It’s shaping up to be a nervous summer for IOTA. The price curve remains in negative trends and breakthroughs are pending in the development work. At least the Alvarium project with Dell is making progress.
IOTA chief Dominik Schiener posted a kind of perseverance speech on Twitter these days, talking about a “marathon.” Schiener calls on IOTA followers to be patient – “let the next five years be the best yet.” But a sober look at IOTA’s price curve makes it clear that there are gaps between Schiener’s assessment and crypto traders’ sentiment. IOTA traded as low as $0.14 at one point when the U.S. Securities and Exchange Commission (SEC) launched its coordinated attacks against the crypto industry last week. This marked a one-year low for IOTA.
In the same period, Bitcoin (BTC) has also sometimes lost ground, but the lead currency for the crypto market has posted an overall gain of around 50 percent since the beginning of the year. In general, it is once again clear that investors who would have bet on Bitcoin in the last six years after the launch of IOTA would have been better off at any time than with an investment in IOTA. While IOTA was one of the ten best-funded cryptocurrencies in the world at its peak, the altcoin has since slipped to between 80 and 90 in the rankings and has seen dozens of newcomers pass it by.
IOTA has so far been spared by the U.S. Securities and Exchange Commission (SEC)
But if you buy into the recommendations of Schiener, who is chairman of the IOTA Foundation, there is good news to be discovered. The U.S. Securities and Exchange Commission’s broad offensive against cryptocurrencies and exchanges has so far bypassed IOTA. The list of cryptocurrencies attacked by the SEC already includes more than 50 altcoins – but IOTA is not to be found on it. One reason for this could be that IOTA hardly plays a role on the US crypto market anymore. Twitter user “Senfda Tzu“, who is an IOTA expert, reminds us that the foundation had already asked legal experts years ago whether IOTA could be prosecuted in the USA by the SEC as a security (“securities”). At the time, these experts would have signaled the all-clear due to the history of IOTA’s origins.
Project Alvarium by IOTA and Dell aims to strengthen environmental protection
Another news, which speaks for future chances of IOTA, comes from the computer giant Dell. Dell announced on Twitter that it is working with IOTA and other partners to track CO2 footprints in real time, using Project Alvarium as a data center. IOTA and Dell had already started their cooperation for Alvarium in 2019 and now it seems that a first use case has been found. However, an impulse on the IOTA price curve could not be discovered from this current news.
Conclusion: IOTA is stuck in the no man’s land of cryptocurrencies
Anyone talking about IOTA today must also look at the side project Shimmer (SMR). This is because Shimmer is intended to try out technological advancements for IOTA in a money-saving testnet. The integration of the Ethereum Virtual Machine (EVM) first with Shimmer and then with IOTA were expected to be the first major step forward in making the ecosystem fit for growth areas such as decentralized finance (DeFi) and blockchain gaming with smart contracts. But that effort continues to be stuck in a testing phase and a quick EVM unlock for Shimmer is not in sight. Schiener is already not even talking about the big goal of Coordicide to abolish the central coordinator for Shimmer and IOTA under these circumstances. Whether IOTA will once again succeed in making a comeback from the no-man’s land of altcoins with corresponding price gains must be doubted.