The IOTA (MIOTA) project looks troubled again - and this time, the price is likely set for a free fall, going down to its previous low levels. After rising wild in December and January, MIOTA swung to fall and now trades at the same level as in August 2017. In the past week, the asset speeded up its decline, losing more than 34% to reach $0.60, which coincides with the price levels around August 10, 2017.
The MIOTA market price is relatively unrelated to the price of Bitcoin (BTC), as the most active pairs are traded against the Tether (USDT) on Bitfinex and Binance. This also meant that the speculative drop in MIOTA prices was much deeper than the latest losses in BTC positions, and MIOTA slid more than other altcoins.
MIOTA’s significant decline came after a leaked chat concerning the internal dynamics in the IOTA Foundation, in which one of IOTA founders, Sergey Ivancheglo, called for the dismissal of the Foundation’s director, Dominik Schiener, after Ivancheglo was denied for months to get a board seat.
“Sergey Ivancheglo has since stated that asking for Dominik to resign was an emotional reaction to the situation, which had built up over months. The situation did not feel fair to him, being an integral member of the team behind IOTA as we know it today,” the IOTA Foundation explained in a statement.
The board debacle had been solved, as Ivancheglo, along with Sergey Popov, already received board seats, increasing their influence on the project. However, it led to a further unraveling of the already weakened MIOTA market price.
On the positive side, the Trinity wallet development is steadily headed to a beta launch, as it is being tested by selected users. Ledger integration is also unrolling.
This may assuage some fears that moving MIOTA digital assets is dangerous, and has seen coins getting lost or not discovered easily in the “tangle”.
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