An Internet of Things (IoT) focused altcoin project has announced new developments. After these announcements, altcin’s process 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 has been heavy on Web3 technologies, has announced major updates. Accordingly, the group will implement a preparation network in the coming days. This network, called Shimmer, will be released on September 28. Dominik Schiener, co-founder and leader 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 for 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 have a parallelized DAG-based layout layer. As such, it will achieve greater L2 fixing capacity than conventional blockchains. Shimmer will also see a test environment mission for improvements to the IOTA network. In this context, it will use the local token called SMR, which will be released to the market.
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, revealed the first traffic mast prototype for the project a few days ago. The ALFRIED project uses the IOTA protocol as its core technology. Therefore, it is of great benefit to the IOTA ecosystem.
Altcoin surged over 900 percent
The IOTA (MIOTA) price is currently seeing modest gains against other crypto assets recording 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, another increase occurred. Accordingly, there has been an increase of over 900% in the process volume of the altcoin project. It seems that the new network and token announcement and 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 Sept. 22 and has remained there ever since. Thus, it signaled strong bullish momentum for the altcoin. In this middle, the 14-day RSI at 71 reveals that IOTA could enter the very buy zone 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 general market’s uptrend to turn resistance into reinforcements. Koindeks.comAs we have announced, the project is rising on the way it started with the aim of creating a revolution in the field of Internet of Objects and Web3.