they will continue to speak to the crypto industry, saying that they may suggest rules that apply to traditional brokerage to protect investors in the event of crypto failure. This piece of news in a timely manner, and gives more confidence to the investors at large.

The news of South Africa will go all in to regulate crypto as a financial asset is another plus point for this week. With all the news today alone, many people on Twitter turned bullish upon seeing the crypto market cap was traded closer back to the $1 trillion mark. Investors have to look at the following dates:

1) 27 July- Federal Reserve Interest Rates;

2) 28 July- US GDP Figures.

These are important dates to note as they can drive the crypto prices up or down.

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With bitcoin price hovering around the $20,000 mark, market observers expect its trading to continue between $18,000 and $22,000

According to market reports, volatility in cryptocurrency markets is because of factors such as the global pandemic, world governments, and Web3.0’s bullish nature.

After a topsy-turvy ride, it seems bitcoin has stabilised with it being predicted to trade between $18,000 and $22,000, based on its price range for the last couple of months. On July 17, cryptocurrency bitcoin’s price fell below the $21,000 mark. At the time of writing (12.19 pm, Indian Standard Time), the global cryptocurrency market capitalisation reached a $1.01 trillion valuation while bitcoin traded close to the $22,000 value, according to cryptocurrency assets price-tracking website CoinMarketCap. “Bitcoin is hovering close to the $20,000 mark because of the community and investors who still believe in the currency. Due to the cryptocurrency’s nature and limited supply, its price is expected to increase in the future,” Agam Chaudhary, a serial entrepreneur and investor in Web3.0 space, told FE Digital Currency.

Various market reports stated that volatility in cryptocurrency markets is because of factors such as the global pandemic, influence of stock markets, decisions by governments, and the bullish nature of Web3.0 space. According to the Twitter handle of blockchain analytics firm Glassnode, over 80% of the total United States Dollar (USD) denominated wealth has been held on by investors for around 3 months, irrespective of market volatility. “Rules must be suggested for traditional brokerage to protect investors in the event of cryptocurrency failure. Investors need to follow the Federal Reserve Interest rates and US gross domestic product (GDP) figures, as they can drive cryptocurrency prices up or down,” Anndy Lian, chief digital advisor, Mongolian Productivity Organisation, a governmental organisation, stated.

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

j j j