Here Are Today’s ICO Losers: IOTA (IOTA) and Spectrecoin (XSPEC)

­We are closing in on the weekend and it’s time to take a look at some of the biggest movers in the ICO space over the last 24 hours. Specifically, here is an analysis of the two tokens that have taken the biggest hit over the last day or so, with a description of why each is moving to the downside and what we expect from the tokens in question going forward.

The two tokens that are unfortunate enough to be the focus of today’s discussion are IOTA (IOTA) and Spectrecoin (XSPEC).

Let’s kick things off with IOTA.

This is one that will almost certainly need no introduction to most reading. Iota is the company behind the so-called Tangle, which is a blockchain alternative developed to meet the demands of the Internet of things as far as real-world application goes and it’s been around since 2015.

The company initially offered its tokens on the open market back in November 2015, raising a little over $453,000 in the process (which seems low as compares to some of the numbers we have seen recently in the ICO space, but you have to remember these were early days).

Anyway, over the last 24 hours, IOTA has seen somewhere in the region of 20% of its market capitalization knocked off, a number which dips slightly to 15% when viewed across the last seven days.

However, take a look at the operational side of the company and things seem to be advancing pretty fast.

IOTA just made a couple of key new hires to its foundation and has secured a $2 million capital base, meaning it should have no problem meeting operational costs near term. In addition (for many this one won’t seem particularly important but it really is a useful indicator of operational strength in the space), the company’s subreddit just reached 30,000 followers. That’s pretty substantial for a company in the cryptocurrency space and is one that serves to underline the effect that the Iota tangle has had on the market.

In all likelihood, then, the recent decline is just symptomatic of shorter-term operators pulling profits off the table and, when you take a look back a little further (i.e., across the last 30 days) there is confirmation of this suggestion, with the company up just shy of 60% on its price 30 days ago.

Chances are, then, we will see this one continue to appreciate longer term, with the potential for near-term corrections ever present.

The second token on today’s list is XSPEC.

This one is again an alternative blockchain type technology that is looking to improve on the efficiency and speed (as well as security) offered by the sort of technology that underpins more common cryptocurrencies like bitcoin.

It’s actually gathered quite a cult following over the last 12 months, having initially offered its tokens during late 2016 but then subsequently conducting what amounts to a follow-on offering earlier this year.

Over the last 24 hours, however, XSPEC has taken a bit of a hit and is currently trading down around 9%. Just as with Iota, however, this seems to be largely symptomatic of a short-term correction and there is every chance we will see the token turnaround near-term as markets pile in to take advantage of the cheaper bid price.

Again, illustrative of this statement, when you expand the analysis timeframe out to more than a few days, the overarching upside trend becomes obvious. Since last month, XSPEC has gained somewhere in the region of 15% and is up more than 3000% since it’s ICO (the initial offering) that was conducted back at the end of last year.

We will keep an eye on this one as it matures but we fully expect the bullish trend to continue.

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