IoTeX is one of the crypto projects that have relatively rare use cases, while still staying firmly in the domain of blockchain technology. It has experienced a surge of interest lately, but will its price keep up? We combined some IoTeX crypto price predictions for those interested in this coin’s future.
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IoTeX Fundamental Analysis
IoTeX is the first IoT (Internet of Things) full-stack blockchain platform that allows users to overcome the centralized organisations' control over the devices and empowers users to regain control. IoTeX combines digital and physical worlds connecting numerous smart devices and allowing to extract the value from them through the dApps. IoTeX aims to make access to a new machine economy democratic.
The project was established in 2017 by an international crew of more than 40 specialists in computer science and engineering. The platform enables the use of trusted data from trusted devices via trusted applications. It combines innovations in blockchain, identity management, hardware, and oracles so the real-world data can be accessed by the dApps.
IoTeX is lightning fast and is also EVM-compatible making it possible for the builders to port over Solidity-based dApps and tokens very fast with very low fees. It is governed by the global network of delegates.
IOTX is the native deflationary utility token powering the platform that also gives the holder governance rights. The token can be staked to access applications and services on the network. Delegates stake the token to take part in network consensus and get the rewards. Developers use IOTX to power their dApps, create new tokens, and fuel the ecosystem.
Users need IOTX to access dApps, register new devices and use the network. They can also stake the token and get a possibility to win governance power or coin rewards. After a new device joins the network, an airdrop is being completed and IOTX is burnt. With the increase of devices, the value of the IOTX token grows.
IoTeX Live Price Chart
The IOTX started the year with a price of $0.0066 and kept around the same level with slight changes till the beginning of February. At that time the trend started to slowly turn upwards. The first peak of $0.02 in 2021 was achieved on February 12 followed by the period of price correction.
IOTX went bullish again in the beginning of March steadily growing till the mid-April when all the crypto market saw instability and major coins price crashes. After a major price drop on April 24 IOTX started to recover the value and reached $0.078 on April 30. The token was in a downtrend till the end of June, when it became more stable and didn’t change much till the beginning of August. At that time the token reached a new all-time-high and went into the price correction straight away.
In the end of October IOTX started to climb up and showed impressive performance over the last 2 weeks reaching its all-time-high of $0.2554 on November 11.
The IOTX price chart in 2021 appeared to be surprising for the community as by now it has increased in value by over 1000%. It can be explained by the use-cases and connected devices growth. For instance, the number of devices on the network increased over 4000% during the last months.