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Highlights:
- MiamiCoin, which went live on June 2021, claims to be the first CityCoin in the market.
- The token is available on the Okcoin exchange.
- It reached its all-time high of US$0.058 in August 2021.
MiamiCoin (MIA) crypto jumped over 12% on Thursday, while its one-day volume skyrocketed more than 159%, as a Bitcoin conference got underway in the Magic city.
The MIA token rally comes amid a sharp fall in the global crypto market, declining by 4.2% to US$2 trillion early on Thursday, dragged down by Bitcoin (BTC) and Ethereum (ETH) prices. However, the one-day volume was up 1.12% to US$117.01 billion, according to Coinmarketcap.com.
Despite losses in the broader market, cryptos like MiamiCoin (MIA) saw significant gains.
Also Read: Why Web3 Project (WEB3) crypto skyrocketed 128% in one week?
What is MiamiCoin (MIA) crypto?
MiamiCoin, which went live on June 2021, claims to be the first CityCoin in the market. Powered by the Stacks protocol, it enables smart contracts on Bitcoin (BTC). It is a layer-one blockchain that allows decentralized applications (DApps) to operate on Bitcoin (BTC).
The MIA token holders can earn crypto yield from the Stacks protocol. According to the company, any individual who want to support Miami city development, can mine or trade in the crypto.
Also Read: Why Chain (XCN) crypto jumped over 70% in 30 days?
CityCoin token holders can help in the city’s development by increasing its crypto treasury, as they earn from Bitcoin (BTC) and Stacks (STX).
Meanwhile, MiamiCoin aims to provide steady revenue stream for the Magic city while also offering the MIA token holders an opportunity to earn from STX and BTC yields. Miami city can tap its crypto treasury for the development of the city and its constituents. For instance, it can use the proceeds for creating new public places, improving infrastructure, hosting city events, etc.
Also Read: Why is Synapse (SYN) crypto gaining attention?
Why is it rising?
The MIA crypto has gained traction as the city hosts a mega Bitcoin conference. Miami has recently unveiled a larger-than-life bull statue to strengthen its image as a crypto hub. The statue shows similarities with the Wall Street’s iconic Charging Bull figurine, except for Bitcoin laser eyes.
According to the city mayor, Francis Suarez, the presence of the bull will reaffirm the city’s position in the financial world. These events may have drawn investors' interests in the crypto.
Also Read: What is EarthFund (1EARTH) crypto and why is gaining attention?
Source: *data provided by CoinMarketCap.com
Bottom line:
The MIA token was priced at US$0.002689 at 6:21 am ET on April 7, up 12.20%, while its one-day volume jumped 159.75% to US$142,551. The token's total supply is over 3.76 billion, and its fully diluted market cap is US$10.14 million.
The token saw the highest price of US$0.058 and the lowest price of US$0.002318 in the last 52 weeks. It reached its all-time high of US$0.058 on August 27, 2021.
Also Read: What is TeddyDoge (TEDDY) crypto and why is it drawing attention?
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