IOTA Token Price Remained on Edge on Monday Despite Activating the Biggest Upgrade in Its History

IOTA, a cryptocurrency used for the internet of things applications, remained on edge on Monday even as the developers activated the biggest upgrade in its history. IOTA (IOTA) dropped to $0.2040, a few points below last week’s high of $0.24. This retreat brought its market cap to $777 million.

The main news on Monday was that the developers implemented Rebased, the biggest upgrade to date, benefiting both token holders and developers.

Rebased introduced decentralization to the IOTA network by activating 150 top validators, including Ankr, Nansen, and Blockscope. This shift means IOTA holders who delegate their tokens will now earn between 10% and 15% in annual returns.

After more than 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. @iota

— IOTA Foundation (@iotafoundation) June 12, 2023

Rebased also added Move smart contracts, enabling developers to build decentralized applications in areas such as DeFi, NFTs, gaming, and stablecoins. The upgrade positions IOTA as a top alternative to chains like Stellar (CRYPTO: XLM) and Solana (CRYPTO: SOL).

Further, IOTA is now one of the fastest and least expensive chains in the crypto industry. It can handle over 50,000 transactions per second, significantly more than Solana’s 3,000 and Ethereum’s 35.

On-chain data shows that IOTA has accumulated almost 350,000 addresses, with over 1,709 active ones on Monday. This growth may accelerate if Rebased becomes a successful network in the crypto industry.

IOTA price technical analysis

The daily chart shows that IOTA was trading at $0.200 on Monday, down from $0.2415 last week. It is currently consolidating around the 100-day moving average, while the Relative Strength Index and broader altcoin sentiment have pointed downward.

IOTA price chart by Trading View

The token’s volume has also declined significantly, suggesting it may be in the accumulation phase of the Wyckoff Theory. Additionally, the chart is forming a small bullish flag pattern.

Therefore, the token will likely attempt a bullish breakout later this week. If this happens, the next target will be the March 2 swing high at $0.3143.