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Iota (MIOTA) Spikes 50 Percent Overnight: Reasons Behind the Pump

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Thu, 11/02/2021 - 12:49
Iota (MIOTA) Spikes 50 Percent Overnight: Reasons Behind the Pump
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IOTA (also known as MIOTA) is a native token of IoT-focused distributed ledger network Iota. Today, Feb. 11, 2021, its price spiked more than 50 percent in 12 hours.

Splendid price run ahead of crucial technology updates

Today, the price of IOTA spiked from $0.81 to $1.23 on major spot trading platforms. Thus, according to CoinGecko analytical dashboard, the IOTA price added 51.8 percent in less than 12 hours.

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Image via Coingecko

While IOTA Foundation is typically very active in terms if development, in the last few days, its team has shared a number of important announcements. IOTA is approaching a decisive stage of Chrysalis, the most remarkable system upgrade in its history.

According to an inspiring blog post by IOTA Foundation's leaders, it will activate scalable automated market makers, feeless DeFi ecosystems and decentralized oracles to IOTA mechanisms. Many dApps-focused startups will therefore be able to leverage the power of IOTA Tangle.

Starting from Feb. 5, 2021, IOTA Foundation launched a dedicated Chrysalis web page to cover its progress in a more detailed way. It will also display guides and schedules for further updates.

Crypto Twitter is searching for IOTA

Highlighting that it is deadly serious about approaching Chrysalis upgrades, the IOTA team shared an announcement about its Oracle System release. As covered by U.Today, it concided with the approval of IOTA by the German government as a partner in the large-scale smart-city program.

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The splendid IOTA price run has not gone unnoticed even for the project's competitors. Ethereum developer Afri Shoedon admitted that Twitter is so excited about IOTA dynamics that it can easily join the club of large-cap pumps.

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Image via Twitter

Mr. Shoedon compared IOTA's performance to that of XRP, Dogecoin (DOGE) and Cardano (ADA). These tokens made headlines with record-breaking rallies last week.

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