The cryptocurrency ecosystem has been in the red zone in the last week, and now it’s slightly recovering. For this reason, it’s essential to invest in an altcoin. That’s only if the rates are affected by the market forces.
This is not the case for IOTA (MIOTA) which in a statement released last week trying to salvage its image. This is as a result of a word broke on agreement among crypto’s project senior members.
The disagreement between Serguei Popov and Sergey Ivancheglo (IOTA founders) has brought uncertainty to this blockchain. As of now, the two have talked to the Board of directors using the MoU.
The German jurisdiction is handling the scuffle surrounding the IOTA foundation. This is where the non-profit got registered. At the time of writing, IOTA (MIOTA) was forced to modify their rules where any conflict has to be resolved by a supervisory board. As of this publication, the dispute hasn’t been determined. This is because of Popov and Ivancheglo’s position with the Board of Directors.
IOTA’s stand can be attributed to the dispute on which founder should join the board according to the statement to news outlets. Ivancheglo had requested Dominik Scheiner, the current board chairman to the position.
Even though the status quo was being broken but Ivancheglo claimed to have acted on emotions. The founder took back his sentiments because he had clarified that his hostility was due to unfair treatment despite being an integral part of the scheme.
There’s an upcoming Supervisory Board meeting scheduled for September, and the Memorandum of Understanding for this meeting has been put in place.
The crypto community has criticized IOTA and its Board Chairman, Scheiner. Dominic Schiener had a confrontation in April 2018 that led to the partnership termination by the University of London. The issue came when the Board chairman told the non-affiliated security researcher that she needed a slap.
The university added:
“Unsuitable security researchers to be subjected to threats of legal action for revealing their results”
The significant part of IOTA’s dominance in the crypto market has been wiped out by a crypto market bloodbath. According to the CoinMarketCap, IOTA’s rate at the moment is $0.50. This after the coin lost 46.38% in the last few weeks. This coin has had a high volatility of 34.22% in the past 30 days. This, yet, is not a surprise since the coin all-time high is $5.23.
IOTA (MIOTA) stands in an unfavorable position regarding cumulative returns despite its trading in the crypto market for more than a year. Upon its creation, this coin used to trade at $0.6385 is now 11% down from its original price. Despite all these, the coin made some good returns during the 1/3 of the months within this period.
The coin shows to be at sell at the moment from the technical analysis and exponential moving averages. Both the Stochastic Fast (14) and Relative indicator show different position for the coin. They, however, both indicate an excellent buy.
Image Courtesy of Pixabay.