The IOTA token has shown significant decline, reaching a level of $0.15. This drop is linked to both the overall market condition and the recent upgrade.
Overall IOTA Market Condition
IOTA token has dropped by 41% from its peak this year and is currently at $0.15. It has declined by 75% compared to November 2024 levels. This downturn is aligned with the performance of other altcoins such as Solana and Polkadot.
Developer Activity Challenges
The recent Rebased upgrade was expected to enhance IOTA's functionality, including smart contracts and the ability to create decentralized applications. However, data shows it has not translated into increased developer activity. There is currently only one dApp in the IOTA ecosystem with a total locked value of $9.76 million.
IOTA Price Technical Analysis
The IOTA price has been in a downward trend since its peak in November, dropping to $0.1595 following the Rebased upgrade. The token is below the 50-day Exponential Moving Average, but is forming a double-bottom pattern at $0.1315, which is seen as a potential reversal signal.
The drop in IOTA price and the issues with developer activity may raise concerns among investors. However, there is hope for a potential turnaround based on technical signals.
