The IOTA price experienced a surge to $0.2153 after the announcement of the Rebased upgrade, which aims to make the network more appealing to developers. The upgrade includes features like full decentralization, Ethereum Virtual Machine support, and the ability to handle over 50,000 transactions per second. However, IOTA faces stiff competition from established layer-1 networks like Ethereum, Solana, and BNB Smart Chain, as well as layer-2 networks. Additionally, IOTA has struggled to attract developers, with only a small number of developers utilizing its IOTA Ethereum Virtual Machine. Despite a recent rebound and positive sentiment in the cryptocurrency market, hopes of IOTA reaching $1 are slim.



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