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IOTA

IOTA Foundation lays out plan for migration to Chrysalis phase 2

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  • With the launch of Chrysalis phase 2, IOTA holders will need to migrate their tokens from the current network to the new one.
  • The migration will be possible at least until the launch of Coordicide.

The IOTA Foundation will be launching Chrysalis phase 2 or IOTA 1.5 to usher in a “more mature network” that promises to be ready for enterprise scale deployment. However, before Chrysalis phase 2 can be activated, a migration process is required, which consists of its own 2 phases.

As a new blog post from the IOTA Foundation explains, the process will involve the migration of the IOTA token to EdDSA addresses. In anticipation of the release of documentation and guidelines for this process, the IOTA Foundation touted this process as one of the most anticipated aspects of the Chrysalis update.

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IOTA’s migration process

As announced by IOTA Foundation’s Director of Engineering Jakub Cech, “everyone will need to migrate their tokens from the current network to the new one.” The migration will be split into a pre-launch period and a post-launch period.

In the first of these two phases, which will occur one week before the Chrysalis launch, a new version of the Hornet node will be deployed. Through this software, users will be able to do “migration transactions only”. However, it is not mandatory that users migrate in the week leading up to the launch. Cech explained the 2 phases as follows:

Before Chrysalis launch – Funds migrated during the week before Chrysalis launch will be available on the new network straight away after launch.

After Chrysalis launch – A continuous migration will allow users to transfer their funds to the new network anytime after Chrysalis launch.

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TradeMark East Africa to apply IOTA’s blockchain technology to enhance UK-Kenya trade corridor

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  • TMEA to introduce blockchain technology to the UK-Kenya trade corridor for the enhanced supply chain management.
  • TMEA partnered with IOTA to improve infrastructure and trade through technology.

Trademark East Africa (TMEA) has agreed to introduce IOTA’s Tangle blockchain technology to the UK-Kenya Trade Logistics and Information Pipeline (TLIP) digital trade route to increase the visibility of the supply chain between Kenya and the UK.

By linking supply chains, the agreement will enable fast logistics clearance and easier trading. Additionally, the elimination of paperwork will lead to increased bilateral trade between the two trade partners for the benefit of the East African Community (EAC).

According to Adan Mohamed, Cabinet Secretary for Trade in Kenya, the partnership will help the region grow its trade balances.

What is even more significant is the role it is going to play to support small and medium-sized enterprises.

Frank Matsaert, CEO at TMEA, said that the digital TLIP trade corridor would increase transparency, efficiency, and cost-effectiveness in the management support of trade information. These improvements will benefit both the EAC and the African Continental Free Trade Area (AFCFTA).

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IOTA Tangle’s benefit for TLIP

TLIP is the first digital trade corridor between the UK and a developing country since Brexit, established to cater to and foster growth between the two trade partners.

The introduction of IOTA’s Tangle is further expected to accelerate growth in four key area targets of TLIP, including a 30 percent reduction in import-export time and administrative procedures, a 40 percent reduction in turnaround time, and a 20 percent reduction in compliance costs. It will also help to cut out data redundancy by over 50 percent.

IOTA and TMEA entered into a strategic partnership in March 2020 to improve infrastructure and trade through technology using Tangle. Tangle is IOTA’s innovative and open-source distributed ledger that is scalable, feeless, and designed to support frictionless data and value transfer.

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Not only are the building costs low due to the open-source, feeless nature of IOTA technology, but it is also an uncomplicated additional to the existing infrastructure.

IOTA and Tangle

IOTA is the cryptocurrency that works on top of Tangle. Tangle has some unique characteristics over other more common blockchains like Bitcoin or Ethereum. For instance, it requires users to confirm the previous two transactions in the system before processing their own. This design encourages user uptake and makes the system process transactions faster when more people are using it.

Additionally, Tangle does not require data storage in sequentially chained blocks like on most blockchains. Instead, users can store transactions in multiple devices, different orders, locations, or as mixed and split transactions. The system iterates through all transactions once the users sync their devices and groups them into their addresses, regardless of order.

Once it has processed all transactions, it displays balances, and users can verify that the balances are correct. This feature allows users to conveniently link multiple devices to the Tangle. The other unique feature is support for multi-transactions- many chained transactions that use the address. Analysts have referred to IOTA’s technology as superior to most blockchains and the project worthy of more credit for its scalability.

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Trademark East Africa is a well-respected organization funded by various development agencies to grow prosperity in East Africa through trade. TMEA spends over $100 million annually in aid-for-trade efforts in partnership with the regions’ community institutions, national governments, the private sector, and civil society organizations. It is also known globally for its commitment and success in improving livelihoods through improved trade conditions.

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IOTA (MIOTA), AVALANCHE (AVAX) Upsurges – Will Both Hit Moon Soon?

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  • IOTA (MIOTA) and Avalanche (AVAX) have been enjoying excellent market conditions.
  • The Hornet update caused the IOTA price to upsurge suddenly.
  • AVAX has gained popularity due to its low fees and rush incentive system.

Data shows that IOTA (MIOTA) and Avalanche (AVAX) have been enjoying excellent market conditions. These two cryptocurrencies are considered as one of the potential altcoins as it makes many well-known firms as partners. In fact, the price of IOTA (MIOTA) and AVAX has increased by over 80% and 280% respectively in the last 30 days.

Reason for IOTA Current Price Surge

IOTA is showing a bullish trend. As per CoinMarketCap data, the IOTA price is at $1.69, at the time of writing.

IOTA USDT Price Chart

IOTA/USDT Price Chart (Source: TradingView)

The platform is designed for microtransactions and is considered as a reliable platform. In addition, the Hornet update caused the IOTA price to upsurge suddenly.

This brings automatic peering back and merges a faucet plugin alongside the Hornet node. Even more, the platform simplifies the method of running a private Tangle.

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Added to this, the speculation over the Nectar upgrade will enable IOTA smart contracts, leading to a recent price surge.

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Furthermore, the network also develops an upgrade alongside Firefly, a new wallet option. More so, the wallet aims to remove the complexities of crypto while staying future-proof because of its modular architecture, making it easy to incorporate new features in the future.

Reason for Avalanche Current Price Surge

Avalanche (AVAX) has gained popularity due to its low fees and rush incentive system. Recently, Avalanche Foundation announced an investment round from a venture capital group led by Three Arrow Capital and Polychain Capital.

Moreover, the $230 million raised helps support liquidity in the network’s DeFi ecosystem. In addition, the Kyber Network also released its automated market maker (AMM) on the blockchain of Avalanche as part of its $180 million incentive program.

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As per CoinMarketCap data, the AVAX price is trading at $74.42 with a 24-hour trading volume of $2,572,361,380, at the press time.

AVAX/USDT Price Chart
AVAX/USDT Price Chart (Source: TradingView)

The AVAX price surges over 30% in a week. If the bullish trend continues, the AVAX price can reach great heights soon.

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IOTA Price Prediction 2021 – 2025

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IOTA is one of the latest innovations tipped to power IoT (Internet of Things). Many people mistake IOTA for a blockchain or a cryptocurrency. But that is not what IOTA is about.

Another issue is the IOTA Price. There is a lot of speculations and prediction of the future trend of Iota Price. This write-up takes a deep dive into IOTA and IOTA price prediction 2021.

What is IOTA (MIOTA)?

A lot of people think IOTA is a blockchain. This is not true. IOTA is simply a distributed ledger technology.

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IOTA records details of transactions and executes transactions that occur on the IoT. It has to do with IoT devices. IOTA is a groundbreaking new open-source distributed ledger that does not use a blockchain.

Its innovative new quantum-proof protocol, known as the Tangle, gives rise to unique new features like zero fees, infinite scalability, fast transactions, secure data transfer, and many others. IOTA is initially focused on serving as the backbone of the Internet-of-Things (IoT).

There are several similarities between blockchain technology and IOTA. However, they are not the same. They have different structures. IOTA strives to improve and develop scalability, a common problem most Blockchain-based technology face. By solving this problem, the IOTA coin is poised for cryptocurrency market capitalization.
IOTA Overview

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COINSYMBOLPRICEMARKETCAP
iotaIOTAMIOTAMIOTA$ 1.56$ 4.35 B

IOTA Network & Signals

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IOTA and the Internet of Things

IOTA’s most detailed explanation is that IOTA is a quantum-resistant ledger that operates in the machine-to-machine economy of IoT, data integrity, nano and micropayments, and every other industry that needs an adaptable decentralized payment system.

This digital currency was started in 2015. It has no scaling limits and zero fees. The decentralized agreement also allows validators to be end-users. IOTA as a digital currency provides a dedicated money supply to end-users without an inflationary cost.

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The organization of blockchain technology has made it possible for decentralized networks to run global transactions without third-party involvement. This arrangement, while sufficient in the past, began struggling as cryptocurrency gained popularity and adoption. This problem has led to an increase in the transactions made by end-users and a slower processing speed for transactions. This is where Iota is needed.

The Latest IOTA news featured Fetch.ai and IOTA, who have now become partners and collaborated on a project for a data-sharing IoT platform. With so much potential in the technology, the partners of IOTA are definitely looking towards the bigger picture.

The Tangle Technology

Iota uses a distributed ledger different from others called Tangle. Tangle technology is block-less using ledger and IoT applications. It doesn’t require mining or other energy-consuming equipment.

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The tangle technology is a Directed Acrylic Graph. As the blockchain grows, the assets needed to maintain it reduces. This trend is different from what is obtainable for most cryptocurrencies.

As the network grows to accommodate more end-users, transactions using Tangle become faster and safer.

There has never been anything like IOTA, which is why there is so much interest in the IOTA price prediction and forecast. Many crypto giants are interested in how MIOTA grows with several predictions on its future.

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Before we take a look at IOTA price prediction, we would do an IOTA technical analysis with a view of MIOTA price history. The price history would help understand the price forecast.

Iota Technical Analysis and Price History (2017-2021)

IOTA has positioned itself at the center of blockchain technology for its pioneering role in the proliferation of the Internet of things.

Despite the success IOTA has achieved, its cryptocurrency did not gain the expected recognition from its market cap.

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IOTA Price Prediction 2021 - 2025 1
IOTA price history by Coinmarketcap
IOTA Price Prediction 2021 - 2025 2
Chart by tradingview
Technical analysis

According to the above chart, it can be seen that the market is going up as the price of IOTA is trading well above the 50-day and the 100-day Moving Averages. This means that the price of IOTA has broken out of the upper end of the Bollinger Bands. We can expect a full recovery of the past 2 months if the market keeps up the pace.

Its crypto is MIOTA. What is MIOTA, its price prediction, and its history? Let’s answer these questions.

What is MIOTA?

MIOTA is the unit of IOTA. It can be bought on most stock exchanges around the world. MIOTA is used to quote the IOTA price. The letter M refers to mega (1 million); thus, one MIOTA refers to one million IOTA units.

MIOTA, the currency used as a medium of transaction among end-users on IOTA, has not been deemed investment-worthy by the industry. IOTA is a cryptocurrency that has no transaction fees and requires no miners in order to process transactions.

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It does, however, require some computational power to submit a transaction, making it perfect for machines to use as a currency and distributed communication protocol for the Internet of Things “IoT.”

Investors expressed concerns about the prospect of MIOTA whether it has the potential to compete with others in the cryptocurrency market.

The IOTA forecast is often going between the good and bad, making investment prospects unsure.

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IOTA Price History and Analysis

MIOTA was launched to the public in 2016, with the IOTA foundation raising five hundred thousand dollars in sales from the crowd.

IOTA is still pretty new, and there is a possibility that acceptance will increase. As acceptance increases, the price of Miota is expected to increase.

The founder of IOTA expressed optimism that the price of MIOTA will increase soon as more users buy Iota.

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Based on the IOTA forecast that adoption of the cryptocurrency will lead to scarcity, the founder theorized that if each user IOTA owned at least one dollar worth of IOTA and each human owning at least two devices, the IOTA price will soar through the roof due to demand soon.

Using this price forecast by the founder, IOTA is an investment to make. It also looks to be going well right now as IOTA reached the 43 cents USD mark in the middle of August 2020.

However, you don’t want to trust the price forecast of the founder alone. That’s why we have taken the time to look at the IOTA forecast of other experts.

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Their market prediction would help you make a sound decision.

Market Predictions for Iota Price 2021

IOTA (MIOTA) is following a bearish wave trend. Analysts forecast that IOTA will reach 50 cents by the end of this year if the bearish market continues. But, if the bulls arrive, we can see that price well above $2.2. Below are some of the IOTA price predictions and IOTA forecasts.

-Trading Beasts

Trading Beasts predicts IOTA price predictions might reach $1.2406768 maximum and $0.8436603 minimum at the beginning of December. The bulls are expected to take over the marketplace by the end of this year.

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2021 IOTA price prediction
2021 IOTA price prediction by tradingbeasts

The price forecast is $0.6555731 minimum and $1.2681816 maximum by 2024. If the trend continues, Trading Beasts predict the opening of 2022 with $0.8486726 and end with a maximum value of $0.9980413.

-Digital Coin

Digital coin predicts that IOTA could go up to $1.24 before the end of 2021. According to the Digital Coin, IOTA is a favorable investment. There is no prediction of a downward turn like Trading Beasts forecast. Experts here believe that IOTA could reach over 3.69 USD by the end of 2028.

-CryptoGround

Cryptoground predicts that the price of IOTA one year from now will be around $0.4469, while by the end of 2021, it will be at 0.4792 USD.

In 2021, we can see that the Bitcoin price has hurt the Iota price. The price prediction for the IOTA price is 5.1541 USD by the end of 2026.

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IOTA digital coin long term price predictions by CryptoGround
IOTA digital coin long term price predictions by CryptoGround

-Long Forecast

The Long Forecast has a different IOTA price prediction for IOTA. Their forecast began bullishly but progressively drops in value as price drops. The long forecast contradicts other technical analysts that the IOTA price will take a long time to increase. Also, the price predictions of the Iota price value will be independent of its adoption rate.

The long price forecast predicts a market price of 90 cents at the beginning of next year, which might increase to $1.74 cents by December 2022. However, the IOTA price predictions and future prices are close to the range of $1.46-$1.12 in 2023.

According to Long Forecast, the price of IOTA at the end of 2024 will be $1.00. IOTA price predictions for its future price close at 0.39 USD in December 2024 and 0.28 USD in December 2025.

Iota Price Forecast – Cryptopolitan’s Verdict on IOTA Price Prediction for Next 5 Years

 IOTA is tipped to have a long-term rally from its short-term rally potentially. With the use of historical data, algorithms predict the IOTA price will increase over the next five years. IOTA predictions show a promising future.

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IOTA Price Prediction 2021

IOTA’s short-term forecast appears bullish. The crypto forecasts predict that the IOTA price might reach 1 USD by the end of 2021. Almost every IOTA price prediction agrees with the fact that the IOTA price would increase.

IOTA Price Prediction 2025

Forecasts state that IOTA is expected to continue growing as Wallet Investor puts it around $3.9 in the long-term. The short-term prediction puts the price of IOTA at $1.343.

Long-term and short-term price prognosis by Wallet Investor
Long-term and short-term price prognosis by Wallet Investor

According to Wallet Investor, it is highly probable that the coin will be able to overcome this bearish trend that it is currently experiencing. For a period of 5 years, it is expected that the coin will reach the price of $3.9 and make a new all-time high.

Coinswitch IOTA Prediction

Coinswitch‘s long-term IOTA price predictions are very bullish. The basis for Coinswitch‘s price prediction is rooted in fundamental analysis. This year, a lot of MIOTA projects are moving from the concept phase to the testing phase, and by the end of the year, a good number of projects would have been completed, hence, an all-around bullish prediction from Coinswitch.

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Coinswitch is betting big on a long-term bullish Cryptocurrency market. The IOTA price prediction for the end of the year is estimated to hit $4. Progressively, the price is expected to grow exponentially in the space of 5 years. By 2025 the IOTA price is likely to reach $9.847. By 2030, the bulls are expected to push the price higher to new levels, particularly $10, and possibly go higher to $12.43

What Factors Affect the Price of IOTA?

Factors that will affect the IOTA price are;

  • Adoption rate: The faster IOTA is adopted, the faster IOTA price will increase.
  • Demand: For IOTA, it is a major factor in determining its price. If there is an increase in demand, the Iota price will increase. A decrease in demand leads to a drop in IOTA price.
  • Media: Media plays a huge role in the success of any cryptocurrency. Investors depend on them to write objective pieces about these currencies. The way the media writes about a cryptocurrency is a major determinant of the market price.
  • The economic situation around the world can affect the IOTA price. The collapse of the traditional economic market due to the Covid19 pandemic will cause an increase in people seeking to secure their money in cryptocurrency such as IOTA. This demand could affect IOTA’s price.

Will IOTA Continue To Rise in 2022?

Yes, analysts are convinced that IOTA(MIOTA) price might continue to rise in 2022 and beyond. It is projected to have a steady increase.

Key Takeaways

IOTA is a distributed ledger technology developed to run the Internet of Things(IoT). One MIOTA is equal to one million IOTA. Most experts predict a rise in the value and price of IOTA(MIOTA) over time. The first ledger with microtransactions without fees as well as secure data transfer. Quantum proof.

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FAQs on IOTA Predictions

Below are questions we are frequently asked about Iota price prediction. We have answered them to give you clear insight into the price predictions.

-Is IOTA worth investing in 2021?

Yes, IOTA is projected to have a steady increase in value over the next five years. Investing in it might be worthwhile.

-What makes IOTA different?

  • Iota is different because it has a promising future as a distributed ledger developed to run the Internet of things. It is fundamentally different from blockchain technology with very different structures. Iota’s core goal is to overcome the scalability problem with Blockchain technology.
  • The Tangle technology is a directed acyclic graph (DAG) used on Iota. Tangle is open-source, feeless, scalable, and designed to enhance frictionless data and value transfer on the IoT ecosystem. The Tangle is particularly designed to solve many of the statics that traditional Blockchain is faced with at its core.
  •  Blockchain can only process 7 transactions per second. The Tangle, on the other hand, is designed to have unlimited scalability, as transactions are stored individually in one stream and entangled together, in that one transaction validates two others, increasing transaction speed drastically.
  • As recently as June, it was confirmed that The Tangle processes 300 transactions per second.
  • In contrast with Blockchain, as more transactions are carried out on the Iota network, the network speed runs even faster.

Transaction Verification Method

On Bitcoin’s Blockchain, users and miners on the network are separated into two groups. The former is then charged lesser, while the latter is rewarded when network activity is higher, and fee charges increase. This model has been proven to be inefficient and is known to cause conflict on the network.

The Tangle removes the hierarchy of responsibility by employing a different transaction verification method to eliminate this problem.

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On the Tangle, there are two groups, known as sites (transactions) and nodes (devices). Both are required to validate transactions on the network. When nodes (devices) intend to issue transactions, the nodes are required to validate previous transactions on the Iota network. With each transaction issued, the network becomes even more secure.

Zero Transaction Fees

It takes minimal computational workload to verify transactions on Iota. This introduces yet another highly beneficial feature on Iota; it is feeless. The Tangle does not reward users for issuing transactions. As such, transactions do not attract any fee charges. Not now, and not in the future.

Using The Tangle, different machines can transfer and receive data efficiently. This makes IOTA very significant for the acceleration of the internet of things ecosystem.

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IOTA Partnerships

The Tangle has put IOTA on the map as one of the most promising innovative technologies for the future of IoT. Many IoT companies have recognized iota’s potential as a next-generation technology and shown interest in adopting IOTA across their platform. IOTA Foundation has revealed that it is in talks with different companies intending to leverage the project’s underlying technology.

It was estimated that 26 billion objects would be powered by the Internet of Things this year. By 2025, the internet of things, according to McKinsey Global Institute, will make up between $4 trillion to $11 trillion of the global economy, and the Iota foundation intends to become a major kept player in pioneering this industry.

Iota has multiple use cases across the IoT industry. While some of these are expected to be implemented in the industry much later, Iota can already boast of global organic adoption. The network has already begun developing real applications and solutions for some of the largest companies in the world.

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IOTA real-world use cases

IOTA is in partnership with some of the world’s leading automobile companies. In 2018, Volkswagen partnered with Iota to integrate The Tangle technology into its vehicles. The German car manufacturing company revealed that Iota would facilitate downloading software to its vehicle while also unveiling its proof of concept for integrating Tangle extensively in its cars.

In 2019, IOTA and Volkswagen launched what it called a “Digital CarPass.” A tool that was designed to collect data for mileage. Porsche also revealed that it was in talks with IOTA to develop a tool called Program 4. IOTA and Jaguar Land Rover recently developed a “smart wallet,” which utilizes the IOTA to transfer value and data.

Clearly, IOTA is extremely focused on data processing. Another real-world use case is IOTA, Linux, and Dell Technologies partnering together to develop what is called a “data confidence fabric,” which is used for accurately verifying data.

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Smart charging, crowdfunding, smart homes, space exploration, Real-Time Data Storage, Smart grids are some of the many other fields that IOTA is being embedded into.

-What are IOTA’s future plans?

Iota’s future plan is to increase the adoption of the IOTA(MIOTA). This IOTA foundation will lead to an increase in the market price of Iota and market demand. IOTA price prediction shows the long-term IOTA forecast to be favorable.

-Will IOTA’s price go up?

Yes, most analysts agree that IOTA’s price might go up over the next couple of years. We have included various projections in the write-up. This makes the IOTA coin (MIOTA) a good investment to make.

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-What will IOTA be worth in 2030?

Long-term analysts believe Iota will be worth $4.21 by the middle of 2030, with a projected slight increase to $4.40 towards the end of the year. This analysis has been what many experts agree, and the IOTA price prediction is on the positive side. This is the minimum amount, and it could be that the coin is able to achieve the value of $10 in the long term, as suggested by Coinswitch.

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