Because people are trying to create value without a foundation. The team hasn't even received the ICO funding yet.
It's performing exceptionally well considering the circumstances.
Come back in November.
It's still early days with profit-takers that's why.
This is cryptocurrency many similar projects have much higher evaluations with lacklustre developments.
As I've said before you don't need developments to have a high market value. It's the expectation of future value that forms an assessment of the current price. Nothing exceptional about it at all. Still incredibly under valued in comparison to others.