IoTeX has been rallying over the past few days thanks to the project shifting its focus to the MachineFi ecosystem, and that could propel IOTX to higher gains.
IoTeX’s MachineFi Rebrand is a Big Hit
IoTeX is one of the trending projects in the cryptocurrency space, thanks to its entry into the decentralized finance (DeFi) and nonfungible token (NFT) sectors. However, its biggest hit was entering the MachineFi ecosystem, a new trend within the crypto space.
Earlier this month, the IoTeX team announced that it was rebranding to focus on “The rise of MachineFi.” The project sees MachineFi as a way to further integrate machines, the traditional workforce and the metaverse.
A new era of IoTeX is upon us.
MachineFi will connect the real world to the metaverse and unleash a new decentralized machine economy.
— IoTeX (@iotex_io) November 4, 2021
The cryptocurrency space has seen numerous innovations in recent years, including DeFi, GameFi and NFTs. The introduction of MachineFi is designed to deal with the confluence of smart devices, machines and finance using blockchain technology.
IOTX Could Rally to $0.5
The IOTX coin is one of the best performing coins in the cryptocurrency space in recent weeks. The coin has added more than 500% to its value over the past months, outperforming numerous cryptocurrencies.
The rally comes despite the broader cryptocurrency embarking on a slight correction over the past few days. At press time, IOTX is trading at $0.204 per coin, down by 20% from the all-time high it achieved a few days ago.
IOTX is up by more than 1% over the past 24 hours despite the leading cryptocurrencies such as BTC and ETH all trading in the red zone. With the prospect of the MachineFi, DeFi and the NFT sectors, the IOTX coin could embark on a massive rally over the coming weeks and months.
The cryptocurrency’s short and medium-term outlooks are positive, and IOTX could top the $0.50 level in the nearest future. A rally towards that level could make IOTX one of the top 50 cryptocurrencies by market cap.