IoTeX coin price surged 377% to a record high in just a few weeks. The price has risen from a low of $0.055 on Oct. 27 to a new record high of $0.263, with a 24-hour trading volume topping $3.93 billion. This surge was driven by several factors, including the rebranding to MachineFi, the addition of support from multiple protocols, and the launch of decentralized finance projects.
The IoTeX ecosystem continues to grow. In October, the company reported that active users had increased five-fold in a month. In early November, IOTX had become the second-most-traded token on Coinbase, beating out bitcoin and ether. While there are still some challenges and risks associated with using this new currency, there are several positive factors to keep an eye on.
One reason to consider IOTX is the IoTeX ecosystem. The IoTeX platform leverages blockchain technology to help connect IoT devices. By 2022, there will be 18 billion IoT devices. While many IoT platforms today are centralized and expensive to operate, IoTeX seeks to create an ecosystem where humans and machines can communicate freely.
IoTeX is building the next generation of the internet. The Internet of Things is a concept in which every device can be connected and interact. IOTX coin news has been very positive this week, with the price rising by eleven percent overnight.