The cryptocurrency that grew by 19,000% in a week is named

Dominic Shiner, co-founder of the IOTA blockchain project, has announced the growth of his brainchild, the Shimmer (SMR) cryptocurrency. Just a week after the official listing, the asset’s market capitalization soared by 19,000%. As of October 5, 2022, the digital token had a total supply of $ 176 million in coins. At the time of writing, on October 6, the asset is trading for $ 0.131.

Shiner said that Shimmer Network and its SMR token were launched on September 28 this year. A week later, the SMR virtual currency rate was $ 0.121. Over the past day, trading operations with the cryptocurrency amounted to $ 3.75 million, which is 52.35% more than the previous day.

SMR’s father considers his digital asset to be promising for investors. He also assured that Shimmer and the IOTA blockchain will coexist, helping each other to grow and develop. Shiner stated that most of the technological updates will eventually be implemented in IOTA, and Shimmer will help the blockchain in implementing and expanding technologies.

Shimmer is a free network that allows developers to launch various tokens, including stablecoins, non-fungible tokens (NFTs), and tokenized assets on the first (base) level network.

Yesterday, the flagship cryptocurrencies finally started to show growth — as of October 5, 2022, BTC gained 2.86% in value, and Ethereum (ETH) rose by 1.95%. And recently, cryptocurrency analysts said that in 2022 alone, 12,100 tokens turned into so-called zombies. This means that they have not been traded for at least a month. Experts noted that this figure is twice as high as in all previous years combined. Industry leaders attributed the problem to the decline of the cryptocurrency market, as the so-called crypto winter is still ongoing.