A lot of cryptocurrencies have gone through a pump cycle over the past few weeks. Whenever an event like this takes place, it is only a matter of time until a price correction sets in. In the case of the IOTA price, the correction is taking place right now. As a result, we see the IOTA price decrease by over 16% in the past 24 hours. After the initial run up to $1 per token, the value of MIOTA is returning to where it should be at this point in time.
IOTA Price Correction is Quite Steep
It is not entirely surprising to see the IOTA price undergoing a very steep correction right now. The price per MIOTA has been inflated by nearly US$1 in the past few days, although everyone knew such a price point would not be sustainable whatsoever. Ever since the near all-time high was reached not long ago, things have certainly taken a turn for the worse. Over the past 24 hours, this altcoin has seen a 16% decline against both USD and BTC. This trend was to be expected after such a massive pump out of the blue.
In particular, the past week has been pretty interesting for IOTA investors. With the IOTA price rising from US$0.8 to just under US$1 in short order, it was evident someone was trying to pump this value to a new all-time high. Eventually, the pump failed miserably, as the IOTA price never reached that new all-time high. Instead, the pump ran out of steam and the IOTA price is now showing signs of weakness. It is expected this value will drop a lot further, as this currency shouldn’t necessarily be worth more than US$0.5, or even less than that.
The IOTA price is now hovering around the US$0.75 level. Although it dipped below US$0.70 and bounced back quickly, there is no reason to think it can’t drop further in the coming hours and days. Volatility is setting in for all cryptocurrency markets, yet the currencies whose values got pumped artificially will suffer the biggest losses. IOTA is still in the early stages of development and its token price was significantly overhyped over the past two weeks.
