- IOTA crypto price sell-off gained steam on Thursday.
- Shimmer EVM’s testnet has created more 5k smart contracts.
- The number of transactions in the network has jumped to 6.4M.
IOTA price drifted downwards on Thursday as cryptocurrencies plunged. MIOTA crashed to a low of $0.1745, the lowest level since March 10 of this year. A closer look shows that the coin has crashed by more than 36% from the highest level this year.
Shimmer EVM milestones
The biggest IOTA news of this year is the fact that the developers are working on an Ethereum Virtual Machine (EVM) for the Shimmer network. For starters, an EVM is a piece of software that executes smart contracts in Ethereum’s network.
Many blockchains are launching their EVM platforms because of the importance of Ethereum in the blockchain industry. It is the biggest blockchain in the world, with a commanding market share in key industries like Decentralized Finance and Non-Fungible Tokens. Therefore, by launching an EVM, they hope to boost interoperability among chains.
Shimmer, on the other hand, is a project that was launched by IOTA in 2022 to provide a scalable and feeless platform for developers to build applications. Its smart contracts will make it possible for users to transfer value across networks.
Read more: How to buy IOTA.
Shimmer made a big announcement on Thursday. The Shimmer EVM has created more than 5k smart contracts, which is a major milestone since it was launched a few weeks ago. Further, the network has handled over 6.4 million transactions.
The number of wallet addresses in the ecosystem has jumped to more than 64,593 while the number of blocks stands at over 1.9 million. Shimmer, on the other hand, has over 244k active addresses and 642 tokens created.
Therefore, the main reason why IOTA price dropped is that most cryptocurrencies are down today. Bitcoin has crashed below $28,000 while the total market cap of all cryptocurrencies has slipped to $1.19 trillion.
IOTA price prediction
The 4h chart shows that the IOTA crypto price has been in a strong bearish trend in the past few days. It has now retested the important support level at $0.1780, which was the lower side of the descending triangle pattern. The Relative Strength Index (RSI) has moved to the oversold level.
IOTA has also moved below the 50-period moving average and the ichimoku cloud indicator. Therefore, there is a possibility that the coin will have a bearish breakout as sellers target the next key support at $0.1500. For this to happen, IOTA will need to move below $0.1557, the lowest point on December 19.
