The price increase of IOTA is insane, in my opinion this cant be real and definitely should not be and not in such a short time. Look at the total supply of IOTA, how can one IOT be priced at ~$5, crazy in my opinion. I have a bad feeling, that many people that want to hop on this train will suffer huge losses and then blame it on crypto markets, although its their own fault for running behind a hype... Just insane.
Just curious, based on what analysis is $5 IOT priced insane? There's no p/e ratio to use here like we can do with stock prices, which would be some indication of expensive or cheap. To me IOT is just speculation of the future like pretty much all coins. Hence, why would $5 be crazy compared to $1 or $3 for example. They are just numbers and can't be really tethered to anything solid. They are as crazy or as fair prices as if IOT was 100$ at the moment. Maybe if the marketplace was alive and it had x million users spending y million tethers creating z amount of transactions - I guess we could estimate the value there. But now the network volume is also coming from just people speculating with the coin in like two exchanges, where it's traded from person A to a person B. Ethereum was $7 exactly a year ago and now it's 450$ - that's crazy IMO. But then, it might as well be 4500$, there's no price formulae to use to figure out what it should be, really 
IOT might be a classic pump'n'dump for sure, not arguing against that. I'm just interested knowing how people valuate these assets.
You are correct there is no effective way to price in a coin, however in the case of ethereum it comes from more than just speculation, it comes from the fact that so many tokens rely on it and so many ICOs use it as their main currency. In other words it has adoption, but you are correct that its impossible to say if its really worth $450 or $4500 given those facts, but at least there is something underpinning the valuation.
For IOTA it seems to have risen a lot and very quickly based on speculation rather than any underlying usage which is why I expect it to fall again, however I couldn't imagine what price it will end up at, just that it should fall from its current.