Can IOTA really revolutionize the crypto scene, or are we just in for another failure? Find out why this digital underdog is in the spotlight and what’s behind its recent price breakout!
What is IOTA (MIOTA)?
IOTA represents a revolution in blockchain technology. Unlike traditional blockchain systems such as Bitcoin and Ethereum, which are based on a sequential processing model, IOTA uses one advanced data structure called “Tangle”, which is a directed acyclic graph (DAG).. This network design not only enables faster transactionsbut also is more scalable and efficient. What is particularly impressive is that IOTA Transactions free of charge allows.
The Focus of IOTA is based on the Internet of Things (IoT), one of the fastest growing sectors of modern technology. Billions can be networked here Exchange data between devices securely and efficiently. IOTA promises to be the pillar for this new era of the Internet by providing a platform for micropayments and data integrity.
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What has moved the IOTA (MIOTA) price recently?
Below is an overview of what has influenced the IOTA (MIOTA) price in the last few months:
Shimmer delay
The launch of Shimmer in the IOTA ecosystem was highly anticipated. The Shimmer Network serves as an additional layer to IOTA’s existing DAG Tangle. Its announcement Ethereum Virtual Machine (EVM) integration has already resulted in a price increase of 9% for Shimmer (SMR) although the actual implementation is still pending.
Although the delay in EVM integration is a setback, there are still positive things to report. The Testing phases are almost complete and the integration will likely be made public in the coming weeks. This could give IOTA and Shimmer a significant boost in areas such as decentralized finance (DeFi) and blockchain gaming, which have so far been dominated by Ethereum.
However, critics point out that already many projects with EVM support exist on different blockchains. This raises the question of whether there is even a need for another alternative like Shimmer. But the optimistic view is that Shimmer could gain a unique position in the market through its integration into the IOTA ecosystem. The Fee-free transactions and the scalability of the Tangle could make Shimmer and IOTA an attractive option for developers.
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The decentralization dilemma at IOTA
Since its founding over half a decade ago, the IOTA Foundation has… Decentralization of the Tangle network announced as an important development goal. A planned update called Coordicide aims to eliminate the central coordinator that controls transactions. The lengthy development and However, repeated setbacks have dampened investor expectations and significantly influences the price of the cryptocurrency.
Developer Hans Moog recently announced technical details about a novel approach to decentralization that will be incorporated into the development of IOTA 2.0. Despite the complex challenges, Moog sees the implementation as “manageable” and emphasizes that does not mean a complete restart of development work. In doing so, he wants to appease skeptics who see the implementation of IOTA 2.0 already being postponed in the long term. However, a specific target date for the “Coordicide” remains uncertain.
If the foundation is actually able to successfully decentralize IOTA, this could have an enormous impact on future price developments. A decentralized network would greatly increase the adoption of IOTA in use cases such as decentralized finance (DeFi)., as central control presents a significant trust issue. Nonetheless Due to the financial situation, there remains uncertainty as to whether these ambitious plans can actually be turned into reality.
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Financial tremors at IOTA
The IOTA Foundation seems to be sailing in financially uncertain waters again. According to information from Twitter user ThatsNotMyCode The organization is allegedly selling IOTA tokens on a large scale. The movements of a wallet assigned to the IOTA Foundation confirm this claim. Against this background, the question remains open how the foundation plans to finance planned development projects and information campaigns. This could affect the trust and stability of the IOTA ecosystem in the long term. The IOTA Foundation is known for trivializing problems and making positive forecasts.
The recent developments could have a significant impact on the price development of the IOTA token. Investors could be unsettled by the lack of transparency and financial ambiguity, which could lead to further sales of IOTA tokens and a potential price drop.
IOTA & Dell: Alvarium project
The Alvarium project is one of the few highlights in IOTA’s current difficult situation. In one Partnership with technology giant Dell Alvarium will act as a data center that enables real-time monitoring of carbon footprints. The cooperation was initiated in 2019 and now appears to be bearing fruit as an initial use case has been found.
Despite this positive news, the Alvarium project so far no measurable effect on the price curve of IOTA. This leaves questions about the actual influence of this project on the long-term price value of IOTA. While IOTA is generally in a negative price spiral, the partnership with Dell in Project Alvarium offers a small glimmer of hope for the future.
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IOTA (MIOTA) price prediction
IOTA is currently ranked 64th place of the largest cryptocurrencies and comes to one Market capitalization of around $472 million. Compared to many new, but also some old, cryptocurrencies, there are already 100% of the total supply the MIOTA token in circulation. Therefore, investors must no longer fear inflation. However, this can also happen due to a lack of incentives such as staking Course less easily stabilized become.
Although the trading volume in the past few days is almost twice as high as today at around 16 million US dollars MIOTA will still rise by over 5.28%. The recovery began on August 17, when MIOTA was quoted at $0.1318, the lowest price since April 2020. Since then, IOTA has risen by over 41%. The chart pattern has developed a bullish falling wedge, which indicates an upward breakout.
But first you have to Resistance in the area of 0.18 US dollars can be sustainably overcome with a daily closing price above this. For now the price has bounced off this and the RSI is also starting to suggest overbought conditions, which increase the risk of a correction. Another important resistance for the bulls is this Cluster of 200 MA and 23.6 Fibonacci level at around $0.1934.
If at all, follow-up purchases are more likely to be interesting at the lower end of the trend lines due to the bad news situation. Nonetheless The rally could reach the $0.20 area in the short term. An investment in IOTA seems risky and less attractive given the poor financial situation, although Shimmer can still provide optimism.
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About the author: Simon Feldhusen came into contact with the stock market for the first time 17 years ago and has been intensively involved in the topics of trading, cryptoassets, stocks, P2P, corporate financing, finance and entrepreneurship on a daily basis for more than 8 years. He has also been working as a copywriter and ghostwriter in the financial sector for several years. During this time he has acquired a diversified knowledge through various training courses on the financial markets and following daily news. Since then, not a day goes by without him dealing with the markets. He publishes, among others, for Finanz.net, ETF-Nachrichten.de, Coincierge.de and P2E News.com.