IOTA Price Explodes: Can IOTA reach $1?

IOTA has been grabbing headlines lately. With its special tech and emphasis on the Internet of Things (IoT), it’s caught the eye of both investors and tech fans. Even though it’s been leveling out in recent years, IOTA price is now increasing, marking a notable jump in the last 24 hours. So, is it worth considering IOTA as an investment? Let’s take a look into this IOTA price prediction piece to find out.

IOTA Price Prediction: How has the IOTA Price moved in recent days? 

IOTA/USD Daily Chart- TradingView

As of now, IOTA is priced at $0.396724, with a trading volume of $222.57 million in the last 24 hours. Its market cap sits at $1.26 billion, making up 0.05% of the total market. Over the past day, the price of MIOTA has seen a significant 16.85% increase.

Back in December 2017, IOTA reached its peak price of $5.54, but it hit its lowest point on March 13, 2020, when it fell to just $0.077481. Since then, it hasn’t dropped lower than that cycle low, but it has climbed as high as $2.68 (the cycle high). Currently, the sentiment around IOTA’s future price is optimistic, with the Fear & Greed Index showing 81 (which means there’s a lot of confidence in the market).

In terms of supply, there are currently 3.17 billion MIOTA in circulation out of a total of 4.60 billion MIOTA. Over the past year, around 392.56 million MIOTA have been created, contributing to an annual supply inflation rate of 14.12%.

IOTA Price Prediction: Why is IOTA Price Up?

The IOTA Foundation has been leading the charge in initiatives aimed at improving traffic management and developing smart city solutions. Their latest endeavor involves teaming up with ETO GRUPPE to integrate smart traffic sensors into their projects.