IOTA crypto price jumps over 45%. Here is why!
- IOTA launched a $100-million foundation in Abu Dhabi to accelerate the growth of its distributed ledger technology (DLT) in the Middle East.
- The global technology network aims to push for accelerated growth of its DLT and convert real-world assets into digital ones.
- As a result, the price of the IOTA crypto zoomed up over 45%, according to CoinMarketCap.
Global technology network IOTA, on Wednesday, was amongst the first ones to launch a $100-million foundation in Abu Dhabi. This will help IOTA accelerate the growth of its distributed ledger technology (DLT) in the Middle East and help accelerate the growth of its DLT and convert real-world assets into digital ones.
DLT, like blockchain, is primarily a crypto technology whose potential applications have reached many customers, and IOTA digital tokens are looking to fund this. This potentially makes it the first blockchain-focused organization approved by regulators of the Abu Dhabi Global Market (ADGM), the financial centre of the United Arab Emirates.
As a result, the IOTA crypto prices have witnessed a spike of over 46.21% over the past 24 hours, according to CoinMarketCap.
IOTA crypto’s sustained momentum
IOTA co-founder and Chairman Dominik Schiener is upbeat about the latest development and feels this will help the token sustain momentum soon. He further anticipated that with this launch, more institutional players and investors would come into the world of tokenization of real-world assets.
“This funding is earmarked for nurturing the IOTA ecosystem and accelerating the growth of the IOTA protocol. This includes collaboration with institutional investors, governments, and academic institutions to tokenize real-world assets. This will bring in billions of dollars into the UAE’s virtual assets space,” he said.
As a result, there was a sudden spike in the ecosystem, resulting in its RSI and MACD indicators showcasing a positive trend. A quick look at the charts would indicate RSI being placed at 73.05, indicating that it is in an overbought zone.
In fact, there has been a sustained interest in the token for more than a month now, as it has already amassed gains of over 56.4%, according to CoinGecko.
The MACD indicators, too, indicated a sudden spike in momentum, with the MACD line showcasing MACD well above the signal line. The MACD bars indicate strong momentum, which the prospective investors will be pleased to see.
How is the IOTA crypto price currently faring?
The 67th-ranked token at the time of writing was trading at $0.248313 with a 24-hour trading volume of $702,041,449, according to CoinMarketCap. The IOTA crypto boasted a live market cap of $754,408,144 and has a maximum supply of 4,600,000,000 IOTA coins.
While the recent rally would pique the interest of crypto investors, they would be wise to understand that prices in the crypto market are often volatile and can change at any given time. Therefore, they would do well to ensure proper market research before they take a call on investment.