IOTA has been around since 2015 - it's only hitting exchanges now because the devs are ready to go into beta. Prior to Bitfinex, it has been trading privately on Slack, increasing in value. Anyway, the moment it hit Bitfinex it was trading for 4x what it was worth pre-exchange. This is why any coin introduced to an exchange drops right off the hop - because it is always being sold for way too much money at first and a couple poor saps buy it while the rest of the market waits it for a more reasonable price.
I will write a thorough post about IOTA in the near future, I really love it. I have not bought yet, but will as soon as it consolidates further. Consider it a long-term, two year hold with the actual potential to disrupt and usurp ETH and co. Will that happen...who knows. But I do believe it will still be here in 3-5 years.