In the past 30 years, the growth of the internet and digital technology has transformed the way the world operates and now artificial intelligence and machine learning continue to shift the balance of power away from physical labor and more toward a future filled with automation and smart technology.
IoTeX (IOTX), a blockchain-based project focused on Internet of Things (IoT) devices and the future of machine learning in the workforce, aims to design an open ecosystem that facilitates interaction between people and machines, and over the past month, the project's IOTX token has rallied more than 200%.
Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $0.055 on Oct. 27, the price of IOTX has surged 377% to a new record high at $0.263 on Nov. 13 as its 24-hour trading volume spiked to a record $3.93 billion.
Three reasons for the breakout price action for IOTX are the rebranding of the project to focus on the rise of MachineFi, the addition of support from multiple protocols and exchanges, and the launch of nonfungible tokens (NFT) and decentralized finance (DeFi) projects on the IoTeX mainnet.
The rise of MachineFi
The biggest boost for the IoTeX ecosystem came early in November when the project announced that it was rebranding to focus on “The rise of MachineFi” as a way to further integrate machines, the Metaverse and the traditional workforce.
MachineFi follows the emergence of DeFi and more recently, GameFi, and is intended to deal with the confluence of smart devices, machines and finance through the integration of blockchain technology.
As the number of smart devices in use continues to rise, IoTeX aims to ensure security and trust between users and their devices, as well as create a simple interface where all devices can connect and be managed.
Ecosystem expansion and exchange listings
Another reason for the growing strength of IoTeX is the recent addition of new ecosystem partners, as well as listing on several cryptocurrency exchanges, which helped to increase the token's exposure to crypto traders.
This year, IOTX listed on ABRA, Crypto.com, LBank and Coinbase, and was added to Pokket, a passive yield-generating platform.
The project has also been busy establishing partnerships with other projects in the cryptocurrency sector, including integrations with Chainlink, the mobility as a service protocol MobiFi, Health Blocks, the Ethereum Push Notification Service, Travala and the blockchain payments provider NOWPayments.
DeFi and NFTs launch on the network
A third factor helping to drive the price of IOTX higher has been the expansion of the IoTeX ecosystem and the addition of multiple NFT and DeFi projects to the protocol.
DeFi is the largest sector of growth in the IoTeX ecosystem and some of the recent project launches include WOWSwap, the first leverage decentralized exchange (DEX) on IoTeX, Mimo DEX, and the cross-chain compatible Parrot Protocol, NAOS Finance and Firebird Finance.
On the NFT front, IOTX has benefited from the launch of Sota Finance, the first NFT marketplace on the IoTeX network, as well as the launch of multiple NFT projects including StarCrazy and PlaceWar.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for IOTX on Oct. 20, prior to the recent price rise.
The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.
As seen in the chart above, the VORTECS™ Score for IOTX spiked into the green on Oct. 20 and reached a high of 70, around seven days before the price began to increase by 377% over the next three weeks.
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