- IOTA is struggling with negative price trends, even as Project Alvarium, a collaborative venture with Dell, shows progress.
- Although the US SEC has launched attacks against the crypto industry, IOTA has so far remained untouched.
The summer season looks set to be a tense one for IOTA, with its price curve mired in negative trends while breakthroughs in development appear to be in limbo. One ray of hope emerges from Project Alvarium, a joint initiative with Dell, which is reportedly making strides.
Dominik Schiener, the head of IOTA, recently issued a rallying cry on Twitter, speaking of a “marathon” and urging IOTA supporters to have patience –
“let the next five years be the best to come”.
However, a sobering look at IOTA’s price curve highlights a stark disparity between Schiener’s assessment and the sentiment among crypto traders. IOTA’s value even dropped below $0.14 at one point last week when the US Securities and Exchange Commission (SEC) initiated its coordinated attacks against the crypto industry, marking a yearly low for IOTA.
During the same period, Bitcoin (BTC) has seen some fluctuation, but overall, the leading cryptocurrency for the crypto market has recorded a robust increase of around 50 percent since the beginning of the year. The overall trend once again demonstrates that investors who chose Bitcoin over IOTA in the last six years since IOTA’s launch would have fared better at any given point. IOTA, once ranked among the ten strongest cryptocurrencies globally, has now slipped to a position between 80 and 90 in the rankings, having been surpassed by dozens of newcomers.
One piece of good news emerging from Schiener’s recommendations is that IOTA has thus far avoided the wide-ranging offensive by the US SEC against cryptocurrencies and exchanges. More than 50 altcoins are on the SEC’s hit list, but IOTA is not one of them, possibly due to its diminished role in the US crypto market.
IOTA and Dell’s joint project, Alvarium, aims to strengthen environmental protection. Dell has reported via Twitter that together with IOTA and other partners, they can track CO2 footprints in real-time, using Project Alvarium as a data center. IOTA and Dell began their cooperation for Alvarium back in 2019, and now, it seems, the first use case has been found. However, this development has yet to reflect positively on IOTA’s price curve.
Looking at IOTA today also involves examining the side project Shimmer (SMR), which is intended to test technological advancements for IOTA in a valuable testnet. The integration of the Ethereum Virtual Machine (EVM) in Shimmer and subsequently in IOTA was expected as a major breakthrough to prepare the ecosystem with smart contracts for growth sectors such as Decentralized Finance (DeFi) and Blockchain Gaming. However, this endeavor remains in the testing phase, and a quick activation of the EVM for Shimmer is not in sight.