An Internet of Things (IoT) focused altcoin project has announced new developments. After these announcements, altcin’s trading volume increased by more than 900%, while the price gained more than 8%.
This altcoin will launch a new network and token
The altcoin project IOTA (MIOTA), which focuses on Web3 technologies, has announced major updates. Accordingly, the team will implement a staging network in the coming days. This network, called Shimmer, will be released on September 28. Dominik Schiener, co-founder and president of the Iota Foundation, tweeted about the milestone reached. “This is the week we bring a new token to the world for the first time since IOTA started in 2015. You should be more excited about what happens next.”
Expected to materialize, Shimmer will be a stimulating layer-1 innovation network. This network will accelerate the development of highly interoperable digital assets and token economies. Like IOTA, Shimmer will be a parallelized DAG-based layout layer. Thus, it will achieve greater L2 fixing capacity than traditional blockchains. Shimmer will also serve as a test environment for developments to the IOTA network. In this context, it will use its new local token called SMR.
IOTA (MIOTA) powers Germany’s largest infrastructure project
In addition to the new network and token, IOTA has also signed a partnership with the ALFRIED Project. ALFRIED is one of Germany’s largest publicly funded infrastructure projects. Now this project will be secured by IOTA’s IoT technologies. Sharang Parnekar, working on the ALFRIED project, unveiled the first traffic pole prototype for the project a few days ago. The ALFRIED project uses the IOTA protocol as its core technology. Therefore, it is a big win for the IOTA ecosystem.
Altcoin surged over 900 percent
IOTA (MIOTA) price is currently seeing modest gains despite other crypto assets posting losses. At the time of publication, IOTA has gained 7.68% in the last 24 hours and 18.60% in the last week. At the time of writing, it was changing hands at $0.30. However, a more interesting increase emerged. Accordingly, there was an increase of over 900% in the transaction volume of the altcoin project. It seems that with the announcement of the new network and token, the developments in ALFRIED have caused an explosion in the use of IOTA.
What levels are next?
The IOTA/USD 4-hour chart is bullish as IOTA has been performing well over the past few days. The MACD line crossed into positive territory on September 22 and has remained there ever since. Thus, it signaled strong bullish momentum for the altcoin. Meanwhile, the 14-day RSI at 71 reveals that IOTA could enter overbought territory if the rally continues.
If the rally continues, IOTA could retake the $0.3395 resistance level before the end of the day. However, the altcoin will likely hang at the $0.3635 resistance. At this point, MIOTA price will need the overall market bullish to turn resistance into support. cryptocoin.com As we have reported, the project is rising on the path it set out with the aim of revolutionizing the Internet of Things and Web3 space.
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