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11-02-2022|Crypto

Miami gets a $5.25 million amount of compensation from Miamicoin as the price of MIA falls by 88 percent from its high.

While Miami's mayor, Francis Suarez, declared himself a strong believer in bitcoin and accepted his pay in bitcoin, a crypto coin named miamicoin (MIA) was introduced at the same time.

The purpose of the Miamicoin project was to empower "residents and supporters of the Magic City" to "support, improve, and programme the Magic City." The crypto currency miamicoin, however, has lost more than 88 percent of its value versus the US dollar since reaching $0.05 per unit on September 20, 2021.

The City of Miami has received the first disbursement of $5.25 million from the Miamicoin project.

Miamicoin (MIA), a new coin that uses the Stacks protocol to reward holders, promises to assist the booming city of the Sunshine State. The Stacks protocol, a smart-contract network built on top of the Bitcoin (BTC) blockchain, was used to create Miamicoin. Francis Suarez spoke with Bloomberg Television in December 2021, explaining that he wanted to expand the use of crypto assets throughout Miami. Suarez informed the public a few months later, on February 2, 2022, that the City of Miami had received its first-ever MIA payout from the project, totaling $5.25 million.

Suarez tweeted, "I'm extremely thrilled to announce that the [City of Miami] has received its first-ever distribution from [City Coins] in the amount of $5.25 million." "This is a historic opportunity for our community to work with an innovative project that generates resources for our city through innovation rather than taxation."

Following the mayor's remarks, Muneeb Ali, a computer scientist, internet entrepreneur, and co-founder of Stacks, replied to the mayor's tweet with, "Another reason to migrate to Miami." Patrick Stanley, Stacks' head of growth, also tweeted about the payment, saying that this is just the beginning.

"With their first $5,250,000 protocol donation from miamicoin, Miami is going to perform a lot of social good," Stanley added. "I'm grateful to be a member of this community, even if it's just the beginning of civic-minded crypto."

The Stacks executive added:

"We're not going left or right; we're going forward."

Since ATH, Miamicoin's USD value has dropped by 88 percent, and Philadelphia is 'Ready to Proceed' with Phillycoin.

Meanwhile, miamicoin can be staked, and there is currently a circulating supply of 936,606,380 MIA coins, with a total quantity of 3,843,950,000 MIA coins that can be mined. According to reports, as staking generates miamicoins, the city receives 30% of the benefits. The price of miamicoin has fluctuated between $0.00630587 and $0.00692345 per MIA over the last 24 hours.

That price is down 88.4 percent from the crypto asset's all-time high (ATH) of $0.055200 per unit on September 20, 2021, which occurred five months ago. While most other crypto currencies have recovered from their lows, miamicoin (MIA) has been unable to do so, as its price has remained consolidated.

Okcoin is the most active MIA exchange, according to Coingecko.com statistics, because it is the only one that allows MIA trades. BTC, USD, and STX are among Okcoin's MIA pairs, and today's stats show that USD is the most popular trading pair with MIA, accounting for 95.87 percent of all swaps.

STX comes in second with 2.82 percent of USD/MIA trades, and bitcoin accounts for 1.31 percent of MIA deals (BTC). MIA is relatively illiquid among the myriad of coins accepted by a wide-variety of businesses and crypto exchange platforms, with only one exchange and only $210,951 in 24-hour volume during the last day.

While miamicoin (MIA) continues to struggle, City Coins, the company that created the cryptocurrency, aims to introduce new city coins in Philadelphia and New York. People can start staking money on the New York website, but the web gateway requires visitors to leave an email address for future interaction. According to reports, Philadelphia is getting ready to launch its City Coins-backed crypto asset. "Philly is ready to go," said Mark Wheeler, the city of Philadelphia's chief information officer, last week.

What are your thoughts on miamicoin's market plummeting 88 percent below its all-time high? What are your thoughts on the Stacks-based City Coins-backed crypto assets? In the comments section below, let us know what you think about this subject.

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