IOTA Token Price Hovers as Major Upgrade Launches
On Monday, the IOTA token price hovered around $0.2040, slightly below last week’s peak of $0.24. This dip reduced its market cap to $777 million.
The big news was the launch of Rebased, IOTA’s most meaningful upgrade yet. This update brought decentralization to the network by introducing 150 top validators, such as Ankr, Nansen, and Blockscope.
With Rebased, IOTA token holders who delegate their tokens can now earn between 10% and 15% annually. The upgrade also added Move smart contracts, allowing developers to create decentralized apps in DeFi, NFTs, gaming, and stablecoins.
Luca Moser, a key figure, tweeted about the launch: “After over a year of hard work, we’ve officially launched the new IOTA Mainnet with Move smart contract capabilities, Proof-of-Stake, and a decentralized set of validators.Welcome to IOTA Rebased.”
Rebased positions IOTA as a top alternative to chains like Stellar and Solana. It can handle over 50,000 transactions per second,far more than Solana’s 3,000 and Ethereum’s 35.
On-chain data shows IOTA has nearly 350,000 addresses, with over 1,709 active on Monday. This growth could accelerate if Rebased succeeds in the crypto industry.
Technically, IOTA was trading at $0.200 on monday, down from $0.2415 last week. It’s currently consolidating around the 100-day moving average. The Relative Strength Index and broader altcoin sentiment are pointing downward.
IOTA’s volume has declined, suggesting it may be in the accumulation phase. The chart is forming a small bullish flag pattern, hinting at a potential bullish breakout later this week. If this happens,the next target could be the March 2 swing high at $0.3143.
