The price of IOTA (IOTA) surged by more than 66% yesterday, taking it to second place on CoinMarketCap’s list of trending cryptocurrencies.
This increase comes from positive news regarding the IOTA ecosystem that has made investors excited about the future prospects of the token.
While IOTA is grabbing the headlines, new meme coin Meme Kombat (MK) is exploding in popularity during its presale – and could be the next crypto to see a breakout.
Middle East expansion drives IOTA trading volume up by over 11,000%
IOTA’s trading volume has exceeded $812 million in the last 24 hours, making it the eighth most traded cryptocurrency globally.
This represents a massive increase of 11,565% over the previous day, highlighting significant investor and market activity around IOTA.
At the time of writing, IOTA is hovering around the $0.240 level, a slight decline from yesterday’s peak.
This decline was likely caused by profit-taking by speculative investors, who chose to cash out rather than wait for further gains – causing the price of IOTA to decline.
The token’s meteoric rise follows IOTA’s launch of a new $100 million facility 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 is the first blockchain-focused organization in the sector to be approved by regulators, with over $100 million in IOTA tokens.
It will focus on converting real-world assets into digital tokens and involving institutions to work on-chain.
Thus, the Foundation significantly boosts IOTA’s ambitions in the region seeking to establish itself as a global crypto hub.
This expansion into the Middle East is generating renewed interest in IOTA and fueling its price rise.
IOTA’s Rollercoaster 2023 – An Overview
IOTA is a unique cryptocurrency that uses a seamless, scalable DLT called “The Tangle” instead of a blockchain.
It is designed for the Internet of Things, which allows machines and devices to exchange data and value.
After some price fluctuations in early 2023, IOTA has been trending downwards since its February high of $0.274.
This downtrend culminated with IOTA hitting a yearly low of $0.131 on August 17, marking the token’s lowest price for more than three years.
However, news regarding IOTA’s expansion into the Middle East means the token is now trading 76% higher than that level.
Looking ahead, the completion of the Chrysalis network upgrade has helped supercharge IOTA with up to 1,000 times more transactions per second.
The potential of this upgrade lies in dramatically increasing the scalability and efficiency of IOTA, which are critical for Internet of Things applications.
Crypto analyst Crypto Tony, who claims to have 361,000 viewers on Twitter, referenced IOTA’s bullish momentum in a recent tweet.
Tony noted his price target for IOTA at $0.270, calling the token a “machine.”
Red-hot Meme Kombat presale raises excitement for highly anticipated game launch
As IOTA continues to make headlines, another new crypto asset is rapidly rising 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 holding a discounted presale for MK, promoting it before the game’s first “season” begins.
This season will feature 11 iconic characters like Doge and Pepe the Frog, with players able to climb the leaderboards by choosing battle winners.
The team at Meme Kombat also intends to add new features like fresh meme combatants and engaging game modes to ensure that users keep coming back for more.
As the presale approaches its finish line, early adopters can still purchase MK tokens at $0.214, which is expected to be a discount to the final DEX listing price.
The momentum of the presale has helped Meme Kombat quickly build significant community support, with over 4,800 people now part of the project’s Telegram channel.
Analyst Crypto Tony, mentioned earlier, has also supported the Meme Kombat project.
Tony highlighted Meme Kombat’s doxed team and passive staking capability as two reasons why MK could be in line for increased demand going forward.
Investor buzz is also fueled by the fact that Matt Whiteman, a seasoned Web3 entrepreneur with extensive experience in the blockchain gaming sector, is leading the Meme Kombat project.
These factors together establish MK as a high-potential token that could be the next to explode as it gets closer to its open market debut.
Go to the Meme Kombat Presale
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