IOTA's Shimmer Token Records 19,000% Rise in Market Value Shortly After Launch

, IOTA co-founder and chairman of the IOTA Foundation, recounted the SMR token growth on Twitter as he wrote,"Instead, a week after launch, we are up from $0 to $200 million in market cap and we're just starting." Growth from $0 to nearly $200 million represents an almost 19,000% rise, and Schiener believes Shimmer's SMR token is off to a good start.

Shimmer is a feeless network that enables developers to launch a variety of tokens, including stablecoins, non-fungible tokens and tokenized real-world assets on the Layer 1 network. A major upgrade, IOTA Identity, might soon be available on Layer 1 of the Shimmer network thanks to the planned Stardust upgrade.

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