While most crypto projects continue to move sideways on their weekly charts, a little-known altcoin project has more than doubled in value last week.
IOTX is the native presence of the open-source blockchain IoTeX, a smart contract platform designed to power decentralized applications and connect Internet of Things (IoT) devices.
The platform is compatible with the Ethereum Virtual Machine (EVM) and is designed to provide developers with an easy way to push their applications onto the IoTeX network.
The crypto asset surged from $0.10 on November 8 to $0.25 and hit an all-time high. Following this price action, which represents a 150 percent gain, the altcoin has surpassed a market cap of $2,000,000,000.
IOTX has lost some of its gains this week but is still trading at $0.19, up nearly 20 percent in the last 24 hours at the time of writing.
Last week Chainlink (LINK)to Protofire, a blockchain consulting services provider; Announced a grant to integrate Chainlink oracles into IoTeX. Christian Malfesi, Protofire’s director of engineering, commented:
“As Protofire has extensive experience in securely integrating Chainlink across multiple blockchains, we expect IoTeX integration to go smoothly and on time as well.
Following the Chainlink integration, IoTeX’s developer community will be able to start leveraging off-chain services and real-world data to build more advanced hybrid smart contract applications.”
IoTex recently announced a strategic partnership with NFT game PlaceWar, announcing that it will also enter the play-and-play sector of the crypto economy.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.