Just about all of the crypto markets have had a rough week, but few of the major players have had a harder time than IOTA (MIOTA). IOTA had been one of the top ten largest coins in terms of market cap for some time, but that is no longer the case.
IOTA was pushed to #11, with DASH taking its place. Not long after that, Monero (XMR) took that position, bumping IOTA down to #12. Since then, IOTA has regained the #11 spot, but for how long. As of this writing, IOTA is trading at $1.65, which is down almost 8% in the past 24 hours. This is a slight uptick from where it was earlier in the day, but certainly nothing too impressive.
The drop is caused by the market in general, plus the fact that IOTA had a vulnerability in their network showing that it could be at risk of replay attacks. This vulnerability is within the core of its system, which will make it harder to fix. This isn’t a disastrous problem, and won’t likely cause any big issues, but the bug is obviously going to cause some doubt in investors until it is patched.
The next several days should be telling for this coin. If the market decides that the bug isn’t a huge deal, it could have a nice rebound. If people are weary of what the long-term impact may be, it could be a very rough few weeks for the coin, which may even find it falling out of the top 15. Watch IOTA closely.
