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IOTA Price Prediction 2024: IOTA Launches New Testnet

Last Updated May 16, 2024 11:54 AM
Peter Henn
Last Updated May 16, 2024 11:54 AM

Key Takeaways

  • The MIOTA coin started 2024 on a downtrend.
  • Can IOTA restart its recovery?
  • Investors will be hoping a new Testnet can help boost the crypto.
  • One IOTA price prediction says the crypto can reach $0.55 in 2025.

The IOTA platform launched its new Testnet, IOTA 2.0 in May 2024. The new platform will use a proof-of-stake consensus mechanism.

However, IOTA’s MIOTA coin does not appear to have reacted to the news in any meaningful way.

On May 16, 2024, IOTA was worth $0.2147.

IOTA did not immediately respond to a request for comment.

But what is IOTA (MIOTA)? How does IOTA work? Let’s see what we can find out, and also take a look at some of the IOTA price predictions that were being made as of May 16, 2024.

IOTA Coin Price Prediction

Let’s examine some of the IOTA price predictions being made on May 16, 2024. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate. Additionally, please remember that many long-term crypto price predictions are generated using algorithms, which means they can change at any time.

2024 2025 2030
Prediction #1 $0.3781 $0.5106 $1.10
Prediction #2 $0.47 $0.55 $1.59
Prediction #3 $0.2167 $0.3267 $2.18

First, CoinCodex  had a fairly optimistic short-term IOTA price prediction. The site said the coin would reach $0.25 by May 21 and hit $0.31 by June 14. The site’s technical analysis was bearish, with eight indicators sending bullish signals and 23 making discouraging ones. 

IOTA Price Prediction for 2024

CaptainAltCoin  said that IOTA would be worth $0.3781 in December, while DigitalCoinPrice  said it could reach $0.47 this year. PricePrediction.net  said IOTA would trade at $0.2167 this year. 

IOTA Price Prediction for 2025

Moving on, DigitalCoinPrice said IOTA would trade at $0.55 in 2025. PricePrediction.net said it would be worth $0.3267 that year. CaptainAltCoin’s IOTA price forecast said it would stand at $0.5106 in two years. 

IOTA Price Prediction for 2030

Looking at a more long-term IOTA price prediction, PricePrediction.net said it would trade at $2.18 in 2030. CaptainAltCoin said it would be worth $1.10 and DigitalCoinPrice’s IOTA price prediction said it would hit $1.59 at the start of the next decade. 

Google BardAI Price Prediction for IOTA (as of May 16)

Google’s Gemini platform gave the following price prediction for IOTA on May 16. Please remember that the exact price prediction of an asset or cryptocurrency in the future is nearly impossible to achieve. Additionally, artificial intelligence price predictions are predicated on past performances and are in no way entirely accurate.

Short-term (Next few days):

  • Possible increase of 2-5%. Reasons: This prediction is based on recent price movements and technical indicators that are showing a slightly bullish sentiment. However, the cryptocurrency market is volatile, and unforeseen events could cause the price to swing in either direction.

Medium-term (Next 6 months to a year):

  • Potential range of $0.20 – $1.00. Reasons:
    • Upward trend: If IOTA gains traction and partnerships in the Internet of Things (IoT) space, its value could rise due to increased adoption.
    • Market swings: The overall cryptocurrency market will play a role. If the market experiences a bull run, IOTA could see significant gains. Conversely, a bear market could pull the price down.

Long-term (Next 5+ years):

  • Varied predictions from different sources:
    • $1 – $3: This range reflects a steady growth based on IOTA’s potential in the IoT landscape.
    • Up to $10: This optimistic outlook hinges on IOTA becoming the dominant solution for secure microtransactions in the IoT. However, this is a less likely scenario due to competition and market uncertainties.

Important to consider:

  • These are predictions, not guarantees. The cryptocurrency market is highly volatile, and unforeseen events can significantly impact prices.
  • Always do your own research before investing in any cryptocurrency. Consider factors like IOTA’s development progress, adoption rate, and the overall market conditions.

Recent Updates from IOTA

IOTA has announced  the official launch of its IOTA 2.0 testnet. This update introduces a decentralized proof-of-stake mechanism, replacing the former coordinator-driven system and bidding farewell to the traditional proof-of-work consensus mechanism. By doing so, it not only amplifies scalability but also mitigates environmental impact, according to IOTA.

The overarching goal of IOTA 2.0 is to fortify the network’s foundation, fostering enhanced security, scalability, and eco-friendliness. This step beckons the community to actively engage in testing and refining processes, thereby co-creating a robust ecosystem.

IOTA Price History

Now, let’s examine some of the highlights and lowlights of the IOTA price history . While we should never take past performance as an indicator of future results, knowing what the coin has achieved can provide us with some very useful context if we want to make or interpret an IOTA price prediction.

IOTA hit the open market in the middle of 2017 and, on June 15 that year, it was worth $0.3637. At the end of the year, the crypto market entered a bubble and MIOTA reached an all-time high of $5.69. 

The bubble burst pretty early on in 2018 and the market entered a so-called crypto winter. As a result, IOTA spent much of the next three years hovering around the $0.20 mark. 

The winter turned into a spring in early 2021 when the crypto market flourished and IOTA broke past $1 in February before climbing past $2 in April. There was a downturn in May and the coin ended up closing the year at $1.32. 

2022 was, on the other hand, a very bad year for crypto. IOTA struggled as the market fell following the collapse of the Terra (LUNA) crypto and the bankruptcy of the FTX (FTT) exchange. The coin closed the year at $0.1688, representing a 12-month loss of more than 85%. 

IOTA in 2023 and 2024

IOTA price history
IOTA in 2023 and 2024. | Credit: CoinMarketCap

2023 has been a better year for crypto overall, but IOTA has mainly underperformed. While the coin started well, reaching over $0.25 in late February, the coin soon went downhill. The United States Securities and Exchange Commission (SEC) sued the Binance and Coinbase exchanges in June, which dashed hopes of a return to form. On June 10, Crypto.com (CRO) announced it was suspending its American institutional operations, and IOTA fell to $0.1388.

IOTA managed to fight back. When the market surged following a court’s ruling that Ripple’s XRP cryptocurrency was not a security if it was being sold on exchanges, IOTA reached $0.1966 on July 17. There was another downturn, though. On August 17, the market crashed again after Elon Musk’s SpaceX offloaded millions of dollars worth of Bitcoin (BTC) and US government bond yields rose. On this day, IOTA dropped to $0.1364. After that, there was something of a recovery and, by September 7 it was worth $0.1859. The crypto then fell. By October 17, 2023, it was worth about $0.148. On November 29, it shot up to $0.2852 before sliding down to about about $0.236 the following day.

IOTA started 2024 on a decreasing trend, reaching $0.2055 on January 23, 2024. It then started a sideways trend, reaching $0.2147 on May 16, 2024.

At that time, there were 3.27 billion MIOTA in circulation, representing the total supply. This gave the coin a market cap of $701.4 million, making it the 105th largest crypto by that metric.

IOTA Historical Price Data

Period IOTA Price
May 16, 2024 $0.2147
May 9, 2024 $0.2158
April 16, 2024 $0.2242
February 16, 2024 $0.2708
May 16, 2023 $0.1848
Launch price (June 14, 2017) $0.5923
All-time high (December 18, 2017) $4.2440
All-time low (August 27, 2023) $0.1483

IOTA Price Analysis

IOTA Price Analysis
It looks like IOTA could reach $0.65 | Credit: Nikola Lazic/TradingView

After peaking at $2.70 in April 2021, IOTA fell 95%, reaching a plateau of around $0.15 in December 2022. This was followed by a prolonged sideways movement that formed a range of $0.26. IOTA could have been in its consolidation phase until it finally broke out above $0.26 on November 30 last year. 

We saw a high of $0.37 on December 4, after which the price reversed and fell back to $0.20 on January 24. However, it has risen by more than 100% since then, reaching a high of $0.42 on March 14. 

The following downturn led the price to a low of $0.20, a significant horizontal area in the past. It first fell to this level on April 13 but revisited it on May 2 and 14. A descending trendline has formed since its March high, and its breakout could signal the start of a new uptrend. 

If the $0.20 level is confirmed as support and IOTA bounces above $0.25, we can anticipate a move to $0.65. 

Is IOTA a Good Investment?

It is difficult to tell. A lot will depend on what impact, if any, IOTA 2.0 will have. 

You should also note that IOTA is one of many cryptos whose all-time high came nearly six years ago, during the bubble of late 2017 and early 2018. 

On the other hand, IOTA does seem to perform a pretty useful function and, perhaps more importantly, does something other crypto platforms don’t do. It is one of the largest, if not the largest, crypto operating in the Internet of Things space, which gives it a prominence investors may welcome. 

As ever with crypto, you will need to make sure you do your research before deciding whether or not to invest in MIOTA.

Will IOTA go up or down?

No one can tell right now. While the IOTA crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up. 

Should I invest in IOTA?

Before you decide whether or not to invest in IOTA, you will have to do your research, not only on MIOTA but on other coins and tokens such as Ethereum (ETH) or Solana (SOL). Either way, you will also need to make sure that you never invest more money than you can afford to lose.

Who are the Founders of IOTA?

Computer developers David Sønstebø , Dominik Schiener , Sergey Ivancheglo , and Serguei Popov founded the IOTA  platform in 2014. Ivancheglo quit his role at the organization in 2019, claiming he was better suited to a “less rigid” work environment. 

Who Owns the Most IOTA?

One wallet held 16.32% of the IOTA supply as of May 16, 2024.

Richest IOTA Wallet Addresses

On May 16, 2024, the five wallets with the most IOTA were

  • iota1qrukjnd6jhgwc0ls6dgt574sxuulcsmq5lnzhtv4jmlwkydhe2zvy69t7jj. This wallet held 453,713,269 MIOTA, or 16.32% of the supply.
  • iota1qrkwdhv2juxue3ju8ug9wfyw2q68qh495cjsn87svyfjytka7y3c6nf3lrk. This wallet also held 449,030,769 MIOTA, or 16.15% of the supply.
  • iota1qp8h9augeh6tk3uvlxqfapuwv93atv63eqkpru029p6sgvr49eufyz7katr. This wallet held 275,821,482 MIOTA or 9.92% of the supply.
  • iota1qr4chj9jwhauvegqy40sdhj93mzmvc3mg9cmzlv2y6j8vpyxpvug2y6h5jd. This wallet held 263,168,469 MIOTA or 9.47% of the supply.
  • iota1qpgu2huct4k599rh0ry9ffjs6dm8xhpzq3jmfd4ta8tr3vxve85wkj783q9. This wallet held 250,233,198 MIOTA or 9.00% of the supply.

Fact Box

Supply and distribution Figures
Total supply 3,267,780,757
Circulating supply (as of May 16, 2024) 3,267,780,757 (100% of total supply)
Holder distribution Top 10 holders own 76% of maximum supply as of May 16, 2024

From the Whitepaper

In its technical documentation or whitepaper , IOTA says that it is designed to stop what it describes as the “illogical” situation when a transaction fee is more than the actual transaction. 

It says: “It is not easy to get rid of fees in the blockchain infrastructure since they serve as the incentive for creators of blocks.”

The platform claims that its structure, called The Tangle, simplifies things and makes things easier, cheaper, and more user-friendly.

IOTA (MIOTA) Explained

IOTA went live in 2015 and its eponymous coin hit the open market in 2017. 

The system was designed to work with the Internet of Things. This term covers devices such as smart fridges, heating systems, or voice controlled digital assistants, like Amazon’s Alexa or Google Home, that are on the internet but are not computers of any kind. IOTA aims to be the platform that carries out transactions between Internet of Things devices. 

At the time of IOTA’s launch, Sønstebø said : “IOTA should not be considered an alternative coin (altcoin) to existing cryptocurrencies such as Bitcoin, rather it is an extension of the growing Blockchain ecosystem. It’s meant to work in synergy with these other platforms to form cohesion and symbiotic relationships. IOTA is designed to provide one solution that no other crypto does: efficient, secure, lightweight, real-time micro-transactions without fees.”

How IOTA Works

What makes IOTA different is that it is not based on a blockchain. Instead, it is a distributed ledger, similar to, but not the same thing as a blockchain. 

Blockchains are made up of blocks of data, but distributed ledgers do not have to use blocks. They just have to have data spread across a group of computer users, or nodes. Another difference is that all the data in a blockchain has to be in a particular order, while a non-blockchain distributed ledger does not need to have data in sequence. 

IOTA’s ledger is called The Tangle. If you were to draw a diagram of it, it would, appropriately, look like a tangle of lines. While blockchains are a kind of distributed ledger, not all distributed ledgers are blockchains.

The IOTA coin powers the ledger and allows IoT devices to, in effect, make transactions. Two previous transactions from another computer, or node, on the network, are used to process a transaction, while a comparatively simple mathematical puzzle is used to help validate it. This means, at least in theory, that there are no fees for transactions on the system and very small microtransactions can take place. 

IOTA is usually traded in mega-IOTAs, or MIOTA, which comprise 1,000 IOTA coins. The price of IOTA is measured in terms of MIOTA, which is why MIOTA is IOTA’s ticker handle.

IOTA Attention Tracker

IOTA's Google search volume
IOTA’s Google search volume for the last 90 days. Credit | Google
Here is a chart for IOTA’s Google search volume for the past 90 days. This represents how many times the term “IOTA” has been Googled over the previous 90 days.

FAQs 

How many IOTA are there?

On May 16, 2024, there were 3.27 billion IOTA in circulation, representing the total supply.

Will IOTA reach $1?

It might do, but not for a little while. PricePrediction.net said it would break past the dollar in 2028, while DigitalCoinPrice said it would happen in 2026. CaptainAltCoin, meanwhile, said it would reach that target by 2030.

Keep in mind that IOTA has not traded at more than a dollar since January 2022.

What is IOTA used for?

IOTA pays for transactions on the IOTA blockchain. People can also buy, sell, and trade it on exchanges. 

Disclaimer

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability, and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto user should research multiple viewpoints and be familiar with all local regulations before committing to an investment.

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