What happened

Today's price action in the cryptocurrency markets remains relatively muted. With most tokens seeing less volatility than we've experienced in some time, this breather is one that may come as a welcome surprise to many.

That said, some tokens are on the move in a big way today. Among the biggest winners in today's session is IOTA (CRYPTO:MIOTA). As of 1 p.m. ET, this Internet of Things (IoT)-focused project has gained 9.6% over the past 24 hours.

This move comes as the crypto project, which operates a system of nodes that confirm transactions rather than a blockchain, nears the launch of its SMR token and Shimmer, the staging network for the IOTA blockchain. This launch is expected to take place on Sept. 28, providing near-term momentum for this top-100 token by market capitalization. 

So what

IOTA's status as a crypto project without a blockchain certainly provides some level of intrigue among investors in this space. All indications are that IOTA's move to launch Shimmer and its SMR token could provide near-term momentum for MIOTA, should this launch lead to further adoption over time. Noted for its lack of fees, investors will be eager to learn how the Shimmer Network will change IOTA's business model moving forward. 

The Shimmer Network is expected to be a Layer 1 innovation network, upon which developers will be able to build more innovative applications geared at the IoT space. It's expected this network will also be without fees, but given future staking rewards for this network, it's possible this may change over time.

Now what

The question on many investors' minds right now is whether this is a "buy the rumor, sell the news" type of event. Indeed, the price action we've seen in Ethereum (ETH 1.36%) following its highly anticipated The Merge event reflected such sentiment. Additionally, it's unclear whether the soon-to-be-launched SMR token will take attention away from IOTA's existing MIOTA token. Time will tell on these fronts.

For now, this is an intriguing technological feat investors appear to be viewing in a bullish light. This is a token I've got on my watch list now, and will likely provide updates, depending on how this launch goes later this week.