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- The Mayor of Miami is working together with the US city’s digital currency operator to work on the glitches.
- MiamiCoin was also affected during the latest topsy turvy situations that the crypto sphere witnessed.
- At the time of writing, MiamiCoin is trading at $0.002217 and is up by around 5% in the last twenty-four hours.
Crypto Meltdown Took The MiamiCoin Down With It
Francis Suarez, the Mayor of Miami, has recently highlighted that he is working with the US city’s digital currency operator. He took this step in order to work on the glitches that the first city-based coin, MiamiCoin, witnessed and crashed during the past month.
The coin focused on facilitating the city to enhance its revenue and tax reductions. And also helps Miami to be in a significant position among the technology entrepreneurs during a cryptocurrency surge.
But then, the recent bearish trends that the overall crypto market has witnessed highlight affected a lot of digital assets. It came as a shock when the Terra ecosystem saw a meltdown leaving LUNA to slip to 0. And MiamiCoin was not untouched either.
The Mayor highlighted that Miami has $15 Million in its digital wallet and utilized nearly $5 Million to facilitate the stabilization of the skyrocketing rents.
CityCoins is the creator who makes the MiamiCoin and coins for Austin and New York.
According to a statement Suarez gave to Reuters, he will see if CityCoins can fix the glitches they have. And that they are in the process of trying to rebalance it.
According to him, cryptocurrency is a technology that undergoes iterations; the initial one was successfully followed by some speed bumps.
It is indeed true that the MiamiCoin (MIA) has witnessed a lot of downtrends in the recent past as it has been continuously falling if we look at its previous one year’s performance. It is to look forward if the Mayor and the operator could help to revive it.
At the time of writing, MiamiCoin is trading at $0.002217 and is up by around 5% in the last twenty-four hours.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
