IOTA Token Surges 43% Following Creation of Iota Ecosystem DLT Foundation and Abu Dhabi Registration

The IOTA token experienced a 43% surge on November 29th after the announcement of the establishment of the Iota Ecosystem DLT Foundation and its registration in Abu Dhabi. This foundation will be the first to be regulated by the Abu Dhabi Global Market. The foundation will receive $100 million in IOTA tokens over a four-year period. The market responded positively to this news and perceived it as a short-term bullish catalyst. Previous examples have shown that ecosystem and developer incentives tend to attract liquidity and boost market sentiment. The chart analysis also suggests that the recent price breakout was a result of a low funding rate, indicating a crowded short position. The IOTA token was previously trading at a multiyear low, indicating a lack of interest from traders. It remains to be seen if this price surge will be sustained. Please note that this article does not provide investment advice and readers should conduct their own research.

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