The IOTA price (MIOTA/USD) has surged to its highest level in more than two weeks, following an endorsement by a major Japanese company.
Having experienced a relatively quiet trading on Sunday, the Internet-of-Things coin saw several sharp spikes in the final hours of the session, with its price hitting an intraday high of $0.609, according to data from digital currency tracker Coinmarketcap. However, the coin was unable to follow up these price jumps with a more substantial rally and eventually retreated to a close of $0.571, which was still significantly higher than its opening level of $0.541.
The follow-up rally occurred in today’s morning trading, when the IOTA price was advance toward the $0.60 level in a much more sustainable manner. The digital currency rose to as high as $0.624, its highest price level since August 10, before pulling back to lower levels during the afternoon session. At the time of writing, the IOTA price was hovering around $0.61.
Today’s rally has seemingly been fuelled by an announcement from Fujitsu, revealing that the Japanese company has plans to implement IOTA’s protocol.
“Fujitsu is well-equipped to help roll out IOTA as the new protocol standard as we are experts in both IT services and the manufacturing of IT products,” Leopold Sternberg, a program manager at Fujitsu, said in a statement, as quoted by website Hacked.com.
“Product quality is a critical success factor for the Manufacturing Industry. Assembled products can consist of hundreds of components and their production is based on complex processes. For audit trails in industrial production environments and supply chains IOTA provides a single source of truth,” Sternberg added.
In today’s trading, the IOTA price stood at $0.603, as of 16:07 BST. The digital coin has gained just over 12% in the past 24 hours, Coinmarketcap data shows. The coin’s total market cap currently stands at $1.67 billion.