- IOTA (MIOTA) has seen its price surge over 80% in the past week.
- IOTA performs consensus and transaction verification utilizing Tangle.
- The current bullish trend continues, the price of MIOTA will reach $3 soon.
Distributed ledger protocol IOTA (MIOTA) has seen its price surge over 80% in the past week.
IOTA performs consensus and transaction verification utilizing Tangle, a patented technology. Moreover, Tangle is a network of nodes that validates transactions. More so, the platform’s developers claim that IOTA offers faster speeds than conventional blockchains, also an appropriate footprint for quickly developing the IoT ecosystem.
According to CoinMarketCap, the MIOTA price is trading at $1.78 with a 24-hour trading volume of $521,748,146, at the time of writing. MIOTA’s price had initially soared 34% to an intraday high of $2.08 on September 4 as its 24-hour trading volume rose 55% to $140.587 million, up from a low of $1.546 on September 3.
The above chart shows the bullish performance of MIOTA. If the trend continues, the price of MIOTA will reach $3 soon.
Reason for MIOTA Price Surge
MIOTA is considered as one of the potential altcoins as it makes many well-known firms as partners. More so, the platform is designed for microtransactions and the platform is considered as a reliable platform over years.
The Hornet update made the project’s sudden spike in interest, which brings back automatic peering and merges a faucet plugin with the Hornet node, simplifies the method of running a private Tangle.
— IOTA (@iota) September 2, 2021
In addition, the speculation over the Nectar upgrade will enhance IOTA smart contracts which adds to the recent price increase.
For everyone interested in #IOTA:
1) IOTA 2.0 (fully #decentralized, #feeless and leaderless consensus) is live on a testnet for months. Read about our peer-reviewed research https://t.co/FEzyQGFhsB and follow the development https://t.co/ImXymSgQoG
— Dominik Schiener (@DomSchiener) September 2, 2021
The network also develops the proposed upgrade alongside a new wallet option known as Firefly. More so, the wallet focuses on removing the complexities of crypto while staying future-proof due to its modular architecture, making it easy to incorporate new features in the future. Decentralized identifiers (DID), smart contracts, and integrations will be at the foundation of Firefly, which becomes an IOTA app store. Added to this, SUSEE (Secure Sensor Platforms for Smart Energy Networks) adopted the IOTA tangle on August 2, 2021.