IOTA reaches 10-month highs following $100m foundation launch

The native token of the $IOTA distributed ledger ecosystem, also called $IOTA, witnessed a sudden rally following the announcement of the new $IOTA Foundation in the United Arab Emirates (UAE).

$IOTA is up by 35% in the past 24 hours and is trading at $0.236 at the time of writing. The asset reached a 10-month high of $0.285 shortly after the big announcement. $IOTA’s market cap is currently standing at around $720 million with a daily trading volume of $773 million.

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$IOTA price, social volume and total open interest – Nov. 30 | Source: Santiment

Despite the recent rally, $IOTA is still down by 95% from its all-time high of $5.69 on Dec. 20, 2017.

On Nov 29, $IOTA announced the launch of the $100 million distributed ledger technology (DLT) foundation regulated with the Abu Dhabi Global Market, called the $IOTA foundation.

Per the announcement, the new foundation will be based in Abu Dhabi and the company will invest $100 million worth of $IOTA tokens in its seed round. The assets will be vested for four years with the main aim of building the $IOTA ecosystem.

According to data provided by the market intelligence platform Santiment, the recent announcement has triggered a massive boost to $IOTA’s social activity. The asset’s social volume witnessed a 1,745% rally in the past 24 hours, per Santiment data.

Moreover, $IOTA’s total open interest (OI) has been constantly rising since Nov. 21. According to Santiment, $IOTA’s total OI rose from $8.7 million on Nov. 27 to $8.8 million a day later. However, there’s no real-time data to show the exact OI of the token.

In late January this year, the European Union selected $IOTA for the European Blockchain Pre-Commercial Procurement to test the blockchain technology.