Why do I think $IOTX is the leader of the 2024 Depin track?
As an old investor, you must know this project. IoTeX was actually founded in 2017. It is the originator and infrastructure of the blockchain DePin track and has also experienced two rounds of bull and bear markets.
History
Since its inception, IoTeX has been committed to the combination of physical devices (and their data) and blockchain technology. Based on its contributions to the Internet of Things, IoTeX was selected as co-chair of the Industrial Internet Consortium (IIC) Blockchain Group together with Amazon and Huawei.
IoTeX has built an EVM-compatible Layer1 blockchain designed for IoT data and DePIN applications. And by providing the DePIN middleware W3bstream, DePIN physical devices and data are connected to Layer1. Any DePIN application can create its own dAPP in W3bstream with one click, incentivize the flow of real-world data according to the application logic, and generate token rewards for users.
Major positive updates in the past month
- MVL and IoTeX announced a strategic partnership on April 5 to increase the utility and value of mobility data derived from real-world assets such as vehicles and mobility services. The partnership will integrate MVL's extensive mobility data into IoTeX's DePINScan and W3bstream services, thereby establishing a new standard for transparent value sharing in the blockchain-enabled mobility ecosystem
- On April 3, IoTeX performed a network upgrade and hard fork at Binance block height 29275561 as part of enhancing network performance and capabilities. The upgrade is part of the broader IoTeX 2.0 strategy, which focuses on becoming the center of the DePIN project and solving liquidity challenges. The initiative also aims to simplify the technology stack and create a platform to integrate data from real-world assets into blockchain networks
- Recently received approximately US$50 million in financing from several well-known crypto private equity funds, which will be injected into long-term staking, INsurf accelerator and help ecological construction. The project will also focus on AI, energy, mobile travel and other fields, promising to create a new era of growth and innovation in the DePIN field.
Secondary market performance forecast
IoTeX's secondary market performance has made a lot of big moves in the past week. After a wave of adjustments, the price has been bullish with the financing benefits, and is expected to break through 0 in April.1 USD.
Since the bull market officially started in October last year, it has risen about 3 times, which is not particularly much. The current coin price is less than 0.09, which is about 70% away from the historical high of 0.25 in November 21, so it has at least doubled potential.
At present, FDV is around 700 million, because it will soon cover the two major hot topics of AI and DePin, plus an investment of 50 million US dollars. I personally think that if the bull market peaks by the end of the year, the reasonable valuation will be at least around 3 billion US dollars, which means there is still about 6 times of room to reach around $0.5.
Note: The above is not financial advice. The crypto market is very risky. Please invest according to your personal risk preference.
