The IOTA Foundation Announcement Sparks a Rally
The native token of the IOTA distributed ledger ecosystem, also known as IOTA, experienced a sudden surge following the announcement of the new IOTA Foundation in the UAE. In the past 24 hours, IOTA has seen a 35% increase and is currently trading at $0.236. After the announcement, the asset reached a 10-month high of $0.285. With a market cap of approximately $720 million and a daily trading volume of $773 million, IOTA is gaining momentum.
The Launch of the IOTA Foundation
IOTA recently revealed the launch of a $100 million distributed ledger technology (DLT) foundation called the IOTA Foundation. This foundation will be regulated with the Abu Dhabi Global Market and will be headquartered in Abu Dhabi. As part of its seed round, the company plans to invest $100 million worth of IOTA tokens, which will be vested for four years. The primary goal is to develop and expand the IOTA ecosystem.
Increased Social Activity and Rising Open Interest
Following the announcement, IOTA’s social activity experienced a significant boost. According to Santiment data, there was a 1,745% surge in social volume within 24 hours. Additionally, since November 21, IOTA’s total open interest (OI) has been steadily increasing. Although real-time data for exact OI is not available, Santiment reported that it rose from $8.7 million on November 27 to $8.8 million on November 28.
Continued Recovery from All-Time Highs
Despite its recent rally, IOTA is still down by 95% from its all-time high of $5.69 on December 20, 2017. However, with the establishment of the IOTA Foundation and the growing interest in its ecosystem, IOTA is showing signs of recovery and renewed investor confidence.
Hot Take: IOTA Gains Momentum with New Foundation Launch
The announcement of the IOTA Foundation based in Abu Dhabi has propelled IOTA’s price to a 10-month high. With a surge in social activity and rising open interest, it seems that investors are optimistic about the future of the IOTA ecosystem. Although IOTA still has a long way to go to reach its previous all-time high, this recent rally signifies a positive trajectory for the token. As the foundation continues to invest in building the ecosystem, it will be interesting to see how IOTA develops and whether it can sustain its upward momentum.
By
By
By
By
By
By