IOTA: Activity on Shimmer network rising – When will the MIOTA price follow?

  • Within a month of launch, the total number of addresses for the SMR token has skyrocketed.
  • However, MIOTA lacks enough investor participation which is the reason behind its struggling price.

The IOTA blockchain unveiled its staging network Shimmer in late September 2020. Almost, a month after its launch, the Shimmer network has been picking up fast. The launch of the Shimmer network came along with its native token SMR. As per the current report, the address activity on the Shimmer network has been skyrocketing, hitting 180,000 just a month after launch.

Soon after the launch of the Shimmer network, the SMR token rallied all the way to 15 cents. However, it has been on a correcting journey since then and SMR has corrected 50% over the last month to trade at $0.07.

Shimmer is the incentivized Layer 1 innovation network, built to fuel the growth of feeless and highly interoperable digital assets and token economies. As a staging network, Shimmer helps to test new features and innovations before they land on the IOTA mainnet.

It serves as a playground for short development cycles allowing developers to build applications and use features that are still not available on the IOTA mainnet. The Shimmer Network helps in connecting and securing sovereign blockchains, applications, and ecosystems. What separates Shimmer from other testing networks are the four main features that it offers.

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When Will MIOTA Price Follow?

While the IOTA blockchain has been undergoing some key developments in recent times, the MIOTA price hasn’t followed. Over the last year, MIOTA has been on a constant decline trading at a mere 25 cents at press time. This year itself, the price is down by more than 80 percent year to date amid the crypto winter.

After being introduced in mid-2017, the IOTA price rallied significantly during the bull run of 2017. By the end of the year, it hit a high of $5.37.

Some market analysts believe that the IOTA blockchain has yet to fully mature and its growth is entirely hinged on network adoption. Furthermore, it also faced a major hack in 2020 losing $1.5 million which also impacted the MIOTA price.

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Over the last year, MIOTA has been on a perpetual decline. The cryptocurrency has delivered a very poor performance despite the market rally over the last few months. It will be interesting to see how does the price of MIOTA close by the year-end.

Along with the key developments at the blockchain level, the IOTA team really needs to deliver on increasing the adoption of MIOTA. Only higher user participation will lead to the rising price for MIOTA.

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About Author

Bhushan is a FinTech enthusiast and holds a good flair for understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his free time, he reads thriller fictions novels and sometimes explores his culinary skills.

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