IOTA (MIOTA): Big News, Big Losses?

IOTA Update

The crypto markets are a perfect sea of red today. IOTA is down in the double-digits, which may come as a surprise to some. After all, the foundation has had a pretty successful two weeks. 

The Latest IOTA News

On May 2, IOTA disclosed that it has joined the Mobility Open Blockchain Initiative. Then, on May 5, word surfaced that IOTA was the sole winner of a partnership with Porsche, a German auto-manufacturer. The altcoins foundation will reportedly be working with Porsche on a project, called the Program 4 project. 

Three days later, IOTA was leading the cryptocurrency market. The news about Porsche came the same week that the altcoin started trading on Huobi. Meanwhile, this week, things are still looking optimistic for the altcoin. That is, in terms of announcements. 

Late Thursday, the IOTA Foundation announced that it has added Michael Nilles to its team. Further, today, the altcoin got a shout out from emerging blockchain service provider BiiLabs. Both of these announcements were positive enough to send the coin towards the bright green light, but that didn’t happen. 


The foundation has seen numerous positive announcements surface this week. However, that hasn’t helped the altcoin much today. MIOTA is still down significantly on the crypto markets.

MIOTA is currently selling for $1.92. This puts the coin down 13.88% in the past twenty-four hours. The altcoin has a market cap of $5.34 billion. The coin holds the title of being the 8th largest cryptocurrency. 

Source: CoinMarketCap

What is the Crypto Community Saying about the Coin?

When it comes to discussing the altcoin, the crypto community has remained pretty quiet on social media. That said, there are tweets like the one placed below out there. These sorts of tweets show people are thinking about the coin in innovative ways.

The IOTA Takeaway

Are you surprised to see the coin in the red zone today, considering all that has been announced over the past two weeks? Let me know below! 

Featured Image: Depositphotos/© aa-w

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