Shimmer (SMR): Trading started at Bitpanda, short impulse on price curve
Originally posted here.
By: Stephan Fiedler
At Bitpanda, the IOTA side project Shimmer has also been traded since yesterday afternoon. The new listing gave SMR temporarily a plus of 10 percent. […]
At Bitpanda, the IOTA side project Shimmer has also been traded since yesterday afternoon. The new listing gave SMR temporarily a plus of 10 percent. The Bitpanda trading platform for Shimmer has special features.
IOTA side project Shimmer (SMR) has a third international trading venue in Bitpanda. The new listing, which took place at noon yesterday (Tuesday), happened as part of Bitpanda’s Spotlight Program and was highly anticipated by the IOTA community. Immediately after the start of trading, Shimmer’s price curve shot up 10 percent on Bitpanda, but over the course of the day, which was also weak for the overall market, SMR’s price settled back down to around €0.07.
Bitpanda has currently formed only one trading pair to the euro for Shimmer. This clearly differentiates it from Bitforex and Bitfinex, the only two other crypto exchanges that have SMR in their portfolio but charge against US dollars. Second downer: Bitpanda charged a 6 percent slippage fee yesterday, which makes day trading with Shimmer unattractive on the one hand and indicates low liquidity on the other. It should also be noted that Bitpanda does not allow SMR withdrawals or deposits via customer accounts for the time being. Nevertheless, Shimmer and IOTA are probably more pleased to have finally found a reputable German-language trading venue for SMR with Bitpanda.
Shimmer launched its mainnet in September 2022 and is intended to serve as a kind of public testnet in the IOTA ecosystem. This means that Shimmer will first integrate the Ethereum Virtual Machine (EVM) and thus enable smart contracts. This is hoped to provide a boost to new use cases at IOTA. Skeptics note that the increasing monetization of Shimmer could come at the expense of IOTA itself. Bitpanda puts the current market capitalization of Shimmer at around 98 million euros, while IOTA is currently quoted at 538 million euros.
Conclusion: Shimmer is gaining steam for the IOTA ecosystem.
Bitpanda had promoted Shimmer at its trading launch with the tagline “perhaps the most demanded asset we’ve ever had” and also supported it through its new Spotlight bonus program. In any case, the IOTA Foundation can chalk this up as a success. Experts expect Shimmer to promptly incorporate the announced technological advances into the mainnet so that SMR can prove itself in monetary terms. Shimmer is expected to score points in areas such as decentralized finance through zero fees, high flexibility and speed. If these dreams of the future come true, the chances of SMR earning a place among the world’s top 200 cryptocurrencies in the near future are not bad.