JasmyCoin ($JASMY) and GameStop (GME) token prices continued their bull run this week as a sense of greed returned to the market. JASMY soared to the year-to-date high of $0.042, 180% above the lowest point in May. This surge has brought the token’s market cap to almost $2 billion.
The GameStop (GME) token also went parabolic, mirroring the performance of its stock on Wall Street. It jumped to a high of $0.027, giving it a market cap of almost $200 million. In New York, GameStop’s market valuation has moved to over $14 billion.
US NFP data ahead
GameStop’s cryptocurrency price soared as predicted on Monday when it was revealed that Roaring Kitty had accumulated shares millions of shares. Kitty is widely credited for being the mastermind of Reddit’s Wall Street Bets craze in 2021.
Other meme stock companies did well this week. AMC Entertainment, a struggling movie theatre company, saw its stock jump to almost $6. Companies like Blackberry and Clover Health have also jumped this week.
The surge in meme stocks also triggered a major rally in meme coins like Jasmy, Ben the Dog, Floki, Brett, and Dog (Runes).
Looking ahead, the next important catalyst for the Jasmy and GameStop tokens will be the upcoming nonfarm payrolls (NFP) data. Economists expect the data to show that the economy created over 185k jobs while the unemployment rate remained at 3.9%.
These numbers will be important because of their impact on the Federal Reserve now that the European Central Bank (ECB) and the Bank of Canada (BoC) have started cutting interest rates. The Swiss National Bank (SNB) and Sweden’s Riksbank have also slashed interest rates.
Therefore, if these numbers are weak, it will point to a potential rate cut in the coming months. In a recent statement, analysts at Standard Chartered predicted that the Fed would cut rates as soon as July this year. They argued that inflation was falling, albeit slowly, and that the economic growth was softening.
Impact on Jasmy and GameStop
These numbers will have major implications for Jasmy, GameStop, and other cryptocurrencies. If the US publishes weak economic numbers, it could stir animal spirits in the crypto market, pushing Jasmy prices higher, possibly to $0.45. This view will be confirmed if the price moves above the crucial resistance at $0.042, its highest point this year. If this happens, it will invalidate the double-top pattern that has been forming lately.
On the other hand, if the NFP numbers are strong, it will provide the Fed more cover to maintain high interest rates for a while. That could lead to cryptocurrency prices lower, albeit in the immediate short term. Jasmy could drop to the psychological point of $0.035 if this happens.
The same price action will happen for the GameStop token. However, there is a risk of being long the token since, as we saw in 2021, the GME stock crashed from $120 in January 2021 to a low of $10 in March. Most recently, it crashed from last month’s high of $64.7 in May to below $20.
