With the crypto markets on a downtrend momentum, any altcoin is safer at the moment if only market forces affect its price. However, this seems not to be the case for IOTA (MIOTA) which released a statement last week in a bid to save its image. This came after word broke on a disagreement amongst some of the crypto project’s senior members.
The ongoing scuffle between the two IOTA founders, Serguei Popov and Sergey Ivancheglo, had sparked an atmosphere of uncertainty for this blockchain. As it stands, the two have been able to communicate to the Board of directors via a MoU designed specifically for this.
This conflict surrounding the IOTA foundation is currently being handled within German’s jurisdiction where the non-profit is registered. Therefore, IOTA (MIOTA) found itself obligated to change its statute in which a supervisory board is supposed to resolve. The matter has since remained unresolved due to Ivancheglo and Popov’s position with the Board of Directors as of press date.
According to a statement to news outlets, IOTA’s current position can be attributed to a disagreement on which founder should join the board. Ivancheglo who claims to have acted on emotions had requested the current board chairman, Dominik Schiener, to leave the position although status quo was being broken. The founder who later retracted the sentiments has since made it known that the aggressiveness was a result feeling unfairly treated although being an integral part of the project.
The Memorandum of Understanding has already been put in place for preparations on the upcoming Supervisory Board meeting scheduled for September. This is not the first time IOTA and its Board Chairman, Schiener, are being criticized within the crypto community. Earlier on in April 2018 Dominik Schiener had a confrotration that led to partnership termination by the University of London. The issue arose when the Board chairman told a non-affiliated security researcher that she “needed a slap”. The University further added,
“Inappropriate for security researchers to be subject to threats of legal action for disclosing their results.”
IOTA Market Overview
The crypto market bloodbath has wiped out a significant part of IOTA’s dominance in the crypto markets. IOTA’s price at the moment is $0.4; this is after the coin lost 46.38% in the past week according to coincheckup. This altcoin’s volatility in the past 30 days has been at a high of 34.22%; not a surprise its all-time high is $5.23!
IOTA (MIOTA) has been trading in the crypto markets for slightly over a year and stands at a negative position in terms of cumulative returns. The crypto coin which launched at a price of 0.6385 is 27.92% down this price right now. However, the coin has had a fairly good year having made gains during a 1/3 of the months within this period.
Technical analysis from the simple and exponential moving averages show the coin to be a sell at the moment. The Relative Stochastic indicator and Stochastic Fast (14) show a different position with both indicating a good buy as of today!