IOTA Prices Surges After Jaguar Land Rover In-Vehicle Wallet Project Announcement

By Prashant Jha

Cryptocurrency space is known to rally behind the big partnership and media hype, and although the markets have stabilized to quite an extent, the trend is still continuing as evident from the recent surge in prices of IOTA. IOTA crypto tokens sored by 20% after Jaguar Land Rover announced its in-vehicle crypto wallet programme, which would help the drivers of the vehicles to earn IOTA rewards for driving and sharing various traffic data on the blockchain.

The announcement helped IOTA to gain 20% in its prices, and now it is planning to create a whole ecosystem for automobile industry who can incorporate a similar incentivization programme which would be interoperable with other vehicles manufacturers as well.

The co-founder of IOTA said that they are focused on creating a universal incentivization programme instead of creating specific tokens for each manufacturer to help the system become more robust and easy to use for both the manufacturers and users.

IOTA co-founder and board co-chairman, Dominik Schiene in his recent talk with Reuters said,

“The smart wallet technology can be easily adapted into all new vehicles. IOTA wants to enable interoperability with all these different players. So there is no Jaguar coin, no BMW coin, but one universal token for this machine economy,”

The Partnership Helps IOTA Gain Some Momentum in Its Pricing

As soon as the news of Jaguar testing a software in-vehicle crypto wallet came into the public domain, the sharp rise in IOTA pricing was observed. While the token was trading at an intraday low of $0.26 and jumped to $0.32 as soon as the news was revealed and it is continuing with the upward movement. Along with the price, the daily trading volume of the crypto token also doubled from $10 million to $25 million.

The partnership also marked the end of IOTA bearish run which saw the token loose 13% of its market capitalization in 2019. Mind you IOTA is among the worst sufferers of the 2018 bearish run as the token lost a total of 94% of its total market cap after reaching an all-time high of $5. So, despite the 20% pump, there is a long way to go for the crypto token to remain as a dominant force in the crypto space.