Why Is JasmyCoin (JASMY) Down 21% Today?


  • JasmyCoin (JASMY) is dropping thanks to an update from Binance.
  • The crypto exchange moved the token to the Innovation Zone.
  • This is a space for unproven and speculative cryptos.
JasmyCoin - Why Is JasmyCoin (JASMY) Down 21% Today?

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JasmyCoin (JASMY) is taking a beating on Wednesday after Binance revealed it’s moving the token to the Innovation Zone.

The Innovation Zone is a part of the Binance exchange for cryptos that haven’t proven themselves or are more speculative in nature. It’s not something that investors in JASMY wanted to see and explains why the crypto is falling today.

The team behind JasmyCoin addressed Binace’s decision in a blog post. Here’s a portion of what they had to say on the matter:

“We, the Jasmy official team, regret the decision of Binance exchange to move Jasmy to the Innovation Zone. However, we firmly believe that the development and achievements of Jasmy in the blockchain industry cannot be overlooked. Despite Binance’s regrettable decision, we believe that Jasmy will continue to achieve significant results in the IoT and blockchain fields.”

JasmyCoin also took to Twitter to address the matter with its followers. The crypto company says that it will continue to make appeals to Binance concerning the decision to move it to the Innovation Zone.

How This Affects JasmyCoin

Investors aren’t reacting well to today’s news, which has JasmyCoin seeing heavy trading today. The token’s trading volume over the last 24 hours has increased by 161.1%. At that same time, the value of JASMY dropped 21.4%.

It’s unclear what the future holds for JasmyCoin with its switch to the Innovation Zone. If the token can prove itself, Binance may move it out of this area, but only time will tell.

Investors looking for more of the latest market news will want to keep reading!

We’ve got all of the biggest stories traders need to know about on Wednesday! That includes a list of trending stocks and cryptos to watch, the latest on Lucid (NASDAQ:LCID) stock, and more. You can read up on all of this news at the links below!

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2023/05/why-is-jasmycoin-jasmy-down-21-today/.

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