IOTA Races Up 140% in a Week – Is a 1,000% Moonshot Just Around the Corner?

In the past 24 hours alone, $IOTA has climbed a staggering 67.5%, while its seven-day performance boasts an eye-popping 141% gain. Currently priced at $0.5741, this marks its highest level since May 2022—dusting off the cobwebs of the bear market.

So, what’s behind this meteoric rise? A juicy announcement, of course! 🚀

Voting is now open for a major upgrade to the IOTA network. According to their official blog, the update promises to introduce Move-based smart contracts, fully decentralize the IOTA ledger, and crank up the network’s scalability.

[Governance] 🚨#IOTA Rebased vote is now open! 🚨 Vote until Dec 16th to shape the future of the network. Should we adopt the new L1 protocol with Move-based smart contracts, full decentralization, staking & enhanced tokenomics? Let your voice be heard! 🗳️ https://t.co/5tby6mWFfb pic.twitter.com/O1PmSVt4mz

— IOTA (@iota) December 2, 2024

But wait, there’s more! This upgrade also aims to slash transaction costs, roll out staking rewards for $IOTA, and set an inflation target of 6%-7%. Talk about a makeover worthy of a standing ovation.

Looks like IOTA isn’t just moving—it’s moonwalking its way back into the spotlight! 🌕

Token holders have seven days to cast their votes on the proposed upgrades. After voting closes, a seven-day counting period will begin on December 9. So, it’s time to make your voice heard—crypto democracy in action! 🗳️

IOTA Network and $IOTA: A Brief Dive

While $IOTA and the IOTA Network often pop up in crypto aggregators and news, they’ve always stood out for one key reason: no blockchain here!

That’s right. Instead of blockchain, IOTA uses a unique distributed ledger system called “Tangle”. Unlike blockchain, which links transaction data into linear blocks, Tangle resembles a web-like structure. This difference allows IOTA to boast superior scalability compared to traditional blockchain solutions.

A Rollercoaster Ride for $IOTA

Launched in 2016, $IOTA reached its all-time high of $5.25 on December 19, 2017, during the peak of the crypto craze. However, the token struggled to recapture that glory even during the 2021 bull run, where it maxed out at $2.52 on April 17.

Now, with these upgrades on the horizon and voting underway, $IOTA might be gearing up for its second act. Whether it’s a comeback story or a moonshot, one thing’s for sure: the Tangle is weaving a lot of excitement! 🚀

Since early December, $IOTA has been rocketing vertically on the charts, a clear sign that whales have been on a buying binge, causing a major market imbalance. 🐋💸

As a result, $IOTA’s Relative Strength Index (RSI) has been sitting above 70, firmly in overbought territory since the beginning of the month.

Short-Term Volatility, Long-Term Potential

In the short term, $IOTA holders might brace for a correction, with prices potentially dipping to $0.40 as the market works to stabilize. But don’t lose hope—the long-term outlook remains bullish.

So, whether it’s a brief pit stop or a full-speed moon mission, it seems $IOTA is far from done making waves! 🌕📈

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