IOTA Decreases in Value Due to Co-Founder Statement

IOTA has declared that it does not have a concrete partnership with Microsoft. Since the statement was confirmed, the price of IOTA has dropped. Co-founder of IOTA, Dominik Scheiner clarified that “We never called these companies our partners but rather, our participants.” In the last few hours or so, IOTA’S price has plunged over 13%.

Last week, however, IOTA prices skyrocketed more than 600% and was trading over $4. Since the announcement that Microsoft would be participating, the prices for IOTA have surged. The Co-founder of IOTA and Microsoft’s blockchain aficionado, Omkar Naik, will be working together to create sensors for Microsoft to sell their data on the IOTA trading platform. Other big-name conglomerates that have joined IOTA are Volkswagen, Samsung, and Cisco. IOTA will be assisting these companies, including Microsoft, to organize the way they store their monetary data. This system is called Tangle. Even though there is not a concrete partnership in place with these participants, IOTA will continue to test their product, Tangle.

Nevertheless, IOTA is still valued at $11 billion dollars in the market. This is still notably above where it was at in its market cap for November.

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