IOTA Triggers 11,500% Volume Surge as Price Jumps 35%

$IOTA saw a massive price spike in Wednesday's trading session, jumping from lows of $0.172 to highs of $0.289 in an instant.

The rapid price increase occurred after $IOTA announced that it was the first DLT foundation to be regulated by the Abu Dhabi Global Market (ADGM). To support and accelerate the expansion of the $IOTA ecosystem, the new $IOTA Foundation will be seeded with over $100 million in $IOTA tokens.

In September of this year, $IOTA announced plans to establish a new foundation in Abu Dhabi, United Arab Emirates, to further its global expansion. This historic achievement places $IOTA at the vanguard of digital and real-world convergence in the financial sector, both in the MENA region and globally.

That said, the $IOTA price gains were sustained in early Thursday trading, and at the time of writing, $IOTA was up 35.25% in the last 24 hours to $0.238. $IOTA was likewise sustaining its surge in trading volumes.

According to CoinMarketCap data, $IOTA has experienced a massive 11,851% volume spike in the last 24 hours, representing $833,243,800 worth of trading within this period.

Matching the positivity surrounding the ecosystem, $IOTA has also gained a new futures listing on the British Virgin Islands-based crypto exchange, LBANK, which announced that $IOTA perpetual contracts with up to 20x leverage are now live.

In the past week, $IOTA announced that users could now explore $IOTA Identity 1.0 on $IOTA and Shimmer.

$IOTA Identity 1.0 lays the foundation for ambitious identity solutions for individuals, organizations and objects.

With the Stardust protocol upgrade, NFTs can now be minted and transferred on Layer 1 through dedicated $NFT outputs, and DIDs can help prove the identity of the $NFT issuer. Smart contract chains can be provably linked to identities using $IOTA Identity.