Whereas Miami’s mayor Francis Suarez informed the general public he was an enormous believer in bitcoin and has accepted his pay in bitcoin, on the similar time, a crypto coin known as miamicoin (MIA) was launched. The Miamicoin mission’s purpose was to present Miami’s “residents and supporters the facility to help, enhance and program the Magic Metropolis.” Nevertheless, after reaching $0.05 per unit on September 20, 2021, the crypto asset miamicoin has shed greater than 88% in worth in opposition to the U.S. greenback.
Metropolis of Miami Receives First Disbursement From Miamicoin Undertaking Totaling $5.25 Million
A brand new coin known as miamicoin (MIA) goals to learn the Sunshine State’s bustling metropolis because it rewards holders by way of the Stacks protocol. Miamicoin was constructed utilizing the Stacks protocol, a smart-contract community constructed on high of the Bitcoin (BTC) blockchain. In December 2021, Francis Suarez spoke with Bloomberg Tv and he defined he was looking for to broaden using crypto belongings throughout town of Miami. Months later, on February 2, 2022, Suarez informed the general public that the Metropolis of Miami obtained its first-ever MIA disbursement from the mission, totaling $5.25 million.
“I’m so excited to announce that the [City of Miami] has obtained its first-ever disbursement from [City Coins] totaling $5.25M,” Suarez tweeted. “It is a historic second for our metropolis to collaborate with an modern mission that creates sources for our metropolis by way of innovation, not taxation.”
Following the mayor’s statements, the pc scientist, web entrepreneur, and co-founder of Stacks, Muneeb Ali, replied to the Miami mayor’s tweet and stated: “One more reason to maneuver to Miami.” The top of development at Stacks, Patrick Stanley, additionally tweeted concerning the disbursement, and stated that that is only the start.
“Miami goes to do a whole lot of social good with their first $5,250,000 protocol donation from miamicoin,” Stanley stated. “Whereas that is only the start of civic-minded crypto, I’m grateful to be part of this neighborhood.”
The Stacks govt added:
We aren’t left, we aren’t proper, we’re ahead.
Miamicoin Has Misplaced 88% in USD Worth Since ATH, Philadelphia ‘Is Able to Proceed’ With Phillycoin
In the meantime, miamicoin could be staked and there’s a circulating provide of 936,606,380 MIA cash at this time, and a complete of three,843,950,000 could be mined into existence. Reportedly, whereas miamicoins are generated by way of staking, 30% of the rewards go to town. Over the past 24 hours, the worth vary of miamicoin has been between $0.00630587 and $0.00692345 per MIA.
That value is down 88.4% for the reason that crypto asset’s all-time excessive (ATH) at $0.055200 per unit 5 months in the past on September 20, 2021. Whereas most different crypto belongings have managed to rebound from the lows, miamicoin (MIA) has not been in a position to bounce again as the worth stays consolidated.
In keeping with Coingecko.com stats, Okcoin is probably the most lively MIA trade as a result of it’s the one trade that gives MIA trades. Okcoin’s MIA pairs embody BTC, USD, and STX, and at this time’s metrics point out that USD is probably the most dominant buying and selling pair with MIA, capturing 95.87% of all swaps.
USD/MIA trades are adopted by STX with 2.82%, and 1.31% of MIA trades are settled in bitcoin (BTC). With just one trade, and solely $210,951 in 24-hour quantity over the past day, MIA is pretty illiquid among the many myriad of cash accepted by a wide-variety of retailers and crypto trade platforms.
Whereas miamicoin (MIA) continues to flounder, the mission that launched the crypto asset, Metropolis Cash, has plans to launch extra metropolis cash in Philadelphia and New York. In keeping with the New York web site, individuals can begin staking cash however the net portal asks the customer to go away an electronic mail handle for additional correspondence. Reportedly, Philadelphia is able to start its Metropolis Cash-backed crypto asset launch. “Philly is able to proceed,” town of Philadelphia’s chief data officer Mark Wheeler said final week.
What do you concentrate on miamicoin’s market dropping 88% decrease than the asset’s ATH? What do you concentrate on the Metropolis Cash-backed crypto belongings constructed on high of Stacks? Tell us what you concentrate on this topic within the feedback part beneath.
Picture Credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This text is for informational functions solely. It’s not a direct supply or solicitation of a suggestion to purchase or promote, or a suggestion or endorsement of any merchandise, companies, or firms. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the creator is accountable, straight or not directly, for any injury or loss brought about or alleged to be brought on by or in reference to using or reliance on any content material, items or companies talked about on this article.