The cryptocurrency market is trying to overcome a winter where it is struggling to find direction. However, some altcoin projects also manage to shine in winter conditions. The IOTA Foundation’s glitter token saw a 19,000% increase in market capitalization shortly after launch.
IOTA co-founder: We’re just getting started!
As you follow on Kriptokoin.com, the IOTA Foundation’s Shimmer Network (SMR) launched on September 28. Exactly one week after launch, SMR token CoinMarketCap reached a market cap of $175 million.
SMR has a diluted market capitalization of $221 million. Besides, it has seen trading volumes increase 62% in the last 24 hours. The newly launched Shimmer token also saw its first major exchange listing last week, with crypto exchange Bitfinex announcing its support. Dominik Schiener, co-founder of IOTA and president of the IOTA Foundation, shared the following after the explosion in price:
Some investors I told Shimmer were very concerned that SMR was a 100% airdrop to the community. Because, according to them, it would spill immediately. Instead, a week after launch, it went from $0 to $200 million. We just have begun. IOTA and Shimmer hodlers are made differently.
Some investors I pitched Shimmer to were very worried that $SMR was 100% airdropped to the community because "it would dump immediately"
Instead, a week after launch, we are up from $0 to $200m market cap and we're just starting.#IOTA and #Shimmer hodlers are made differently. https://t.co/sMz2JvjlD0
— Dominik Schiener ✨ (@DomSchiener) October 5, 2022
As Dominik Schiener said, the altcoin has grown from $0 to nearly $200 million. This represents an increase of almost 19,000%. Schiener says Shimmer’s SMR token is off to a good start.
“Shimmer has proven, validated and increased technology adoption”
Responding to concerns that IOTA might be abandoned for Shimmer, the IOTA co-founder said that Shimmer and IOTA will coexist in the future, helping each other to grow and accelerate the IOTA roadmap. He also noted that most upgrades will end in IOTA. In addition, he stated that Shimmer has proven, validated and increased the adoption of the technology. In this context, Shimmer made the following assessment:
If it gets a higher market cap than IOTA, I consider it a great success. Because it truly proves to the crypto industry that our technical roadmap promises maximum token usage, adoption, and a competitive L1 network cluster.
Shimmer is a free network that allows developers to launch various altcoin projects, including stablecoins, Non-Fungible Tokens (NFT), and tokenized real-world assets, on the Tier 1 (base) network. Meanwhile, Stardust plans its upgrade. Thanks to this, a major upgrade of IOTA Identity will soon be available for use in Shimmer Layer 1 of the network.
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