IoTeX ‘MachineFi’ rebrand backs 200%+ rally to a new all-time high

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Over the past 30 years, the growth of the internet and digital technology has transformed the way the world works and today, artificial intelligence and machine learning continue to shift the balance of power in physical labor. towards a future filled with automation and intelligent technology.

IoTeX (IOTX), a blockchain-based project focused on Internet of Things (IoT) devices and the future of machine learning in the workplace, aims to design an open ecosystem that facilitates interaction between people and machines and, over the past month, IOTX token projects has grown by over 200%.

Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $ 0.055 on October 27, the IOTX price has jumped 377% to a new high of $ 0.263 on November 13 as its 24-hour trading volume hit a record high. $ 3.93 billion.

4 hour IOTX / USDT chart. Source: TradingView

Three reasons for the breakout price action for IOTX include rebranding the project to focus on the rise of MachineFi, adding support for multiple protocols and exchanges, and launching non-fungible tokens (NFT ) and decentralized financing projects (DeFi) on the main IoTeX network.

The rise of MachineFi

The biggest boost for the IoTeX ecosystem came in early November when the project announced it was changing brands to focus on “The Rise of MachineFi” as a way to further integrate machines, metaverse and the hand. -traditional work.

MachineFi follows the emergence of DeFi and more recently GameFi, and is intended to address the confluence of smart devices, machines, and finance through the integration of blockchain technology.

As the number of smart devices in use continues to increase, IoTeX aims to provide security and trust between users and their devices, as well as create a simple interface where all devices can connect and be managed.

Ecosystem expansion and exchange lists

Another reason for the growing strength of IoTeX is the recent addition of new ecosystem partners, as well as listing on multiple cryptocurrency exchanges, which has helped increase the token’s exposure to traders from around the world. crypto.

This year, IOTX is listed on ABRA, Crypto.com, LBank and Coinbase, in addition to being added to Pokket, a passive yield-generating platform.

The project has also been busy building partnerships with other projects in the cryptocurrency industry, including integrations with Chainlink, Mobility Protocol as a Service MobiFi, Health Blocks, Ethereum push notification service, Travala and blockchain payments provider NOWPayments.

Related: To work for everyone, the metaverse needs to be decentralized

DeFi and NFT launch on the network

A third factor that has helped increase the price of IOTX has been the expansion of the IoTeX ecosystem and the addition of several NFT and DeFi projects to the protocol.

DeFi is the biggest growth area in the IoTeX ecosystem and some of the recent project launches include WOWSwap, the first decentralized leveraged exchange (DEX) on IoTeX, Mimo DEX and the cross-chain compatible Parrot protocol, NAOS Finance and Firebird Finance.

On the NFT side, IOTX benefited from the launch of Sota Finance, the first NFT marketplace on the IoTeX network, as well as the launch of several NFT projects including StarCrazy and PlaceWar.

Cointelegraph Markets Pro’s VORTECS ™ data began to detect a bullish outlook for IOTX on October 20, ahead of the recent price hike.

The VORTECS ™ score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points, including market sentiment, trade volume, recent price movements and activity Twitter.

VORTECS ™ score (green) against the IOTX price. Source: Cointelegraph Markets Pro

As shown in the graph above, the VORTECS ™ score for IOTX climbed into the green on October 20 and peaked at 70, about seven days before the price began to rise 377% in the three weeks. following.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move comes with risk, you should do your own research before making a decision.