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IOTA Tanks After Co-founder Reveals That Microsoft Is Not A Partner
The Price of the IOTA took a dive last week after the AOTA foundation released a statement notifying the press that Microsoft is not one of its partners.
The announcement which was made by one of the founders of the cryptocurrency revealed that the IOTA foundation does not have an official collaboration with Microsoft. The announcement comes amid rumors within the cryptocurrency community suggesting that there is a partnership between IOTA and the internet giant. The announcement laid the rumors to rest and it also seemed to have affected the performance of the altcoin because it tumbled by 15 percent from a high of $5.03 to a sub $4.20 price.
The announcement seems to have undone the gains that the cryptocurrency has amassed over the past one month during which it had surged by 600 percent. IOTA had been trading at an average of $4 and the recent announcement seems to have caused the price to go down to that same range.
IOTA co-founder Dominik Schiener stated during an interview that the IOTA foundation has never described any of the companies participating in its marketplace as partners. He also added that the IOTA foundation is in touch with multiple Microsoft divisions in Munich, Paris, and Chicago. The co-founder also revealed that the two organizations had planned to hold meetings this week. Microsoft’s blockchain executive Omkar Naik also released a statement pertaining to his company’s involvement in the IOTA data marketplace.
“This next-generation technology will accelerate the connected, intelligent world and go beyond blockchain that will foster innovation real world solutions, applications, and pilots for our customers,” stated Naik.
Schiener also revealed that Naik’s team will meet up with IOTA’s development team to jointly work on sensors that will allow the sale of Microsoft’s data directly on IOTA’s marketplace. A CNN report also claims that IOTA is working hand in hand with other major corporations such as Volkswagen, Cisco, and Samsung. These companies are expected to continue with the testing of IOTA’s technology in the future. Schiener pointed out that the introduction of the data market is just the start and the project is a multi-stage affair that will continue running for the next few weeks.
Despite the drastic drop in the value of IOTA after the announcement, its market valuation is still holding strong at more than $11 billion which is above its market cap in November this year. The announcement is also by no means not meant to discredit the legitimacy of IOTA and its underlying technology. Meanwhile, IOTA is still considered one of the major cryptocurrencies despite its value being significantly lower than that of its counterparts such as Litecoin which has recently been trading at more than $300.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
Image courtesy of Mike Mozart via Flickr
BNB price has noted significant gains over the past few days, surging past the psychological resistance of $300. The native cryptocurrency of the Binance Exchange has surpassed Solana to regain its position as the fourth-largest cryptocurrency by market cap. The digital currency has been rallying lately with a 7-day profit of more than 15%. Additionally, BNB has clocked a phenomenal gain of 38% in the month to date.
Binance Coin Outlook
BNB price has been on a strong bull run for the past week, breaking out of its consolidation. Even so, the asset has experienced a correction in its uptrend over the past 24 hours but remains above the crucial level of $300. BNB’s total market cap has decreased by 4% over the past day to $48 billion, while the total volume of the asset traded over the same period dipped by about 15%.
Over the past year, Binance Coin has had to cope with Fear, Uncertainty, and Doubt (FUD) on the back of the regulatory troubles of its underlying exchange. Earlier, the BNB price touched a low of $223.50, a few days after its former CEO, Changpeng Zhao, pleaded guilty to money laundering charges. However, the cryptocurrency has managed to rebound 46% in value since then.
The recent price rally has been associated with various positive developments in the Binance ecosystem, including the Introduction of the Isolated Margin Auto-Transfer Mode. This feature enables…
Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.
SOL Outlook
Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.
The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.
This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…
Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.
Catalysts Behind SOL’s Rally
Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.
The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.
Cited figures provided by DeFi aggregator DeFiLlama…
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