While Miami Mayor Francis Suarez told the public that he was a big believer in bitcoin and accepted his salary in bitcoin, at the same time, a crypto coin called MiamiCoin (MIA) was launched. The goal of the MiamiCoin project was to give Miami’s “citizens and supporters the power to support, improve and program the Magic City.” However, after reaching $0.05 per unit on September 20, 2021, the crypto asset miamicoin has declined in value by over 88% against the US Dollar.
The City of Miami receives the first disbursement from the MiamiCoin project totaling $5.25 million
A new coin called MiamiCoin (MIA) aims to benefit the bustling city of the Sunshine State as it rewards holders through the Stacks protocol. MiamiCoin was created using the Stack protocol, a smart-contract network built on top of the Bitcoin (BTC) blockchain. In December 2021, Francis Suarez spoke with Bloomberg Television and explained that he was seeking to expand the use of the crypto asset to the city of Miami. Months later, on February 2, 2022, Suarez revealed to the public that the City of Miami received its first MIA disbursements from the project, totaling $5.25 million.
“I am very excited to announce that [City of Miami] has received its first disbursement from [City Coins] Total $5.25M,” Suarez tweeted, “This is a historic moment for our city to collaborate with an innovative project that creates resources for our city through innovation, not taxation.”
Following the mayor’s statements, Muneeb Ali, computer scientist, Internet entrepreneur and co-founder of Stack, replied More on the Miami mayor’s tweet: “One more reason to visit Miami.” Patrick Stanley, head of development at Stax, also tweeted about the disbursements, saying it’s just the beginning.
“Miami is going to do a lot of social good with its first protocol donation of $5,250,000,” Stanley said. “While this is only the beginning of citizen-minded crypto, I am grateful to be a part of this community.”
Stack executive said:
We are not left, we are not right, we are ahead.
MiamiCoin loses 88% in USD value since ATH, with Philadelphia Filicoin ‘ready to move on’
Meanwhile, MiamiCoin can be staked and today there is a circulating supply of 936,606,380 MIA coins, and a total of 3,843,950,000 can be brought into existence. Reportedly, while miamicoins are generated through staking, 30% of the rewards go to the city. During the last 24 hours, the price of miamicoin has been in a range between $0.00630587 and $0.00692345 per MIA.
The price is down 88.4% since the crypto asset’s all-time high (ATH) of $0.055200 per unit five months ago on September 20, 2021. While most other crypto assets have managed to rebound from the lows, MiamiCoin (MIA) has not been able to jump back as the price remained consolidating.
According to Coingecko.com statistics, Okcoin is the most active MIA exchange as it is the only exchange that offers MIA trades. Okcoin’s MIA pairs include BTC, USD and STX, and today’s metrics indicate that USD is the most dominant trading pair with MIAs occupying 95.87% of all swaps.
USD/MIA trades are followed by STX 2.82% and 1.31% of MIA trades settled in Bitcoin (BTC). With only one exchange, and only $210,951 in 24-hour volume during the last day, MIA is quite illiquid between a variety of merchants and the myriad of coins accepted by crypto exchange platforms.
While MiamiCoin (MIA) continues to fluctuate, the project that launched the crypto asset, City Coins, has plans to launch more City Coins in Philadelphia and New York. According to the New York website, people can start depositing coins but the web portal asks the visitor to leave an email address for further correspondence. Reportedly, Philadelphia is set to begin its Citi Coin-backed crypto asset launch. City of Philadelphia Chief Information Officer Mark Wheeler “Philly ready to move on” said Last week.
Why do you think the MiamiCoin market is down 88% from the asset’s ATH? What do you think about the Citi Coin-backed crypto asset built on top of the stack? Let us know what you think about this topic in the comment section below.
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