IOTA was once the most hyped project in the crypto market in the bull market of 2023. With a revolutionary Tangle structure, it has wanted to shape the Internet of Things (IoT) for years. However, due to disagreements between the founders and a lack of progress, the potential has hardly been realized over the past 5 years. Is IOTA dead or can it see a resurrection in 2023?
In this article we want to deal with the near future of IOTA and see if the project can be revived.
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How has the price of IOTA evolved over the years?
At the end of 2017 and beginning of 2018, everyone was talking about IOTA. From over $5 at the start of 2018, the rate has fallen sharply in price over the months and years to come. During the last bull market of 2021, the IOTA token was no longer able to match these high prices. In 2021, the IOTA price only reached a maximum value of $2.37.
This year, IOTA experienced another sharp decline due to the bear market. By mid-year, the rate had fallen to $0.30. The fall in prices has continued in recent weeks. Thus, the IOTA price is only at a value of $0.20. There have been few signs of recovery in recent weeks.
Why has the price dropped so much in recent years?
After the big hype at the end of 2017, a bear market followed in 2018, during which the prices of most cryptocurrencies dropped massively. But the IOTA course could hardly recover from the mess in 2018. This was mainly due to the fact that IOTA promised a lot in 2017, but barely delivered in the following years.
There have been many conflicts within the founding team of IOTA over the past few years, which have hampered further development. Above all, the aspect of decentralization could not be implemented at IOTA for a long time. As a structure, the Tangle has enormous scalability potential. But decentralization remains a problem.
Can IOTA recover?
Over the past 2 years, IOTA has gone in the right direction, at least technically. The launch of Cooirdice, IOTA 2.0, was an important step in the further development of the network. With IOTA 2.0, the coordinator in the Tangle, which prevents decentralization, must be bypassed and the network must become decentralized.
Shimmer and Assembly networks were also introduced. IOTA staking has been possible via the respective tokens for several months now. Further steps towards full decentralization with IOTA 2.0 will follow in the future.
The new developments show that the network is trying to repair the image damage it has suffered in recent years and is making real progress. Unfortunately, this has not yet been reflected in the price of the token. But recovery still seems possible.
Can 2023 bring recovery?
Above all, the positive developments at IOTA have not yet been reflected in the price, as the crypto market has crashed several times in recent months. A token like IOTA, which needs to improve its reputation, needs new and young investors. However, these are only attracted in a bull market phase.
This phase could come in 2023. Because already during the last bear market, a bull phase started in 2019, the second year of the bear market. The current market is very similar to that of 2 years ago.
Is it still worth investing in IOTA?
If you still want to invest in IOTA, this is certainly associated with risk. It could also be that the token hardly increases in price and disappears into oblivion. But should IOTA be revived, there is still huge potential in the price. If you want to take some risk, an investment could be right now.
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