IOTA Up 12% Despite 11 Days Offline

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IOTA has seen its price surge by more than 12% in the past 30 days, despite its network being offline for nearly two weeks due to a hack. The price is a testament to the lack of any predictability in the crypto market.

IOTA Investors Unbothered?

IOTA, an ambitious project designed to facilitate transactions in the Internet of Things (IoT) ecosystem, has had a hard time maintaining a consistent uptime. Following a 15-hour outage in December last year, the network was turned off earlier this month to deal with the consequences of a massive wallet hack.

The IOTA Foundation turned off its transaction validator called Coordinator on Feb. 13 after a major vulnerability in its Trinity wallet was exposed. The vulnerability has reportedly cost the network between $300,000 and $1.2 million in IOTA.

While users have been unable to send or receive IOTA for almost two weeks due to the outage, it seems that the controversy hasn’t affected their trust in the network.

While the coin saw its price drop by around 20% since the outage, its current price represents only a 10% drop since the beginning of the month.

IOTA/USD by CoinMarketCap

No Rules in the Crypto Market

As CryptoBriefing reported last week, the majority of users holding IOTA said that they plan to hold onto their tokens when the network goes online on Mar. 4. In a poll conducted by Julian Hosp, the co-founder of Cake DeFi and I-Unlimited, only 32.5% of respondents said that they intended on selling their IOTA.

The coin’s unexpected performance goes to show that, when it comes to the crypto market, there seem to be no rules.

The coin has seen its price increase by 12.7% since Jan. 24, according to data from CoinMarketCap.

IOTA/USD month price chart by CoinMarketCap
IOTA/USD by CoinMarketCap

However, it’s worth noting that while users can trade the IOTA kept on exchanges, most coins remained locked on the network. It’s possible once the network goes live there will be a significant selloff.

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