More supply than demand is always the only objectively correct answer.

But my opinion is that it was grossly overvalued for a coin that was only a few days old with major "growing pains" and I said so a few days ago.

There is also an overhang of one guy with over 500k coins mined from the beginning at very low cost (and whatever other ninja miners we don't know about)

I still think it is somewhat overvalued, but not too bad at this point. I'd be a buyer at 1500 given no further developments.