Prices for MIOTA are at a crossroads as trading volumes dwindle and the price stagnates or slides.
The market prices of IOTA (MIOTA) hovered around $1.89 as trading volumes dwindled to around 2,000 BTC or $24 million in 24 hours. The digital asset which boomed in December is having a decisive moment, as news of partnerships and support from leading corporations clash with criticism from within the crypto community, as well as from traders and academics.
In terms of trading, this may mean MIOTA will probably not be able to produce another bout of phenomenal returns so soon after the December spike, and is slowly unraveling from the peaks at $5.30.
Possibly weeks away from releasing a wallet, the IOTA project continues to be attacked for not being a viable solution to serving a hypothetical Internet of Things network. Reddit users are becoming uneasy about the ambiguous developments around IOTA, and the general silence about where the project is really going in terms of immediate technological milestones, such as the long-awaited Trinity wallet:
At the same time, support comes from the likes of Bosch and Volkswagen, seeing IOTA as an intriguing partner – though still in the sense of experimental technology.
A recent Pastebin text shows that the IOTA community strongly believes it is under a concerted attack of criticism, spearheaded by the Digital Currency Group and the Digital Currency Initiative at MIT. However, until now IOTA has seen criticism from many sides, including from Vitalik Buterin, the founder of Ethereum. So far, some of the accusations have been dispelled by the IOTA team, while others still raise concerns about the viability of the IOTA network to carry fast and secure transactions.
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A few months ago, the most serious criticism comes from MIT academics, revealing that IOTA once again has problems with curl-p, its proprietary hashing function which supposedly replaced the previously faulty hash function.
For now, MIOTA relies on Bitfinex trading, as well as Asian interest, to boost the prices. Trading MIOTA may have little to do with fundamentals, and the asset price may have its own logic for price movements. The most worrying thing, however, are the lowered volumes, potentially allowing the price to sink further.
The discussion around the faults in IOTA has continued since last summer, but the repercussions continue to be heard now. But this time, the criticism coincide with decreased market enthusiasm, and even traders are becoming more skeptical of the potential of IOTA to ignite enthusiasm as in the past three months.
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