IOTA’s (IOTA) price surged over 66% yesterday, propelling it to the second spot on CoinMarketCap’s list of trending cryptocurrencies.
This rise comes from positive news regarding the IOTA ecosystem that has excited investors about the token’s future potential.
While IOTA grabs the headlines, new meme coin Meme Kombat (MK) is exploding in popularity during its presale – and could be the next crypto to watch for a breakout.
Middle East Expansion Sends IOTA Trading Volumes Surging Over 11,000%
IOTA’s trading volume has spiked to over $812 million in the past 24 hours, making it the eighth most-traded cryptocurrency globally.
This represents an enormous 11,565% increase from the previous day, highlighting the significant investor and market activity surrounding IOTA.
At the time of writing, IOTA is hovering around the $0.240 level, a slight dip from yesterday’s peak.
This dip has likely been caused by profit-taking from speculative investors, who have opted to cash out rather than wait for further gains – forcing IOTA’s price to pull back.
The token’s meteoric rise comes from IOTA’s launch of a new $100 million entity based in Abu Dhabi that aims to accelerate the adoption of its distributed ledger technology (DLT) in the Middle East.
The IOTA Ecosystem DLT Foundation, seeded with over $100 million in IOTA tokens, is the region’s first blockchain-focused organization approved by regulators.
It will focus on converting real-world assets into digital tokens and onboarding institutions to work on-chain.
As such, the foundation significantly boosts IOTA’s ambitions in a region keen to establish itself as a global crypto hub.
This expansion into the Middle East is driving renewed interest in IOTA and fueling its price surge.
IOTA’s Rollercoaster 2023 – An Overview
IOTA is a unique cryptocurrency that uses a feeless, scalable DLT called “The Tangle” rather than the blockchain.
It is designed for the Internet of Things, allowing machines and devices to exchange data and value.
After some price fluctuations at the start of 2023, IOTA has trended downward since February’s high of $0.274.
This downtrend culminated in IOTA hitting a yearly low of $0.131 on August 17, representing the token’s lowest value for over three years.
However, the news regarding IOTA’s expansion into the Middle East means that the token is now trading 76% higher than that level.
Looking ahead, the completion of the Chrysalis network upgrade has helped to supercharge IOTA with 1,000 times more transactions per second.
The potential of this upgrade lies in dramatically enhancing IOTA’s scalability and efficiency, which are vital for Internet of Things applications.
Crypto analyst Crypto Tony, who boasts an audience of 361,000 on Twitter, referenced IOTA’s bullish momentum in a recent tweet.
Tony noted his price target of $0.270 for IOTA, describing the token as a “machine.”
Red-Hot Meme Kombat Presale Builds Excitement for Highly-Anticipated Game Launch
As IOTA attracts headlines, another new crypto asset is quickly exploding in popularity – Meme Kombat (MK).
This innovative blockchain game features battles between popular meme coin characters powered by AI.
Players can bet on the winners of these battles using Meme Kombat’s native MK token, which offers staking rewards of 389% APY.
Meme Kombat is conducting a discounted presale for MK, building hype before the game’s first “season” begins.
This season will showcase 11 well-known characters like Doge and Pepe the Frog, with players able to climb the leaderboard by choosing battle winners.
Meme Kombat’s team also intends to add new features like fresh meme combatants and engaging game modes, ensuring users keep returning for more.
As the presale heads closer to its finish line, early adopters can still buy MK tokens for $0.214, which is expected to be a discount on the eventual DEX listing price.
The presale’s momentum has helped Meme Kombat build significant community backing immediately, with more than 4,800 people now part of the project’s Telegram channel.
Analyst Crypto Tony, referenced earlier, has also endorsed the Meme Kombat project.
Tony highlighted Meme Kombat’s doxxed team and passive staking potential as two reasons why MK could be in line for a surge in demand going forward.
Investor buzz has also been heightened by the fact that Matt Whiteman, an experienced Web3 entrepreneur with extensive experience in the blockchain gaming space, is leading the Meme Kombat project.
These factors combine to position MK as a high-potential token that could be the next to explode as it nears its open market debut.
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