This has been overvalued based on hype for a long time. It's just correcting now.
Question is whether it will get back to a reasonable valuation, which will be in the low single pennies.
Eventually, that will be the case, but it may take another 1 or 2 10Qs to get there.
When you think "there can't be that many people falling for this", remember the Bernie Madoff story and recall that over $50 BILLION of smart money fell for a great story.