IOTA (MIOTA) Price Surged in the Last 24 Hours: What Happened?

The price of IOTA (MIOTA) increased 14.701% in the past 24 hours and was trading at $0.3054 at the time of writing. The current peak in price comes while the IOTA ecosystem is approaching the launch date of Shimmer Network. The launch was recently set for the 28th of September.

Shimmer Network

Shimmer is a Layer-1 staging network for the IOTA mainnet. This implies that features are added to Shimmer for production testing before being deployed on the IOTA mainnet.

Shimmer network’s creators plan to integrate a multi-chain bridge that would allow users to transfer NFTs from blockchain platforms like Ethereum and Polygon and vice versa.

The network aims to cater to multiple applications in building native tokens, IOTA smart contracts, and creating and trading feeless NFTs.

The Beta version of the network has been tested by the community. The launch will mark the finalization and implementation of the IOTA Smart Contract Support and Tokenization Framework.

Working on Adoption of Blockchain

The IOTA Foundation is a non-profit foundation that supports developing and standardizing new distributed ledger technologies (DLT).

IOTA was among those chosen to develop EBSI, the first EU-wide blockchain infrastructure driven by the public sector to meet European values and regulations thoroughly.

In June 2022, the IOTA Foundation joined forces with Dell, ClimateCHECK, and BioE to fight climate change. Through collaboration, the companies intend to develop solutions to combat greenwashing using real-time carbon footprint data.

On the Flipside

• Many consider the coin to be underperforming, struggling to compete in the market versus younger developing cryptos.
• IOTA is one of the older cryptocurrencies, having been in the market for more than five years.

Why You Should Care

The IOTA Foundation is working on a wide range of blockchain-based projects that are moving forward with the adoption of blockchain and generating real-world value.

Read more about IOTA adopting blockchain to fight climate change:
IOTA Foundation Joins Dell to Fight Climate Change

Read more about EU plans to use blockchain technology:
EU Going Blockchain: IOTA Among the Chosen to Develop EBSI Infrastructure