Is It Too Late To Buy IOTeX?
On August 11th, IOTeX (IOTX) rallied by over 200%. This saw it hit highs it has never tested since its inception in 2018. Now that it has mooned, one may be left wondering, is it too late to buy?
Well, No! This could just be the beginning of even more exponential gains for this cryptocurrency.
The Coinbase Listing Has Created Awareness
The main reason why IOTeX rallied to an all-time high on 11th August was its listing on Coinbase.
Being one of the largest and most used crypto exchanges in the U.S, Coinbase listings always create excitement.
That’s because Coinbase opens crypto to investment by the American crypto community, and that’s good for demand.
Coinbase also creates an element of trust by investors, especially in small cryptocurrencies.
That’s because the exchange has a very stringent listing procedure. It even uses proprietary software to check for smart contract correctness of tokens before it lists them.
These are factors that will play into IOTeX’s price action going into the future. Due to the high number of scams in the crypto market, some people were hitherto afraid of investing in this project but will now buy into it.
Similarly, investors looking to diversify their token portfolios will also play into the demand dynamics of this crypto. It is a factor that could see it gain upside momentum going into the future.
Coinbase Listing Has Come At A Perfect Time
Crypto pumps due to major exchange listings happen all the time. However, what happens after, is largely dependent on the broader market dynamics.
A dump will inevitably follow if a little-known token gets a major exchange listing deep in a bear market.
However, if it happens in the middle of a bull market, what follows is even more gains. Shiba Inu is a good example on this front. It was listed on Binance in the middle of the last crypto rally and outperformed the market by a huge margin.
IOTeX listing on Coinbase comes at a pretty similar time. It has been listed at a time when the broader crypto market is in a major recovery.
Bitcoin only recently broke through two major resistance levels in days. This points to growing bullish momentum.
If it sustains, then the entire market will keep rising too. For IOTeX, which has already built up momentum over the last couple of days, FOMO could see it gain even more.
It Has A Big Community Behind It
Hype matters in crypto and plays a huge role in a cryptocurrency’s performance during bull cycles.
IOTeX has a similarly vibrant and robust community. They have a strong presence on Twitter, and other social media platforms.
With the visibility boost that they have received through Coinbase, the hype created could help push IOTeX to new heights as the market gains upside momentum.
IOTeX Has A Promising Use Case
Besides the hype around this crypto, this project has a pretty strong use case. It aims to help people connect their devices to the internet without giving away their privacy.
This is a big deal considering that IoT is the next big step in internet connectivity. With technologies like 5G, this process will only accelerate.
While IOTeX is not the first to make it at this market, it is one of the ones that have taken a serious crack at the issue of privacy in IoT. This is a big deal because data privacy concerns will only grow as more devices get connected to the internet.
It’s a huge source of intrinsic value for this project, one that could see it gain in adoption and value over time.
Since the marrying of IoT and blockchain technology is still in its infancy, it goes without saying that this project has what it takes to test new highs beyond the highs that it has achieved in the last couple of days.
IOTeX Is Already Being Adopted
Every blockchain project out there promises to change the world in one way or the other.
However, most of them end up being pump and dump schemes that don’t ever achieve much.
IOTeX is a little different on this front. Though it is still a relatively small project compared to industry heavyweights like Bitcoin and Ethereum, its adoption is impressive.
So far, it has more than 6900 devices connected to its network. The project also has some big backers behind it and top developers working on it.
This means it neither has the risk of running out of financing or failing due to a lack of developers.
When all these factors are put together, there is no doubt that it is still early days to invest in IOTeX.
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