Alts are not having an easy time of it recently, as market fear and macro events prompt traders to look at Bitcoin [BTC], Ethereum [ETH], and other big coins as they search out stability and security. However, that doesn’t mean projects outside the top 10 list are losing out on the action. In fact, IOTA [MIOTA] has been seeing some interesting happenings.
It takes a village to raise a crypto
At press time, MIOTA was the #58 biggest crypto by market cap, changing hands at $0.5051 after falling by 7.09% in a day, and plunging by 16.63% in the past week. This isn’t too different from the rest of the top 100 alts, so why is it newsworthy?
Data from Santiment showed that MIOTA volumes had previously fallen in tandem with the price. However, volumes were slowly rising at press time. Though far from the breathtaking surges in volume recorded between August and December 2021, the latest data suggests something is going on.
Source: Santiment
However, MIOTA investors who believe in the project definitely have one reason to cheer. Development activity for the asset has been rising. Though it was dropping at press time, the dev. activity contributors count has been consistently high since about January 2022 and is moving towards all-time-highs.
Source: Santiment
This suggests that developers’ faith in the asset is strong and that even if MIOTA’s price has been falling, those building behind the scenes aren’t ready to let go yet.
Source: Santiment
Next up, is a rather mixed bag of a metric, known as social dominance. While social dominance for the asset was spiking at press time, it’s undeniable that the metric has been steadily falling since the peaks it touched in early 2021.
This shows that while the community is still capable of making an impression, mentions have been dropping over time.
Source: Santiment
Hats off to you!
One reason for the changes in MIOTA’s metrics could be a recent news development. Yahoo Finance reported that Panama had approved legislation to allow Bitcoin and eight other cryptocurrencies to be accepted as a means of payment in the Latin American country. One of these eight cryptos was reportedly IOTA.
With the news coming in at the end of April, investors should keep an eye on the headlines emerging from Panama to understand how this new variable could affect their portfolio.
