The current crypto boom gave a renewed hope to the cryptocurrency community. Not only did Bitcoin prices rise again, but many other altcoins also saw increases in their value. The current aggregate value of the cryptocurrency market surpassed USD 2 Trillion again and is looking for higher valuations. Among those altcoins, one, in particular, made massive media attention. Meet IoTeX (IOTX), a 2-year old project that has the potential to boom and made headlines. Can you still Buy IOTX?
Project Overview – What is IoTeX (IOTX)?
We live today in a world poised for technological advancement. Artificial intelligence (AI) and machine automation are the daily talks in the tech world. Investors are starting to notice how the internet of things (IoT) can link our daily encounters to the internet, making us connected truly on a regular basis. In the crypto world, and back in 2019, a project came to life based on that exact philosophy, adding to the mix a blockchain type of IoT. Meet IoTeX and its native token IOTX.
IoTeX aims to connect physical objects (things) to the internet but in a decentralized ecosystem. Instead of relying on a centralized entity that would link our surroundings to the internet, IoTeX would do so by connecting a distributed ledger that would act as the link between our “things” and the “internet”. This project aims to create an open ecosystem where people and machines can interact with guaranteed trust, free will, and under properly designed economic incentives.
Is IoTeX (IOTX) a good investment? Shoud you Buy IOTX?
The future is definitely looking towards automation and the internet already is a vital component in our society. IoTeX aims to link those two using a decentralized infrastructure. That’s why there’s definitely greater potential in the future, especially that the technology is still in its infancy.
IOTX is the native token of the project that runs on its blockchain. It is also used as a gas for its blockchain protocol. There is a total supply of 10 Billion IOTX, and the current supply is around 9.6 Billion. This token recently became listed on exchanges. Despite its prices being lower than the open price, it is important to note that smart investors buy low and sell high. Why is the price of IOTX falling you might ask…. a great question, onto the next section!
Why is IOTX price Falling?
If we look at figure 1, we will notice how the price of IOTX decreased since being listed back on August 12, 02021. Why did the price of IOTX fall after listing? Well, this is the case for any project that goes public, be it listed stocks or cryptocurrencies.
When companies do private rounds of token sales, they send those tokens in a private way. Investors can’t sell their tokens back to the company, nor to other investors. So the funds are usually locked until the token becomes listed on public exchanges. Most investors, after realizing profits due to the token price being higher at the listing, decide to get out of their investment and liquidate their profits. That’s why in the first phase of the listing, prices tend to go higher as a massive buying power sends prices higher, then long-term investors sell at the top (clearly visible in figure 1).
How to Buy IOTX?
Today, there are many exchanges that offer IOTX in their crypto listings. Here’s a list of the solid exchanges we recommend here at CryptoTicker:
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