- IOTA’s price has been experiencing a downward trend, reaching a yearly low, while the development progress remains stagnant.
- IOTA’s collaboration with Dell in the Alvarium project shows some advancements in tracking real-time CO2 footprints, but it has not affected the price curve significantly.
IOTA, the blockchain platform, finds itself facing a tense summer as its price curve remains trapped in a negative trend, while breakthroughs in its development efforts remain elusive. However, there is some positive news regarding the progress made in the Alvarium project, a collaboration between IOTA and Dell.
In recent days, IOTA’s CEO, Dominik Schiener, took to Twitter to deliver an encouraging message, describing the journey as a “marathon.” He urged IOTA supporters to exercise patience and expressed hope that the next five years would be the best ones yet. Despite Schiener’s optimistic outlook, there exists a significant disparity between his assessment and the sentiment of crypto traders when examining IOTA’s price curve. Last week, during the coordinated onslaught launched by the US Securities and Exchange Commission (SEC) against the crypto industry, IOTA even dropped below $0.14, hitting a yearly low.
During the same period, Bitcoin (BTC) also experienced occasional setbacks. However, as the leading cryptocurrency in the market, Bitcoin has recorded an overall gain of approximately 50% since the beginning of the year. This further underscores the fact that investors who chose Bitcoin over IOTA in the past six years, following IOTA’s launch, would have been better off at any given time. While IOTA once ranked among the top ten most valuable cryptocurrencies globally, it has now slipped to a position between 80 and 90, allowing dozens of newcomers to overtake it.
Nevertheless, if one heeds the advice of Schiener, who serves as the chairman of the IOTA Foundation, there are positive developments to be found. The extensive offensive launched by the SEC against cryptocurrencies and exchanges has thus far spared IOTA. Although the SEC has targeted over 50 altcoins, IOTA is not among them. One possible reason for this could be that IOTA no longer plays a significant role in the US crypto market. Twitter user “Senfda Tzu,” an IOTA expert, recalls that the foundation sought legal advice years ago regarding the potential classification of IOTA as a security by the SEC. At that time, legal experts provided reassurance based on IOTA’s history of origin.
In a separate piece of news that bodes well for IOTA’s future prospects, computer giant Dell announced via Twitter that, together with IOTA and other partners, they have enabled real-time tracking of CO2 footprints using the Alvarium project’s data center. The collaboration between IOTA and Dell for Alvarium began in 2019, and now, it seems they have found an initial use case. However, this recent announcement did not have a significant impact on IOTA’s price curve.
In conclusion, when discussing IOTA’s current state, it is essential to consider the Shimmer (SMR) side project. Shimmer serves as a platform for testing technological advancements for IOTA in a value-driven testnet. The integration of the Ethereum Virtual Machine (EVM) into Shimmer and subsequently into IOTA was expected to be a significant milestone, facilitating the growth of ecosystems in sectors such as decentralized finance (DeFi) and blockchain gaming.
However, this endeavor remains stuck in the testing phase, and the swift activation of the EVM for Shimmer is not yet in sight. Under these circumstances, Schiener no longer discusses the ambitious goal of Coordicide, the elimination of the central coordinator for Shimmer and IOTA. It seems doubtful whether IOTA can make a comeback with significant price gains from the altcoin abyss it currently finds itself in.
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