A slow recovery for the coin of IoTeX, the blockchain focused on the Internet of Things, IOTX is being depressed by the gloom hanging over the crypto market.
Two months ago it was at an all time high of $0.2611, now it is at $0.111 with a slippage of 3% today (19 January). However as shown by DeFi Llama, DeFi activity on the IoTeX platform is at an all time high with a total value locked in of $173m compared to $22.5m at the start of of 2022.
Blockchains and theirn smart contracts seem well suited for the Internet of Things (IoT), the connecting of remote sensors and devices that collect and exchange data sometimes for micro payments. Processing the data and logging and collecting payments is one of the key aims of the blockchain of IoTeX.
IoTeX wants to be the leading blockchain powering this emerging ecosystem by providing the infrastructure needed to process the vast amount of data that will flow through IoT devices.
According to data from market research firm Statista, the IoT could be worth more than $1.5trn by the end of 2025. The focus could be on products, services, operating systems and protocols designed to support this industry segment.
Its token, the IOTX, will be used to pay for the transactions as well as staking and governance. Having reached an all time high value in November, can the token take flight again as its protocol becomes more widely adopted for IoT devices? Or is the IoT failing to meet expectations? Or is it falling victim to the fickle volatility of the sector?
Join us in the following IoTeX price prediction as we take a look at the latest price action and developments that could possibly influence the price of the IOTX token.
What is IOTX coin?
The project is founded on the idea that the massive amounts of data flowing to and from our devices is currently processed by companies and government institutions for their own benefit.
IoTeX seeks to give users more control over the data they share with these entities, while also enabling them to monetise that data if and when they decide to give it out.
By the end of 2020, the market capitalisation of IOTX, IoTeX’s native token, was around $30m. That value surged in 2021, propelling the market capitalisation to as much as $1.2bn, according to CoinMarketCap, as of 22 December 2021.
However that momentum has slipped away in the following few weeks and currently the IOTX is at $0.11, at the time of writing (19 January) with a market capitalisation of $1.06bn placing it 86th in the crypto league.
IoTEX news: Pebble Tracker, Chainlink integration and MachineFi
The IOTX token had been posting a series of higher highs since the year started. November in particular was an outstanding month for the token, delivering gains of 159%.
Below are three news items shared by the developing team that could have prompted that uptick:
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On 1 November, IoTeX announced that its Pebble Tracker device had completed final testing and was ready for shipment. This device is essentially an advanced GPS powered by a decentralised network – in this case, the IoTeX blockchain. It comes with a wide array of sensors that can track things like acceleration, temperature, humidity, air pressure and other variables.
Various decentralised applications (dApps) are being built. Users can make the most out of these devices, including the possibility of earning rewards for the data they share with third parties.
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On 4 November, IoTeX and Chainlink, a popular crypto project that integrates real-world data with on-chain solutions, hosted a panel discussion. They discussed the possibility of an integration between the two projects.
Any collaboration between the two companies could merge historical and real-world data to produce information that could further enrich smart contracts created and powered by the blockchain, potentially increasing the number of practical use cases for IoTeX-powered solutions and dApps.
“The combination of Chainlink’s historical data and IoTeX’s live real-world data makes for a powerful match for individual users and enterprises alike,” the IoTEX team stated in a press release that further explained the scope and reach of this partnership.
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On 5 November, IoTeX revealed an ambitious project called MachineFi. It seeks to power computers and devices so they can become self-sovereign. This means that every machine that powers the MachineFi ecosystem will be rewarded for its effort to keep the IoTeX network secure and operational. This protocol seeks to change the way the Internet works.
Currently, the Internet is highly centralised – data flows through servers that are owned, operated and leased by corporations. What IoTeX proposes through MachineFi and IoTEX 2.0 is to propel the world toward the so-called Web 3.0, an ecosystem that operates in a decentralised way and wherein users have more power over their data.
The combination of these three developments has helped push the price of IOTX to all-time highs in November.
Since these deals IoTeX has announced further partnerships with: Cartesi, the first OS on the blockchain; Swash, the data union; Galaxy Blitz, a NFT strategy game; Covalent, a unified API; and Treasureland, a cross-chain NFT platform.
IOTX crypto price prediction: analyst sentiment and price targets
Despite the recent highs and the project’s latest developments, Capital.com’s analyst Mikhail Karkhalev shares a bearish view on the IoTex (IOTX) coin price prediction. He’s highlighted several factors to consider:
“The Internet of Things is a once-promising technology whose development has so far been shelved. Today, it is difficult to find any well-known company that has implemented the technology or that has created any product based on the IoT. Simply put, the technology has been discussed for many years, but it has not been used,” said Karkhalev.
“As for IoTeX, it has a serious competitor in the crypto market, a project with a similar name, IOTA. IOTA’s main advantage, not only over IoTeX, but over other projects, is its incredible scalability for the crypto market. In simple terms, the point is that while other blockchains get overloaded by the increasing number of transactions, the IOTA blockchain is designed in such a way that the more transactions, the more powerful the throughput. IoTeX can’t do that and is inferior to its competitor.
“On top of that, a sluggish development of IoT technology itself makes IoTeX’s prospects very dim. Like 99% of tokens on the crypto market, I would attribute the rise in token value more to a good marketing strategy than to prospects and serious attention from the community.”
Some IOTX crypto price predictions from algorithm-based forecasting services, as of 23 November 2021, look more positive:
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Gov Capital predicts that IOTX will be at $0.174 in a year’s time then rise to a price of $0.62 in five years’ time.
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Wallet Investor’s IoTeX price prediction sees the token kicking off 2023 at rising to around $0.232 and believes the price could hit $0.7 by January 2027.
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Trading Beasts estimates IOTX to cap off 2022 at $0.16, and could increase to $0.18 by the end of 2023 and $0.23 at the end of 2025.
When looking for IoTeX (IOTX) coin price predictions, it’s important to bear in mind that analysts’ forecasts can be wrong. Analysts’ projections are based on making a fundamental and technical study of a crypto’s performance. Past performance is no guarantee of future results.
It’s important to do your own research, and always remember that your decision to trade depends on your attitude to risk, your expertise in the market, the spread of your investment portfolio and how comfortable you feel about losing money. You should never invest money that you cannot afford to lose.
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