IOTA Network’s $IOTA is in the midst of a sweltering price surge. The coin rallied 67.5% in the last 24 hours and 141% in the last seven days to hit $0.5641, the highest price $IOTA has traded at since May, 2022.
An announcement yesterday appears to be driving $IOTA’s rocket ride.
Voting is now live for a major IOTA network upgrade.
According to the official blog post, this upgrade will introduce Move-based smart contracts, fully decentralize the IOTA ledger, and improve scalability.
Additionally, it aims to lower transaction costs, introduce $IOTA staking rewards, and establish a target inflation rate of 6% to 7%.
There is now a seven-day window for token holders to cast votes. Then, beginning December 9, there will be a seven-day vote counting window.
IOTA Network and $IOTA: Price and Primer
Despite the fact that IOTA Network and the $IOTA token are listed everywhere on crypto aggregators and written about widely in crypto publications, the tech behind them is not blockchain-based.
IOTA operates an alternative distributed ledger system.
See, where blockchains store transaction records in blocks of data, which are linked in a chain, IOTA uses a system called “Tangle” which can also be likened to its namesake.
The difference in structure allows IOTA to claim it is more scaleable than blockchain-based alternatives.
$IOTA launched in 2016 and rode the crest of a wave that saw its price reaching an eye-watering height of $5.25 on December 19, 2017.
The token failed to repeat that performance during crypto’s seminal 2021 bull run, reaching a high of $2.52 on April 17.
Source: TradingView
$IOTA’s sudden rise since December began has resulted in a near-vertical ascent on the graph above. This indicates whale-sized buys that have resulted in an imbalance.
As a result, $IOTA’s relative strength index (RSI) has been above 70 and overbought since December began.
In the short term, $IOTA holders can expect a correction coming, which may go as low as $0.40 to correct the imbalance, but the coin’s outlook remains bullish.
As Altcoin Season Begins, Meme Coin Staking Protocol Crypto All-Stars
IOTA Network’s performance highlights how bullish the market is for altcoins. With a pro-crypto President about to take office in the US, the industry may finally get the regulatory clarity it demands.
However, innovation abounds across Web3. Flip over to the weird and wonderful world of micro-cap presales, and you’ll find many new species of meme coins that are just launching at rock-bottom prices, offering investors a chance to buy in long before they hit the open market.
Those who allocate even a small portion of funds can often exploit some sweltering and unrivaled price booms.
Web3’s first cross-chain meme coin staking protocol, Crypto All-Stars, has collected $8 million in presale investments.
It is changing the negative perceptions around meme coins by enabling crypto fans to farm them for consistent yield.
The platform’s central feature is the MemeVault protocol, which already integrates some of the the world’s biggest meme coins, with more coming later, according to the team.
Users can currently stake Pepe Coin, Dogecoin, Shiba Inu, Floki Inu, Brett, MogCoin, Milady, TurboToken, Toshi The Cat, Coq Inu, and BonkCoin in the MemeVault to earn passive income.
The reward rate for staking these coins is an impressive 269%, which is paid out in $STARS.
Head to the website to buy $STARS with ETH, USDT, BNB, or even by card. Although investors have a limited amount of time to decide, because the presale ends in seventeen days!
Follow Crypto All-Stars on social media – X (Twitter) | Telegram to stay up-to-date on all the developments.
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