Do you love gadgets ? Do you have a smart fridge that tells you when you’re out of milk, a smart thermostat that adjusts the temperature according to your mood, or an intelligent toilet that analyzes your poop? If so, congratulations! You’re part of the ioT or Internet of Things , a network of physical devices that can communicate and exchange data with each other.
But wait, there’s more! Did you know that you can also make money with IoT? Yes, you heard me right. Some cryptocurrencies are focused on the IoT space and claim to offer solutions for the challenges and opportunities that IoT presents, such as scalability, security, interoperability, and data management. They also enable new possibilities for data sharing and value creation among IoT devices.
Sounds too good to be true. It may be. Who doesn’t like a good gamble? In this article, I will introduce you to three cryptocurrencies that are focused on the IoT space: VeChain (VET), IOTA (MIOTA), and Fetch.ai (FET). I will tell you what they do, how they work, and how they perform.
VeChain (VET)
VeChain (VET) is a crypto that wants to be everything for everyone. It’s a versatile enterprise-grade L1 intelligent contract platform that uses distributed governance and Internet of Things (IoT) technologies for an ecosystem that solves big data hurdles for many global industries, from medical to energy and food & beverage to sustainability and SDG goals. Wow, that’s a mouthful.
It uses two tokens, VET and VTHO, to develop and create value based on its VeChainThor public blockchain.
VET has a market cap of $1.1 billion and a circulating supply of 72.5 billion tokens as of April 8th, 2023. The current price is USD 0.0244 per token, 91% below its all-time high of USD 0.28 on December 19th, 20173. Ouch.
In a 4-hour time frame, the price is moving inside the rising wedge. the price is bouncing from the support trendline of the wedge. Currently, the price is facing a resistance zone. we have to wait for a successful breakout or breakdown to confirm its next direction.
IOTA (MIOTA)
IOTA (MIOTA) is a cryptocurrency that doesn’t use blockchain. Instead, it uses a proprietary technology called Tangle, a node system that confirms transactions4. The foundation behind this platform says this offers far greater speeds than conventional blockchains — and an ideal footprint for the ever-expanding Internet of Things ecosystem.
IOTA aims to become the de facto platform for executing transactions between IoT devices.
Some of its partners include Bosch, Jaguar Land Rover, Dell Technologies, and Zebra Technologies.
MIOTA has a market cap of $637 million and a circulating supply of 2.8 billion tokens as of April 8th, 2023. The current price is USD 0.23 per token, 91.81% below its all-time high of USD 5.69 on December 19th, 2017.
In a 12-hour time frame, the price is moving inside the Adam&Eve chart pattern. Currently, the price is trying to break the neckline of the pattern. if it breaks the neckline and after a successful retest, then it can go upward.
Fetch.ai (FET)
Fetch.ai (FET) is an artificial intelligence (AI) lab building an open, permissionless, decentralized machine learning network with a crypto economy. The Fetch.ai model is rooted in use cases like optimizing DeFi trading services, transportation networks (parking, micro-mobility), smart energy grids, and travel — essentially any complex digital system that relies on large-scale datasets1.
Fetch.ai uses autonomous economic agents (AEAs) that act on behalf of their owners to generate economic value. These agents can communicate, negotiate and trade with each other using the Fetch.ai network and smart contracts.
FET has a market cap of $282 million and a circulating supply of 818.9 million tokens as of April 8th, 2023. The current price is USD 0.35 per token, 71% below its all-time high of USD 1.19 on September 8th, 2021.
In a 4-hour time frame, the price is moving above the horizontal support zone of the descending triangle. we have to wait for a successful breakout or breakdown to confirm its next direction of $FET.
Conclusion
This article explored three cryptocurrencies focused on the IoT space: VET, MIOTA, and FET. We have looked at their features, use cases, and price performance. These cryptocurrencies aim to provide solutions for IoT’s challenges and opportunities, such as scalability, security, interoperability, and data management. They also enable new possibilities for data sharing and value creation among IoT devices.
However, these cryptocurrencies face risks and uncertainties, such as regulatory hurdles, technical issues, market volatility, and competition. Therefore, investors should do their research and due diligence before investing in cryptocurrency.
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