Why is IOTA (MIOTA) surging today? | Crypto

Why is IOTA (MIOTA) surging today?

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– The price action in the cryptocurrency markets remains relatively muted.
– Some tokens are on the move in a big way today. Among the biggest winners in today’s session is IOTA (CRYPTO:MIOTA).
– This move comes as the crypto project, which operates a system of nodes that confirm transactions rather than a blockchain, nears the launch of its SMR token and Shimmer, the staging network for the IOTA blockchain.
– That said, some tokens are on the move in a big way today. Among the biggest winners in today’s session is IOTA (CRYPTO:MIOTA).
– This move comes as the crypto project, which operates a system of nodes that confirm transactions rather than a blockchain, nears the launch of its SMR token and Shimmer, the staging network for the IOTA blockchain.
– This launch is expected to take place on Sept. 28, providing near-term momentum for this top-100 token by market capitalization.
– So what IOTA’s status as a crypto project without a blockchain certainly provides some level of intrigue among investors in this space.
– The Shimmer Network is expected to be a Layer 1 innovation network, upon which developers will be able to build more innovative applications geared at the IoT space.
– The question on many investors’ minds right now is whether this is a “buy the rumor, sell the news” type of event.
– Indeed, the price action we’ve seen in Ethereum (ETH 127.13%) following its highly anticipated The Merge event reflected such sentiment.
– Additionally, it’s unclear whether the soon-to-be-launched SMR token will take attention away from IOTA’s existing MIOTA token.
– Time will tell on these fronts.
– For now, this is an intriguing technological feat investors appear to be viewing in a bullish light.

block and chain Why is IOTA (MIOTA) surging today?

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