IOTA Teases Mysterious Announcement Amid Price Crash and Binance Risk Warning

IOTA is having a very bad start to October: the price curve has dropped by almost 10 percent over the past 24 hours and IOTA is in danger of falling below the $0.12 mark again. The background to this is two pieces of news about and from the company that reached investors on October 1st.

For one thing, the world’s largest crypto exchange, Binance, has started issuing risk warnings for cryptocurrencies that have experienced “significant changes” in tokenomics over the past 18 months. IOTA is one of ten altcoins that Binance is counting.

The reason is obvious: In September last year, the Foundation single-handedly ordered the “reprint” of around 1.8 billion tokens, increasing the total number of all IOTA by around 65 percent. This ” inflation hammer ” is causing constant price pressure on the cryptocurrency and has made it clear that the ecosystem is still centralized.

What does the company plan to present on October 15th?

An announcement from IOTA, which was shared yesterday via X , also backfired. According to the post, the company apparently wants to go public with a piece of news on October 15th. Crypto veterans like Dennis Nagpal are reminded of the announcements about IOTA Qubic, where a countdown was also intended to attract attention. But IOTA Qubic was scrapped in 2020 and never reached practical maturity. Even now, many commentators suspect that IOTA is once again getting caught up in the “announcement of an announcement”.

Neutral observers point to two major goals for 2024, which were set by the IOTA Foundation under Dominik Schiener, but have not yet been met. IOTA 2.0 was actually supposed to go live this year and thus the network would finally be decentralized. But since star developer Hans Moog was “gagged”, there have been no more progress reports. Implementation soon has therefore become very unlikely, even though IOTA 2.0 has been promised for almost a decade.

The second tricky issue with IOTA is the EVM (Ethereum Virtual Machine). This standard module of the crypto industry has been live at IOTA since July, but already needs to be supported with a trick . Schiener had targeted at least $100 million TVL for the IOTA EVM in 2024, DeFiLlama currently measures 11 million. Is a “savior” coming into play here who is prepared to pump tens of millions of US dollars into the IOTA EVM?

Conclusion: IOTA is caught up in its past

The IOTA Foundation’s unreliable and erratic communication policy is a constant topic in the community, so an announcement of a date without any content like this one provokes considerable mistrust in investors. Binance’s risk warning does the rest, even if it affects not only IOTA, but also other altcoins such as Chiliz (CHZ) or Lisk (LSK). But ultimately, the skepticism, ridicule and criticism that it is once again facing are the foundation’s own problems.

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(Featured image by analogicus via Pixabay)

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