Is this coin already part of the jl7777 network?
Yes
and in your opinion why is the price plummeting?
Price is plummeting because someone had 200+ btc worth of buy walls up to 0.0007 btc or so on poloniex, and after the "announcement" was cancelled, all buy walls were pulled. Now there is a total of about 20 btc in buy orders on poloniex, ergo, price goes down. If you trust in the coin tech and developer, buy some while they're cheap. If not, then sell at a loss I guess...
Can attest to this. I saw it all with my own eyes. Looks to be exactly what happened. Once the 200 BTC in buys disappeared people panic sold. Looks to be as simple as that.