Things are not looking good for MiamiCoin (MIA). Less than a year ago, the City Coin project was still the big promise made by Mayor Francis Suarez, who wanted to use the token to turn the Floridian metropolis into a tax haven. Launching in late August 2021, citizens were given the opportunity to mine MIA at home via the Stacks protocol and donate a share to the city. The administration wanted to use the money afterwards, for example to finance events or to build public squares and roads. Actually a revolutionary project.
As of today, almost nine months later, the visionary plans seem to have fizzled out. Since its launch, MIA has experienced an unprecedented downswing. From $0.055 in September last year to $0.00099, down more than 90 percent. But what are the reasons for the crash and has the project now failed?
No use cases for MiamiCoin
One of the main problems of the MiamiCoin is still the lack of possible applications. There are almost no acceptance points where citizens could spend the mined cryptocurrency. The ecosystem is flooded with coins that the hodlers cannot get rid of. A price slump seemed inevitable.
The initial euphoria of the project has now almost evaporated. Several users on the Discord channel have already complained about a total loss. And the mayor’s bullish stance also seems to have vanished. Compared to the Miami Herald admitted Suarez that he does not know whether the cryptocurrency will ultimately be a success or not. “Innovation doesn’t always work,” said the 44-year-old.
And the mayor also seems to have shelved the topic of City Coins on Twitter. There has been radio silence on the subject since February. It seems that the MiamiCoin project has finally failed.