Chainbing price prediction: Will CBG go up or down?
Chainbing (CBG) was a strong performer in 2021, achieving significant growth within a few months since its inception. According to CoinMarketCap, the price of the CBG token surged from a low of $0.05 on 6 December to an all-time high of $72.45 on 13 December, a spike of 144,800% in less than a week. However, at the time of writing (23 March), it was trading at $51.73, about 28% below the peak.
Chainbing coin is currently accessible on three exchanges: Indodax, XT.com and CoinTiger, with a significant price disparity between the three. It has not yet been listed on popular exchanges such as Binance (BNB), Coinbase (COIN) and FTX (FTT).
Since Chainbing is a newly launched project, what does the future hold for the CBG token? This article helps you investigate the CBG cryptocurrency from the fundamental and technical perspective, and get a round-up of recent news and developments to help you form a plausible CBG coin price prediction.
What is Chainbing (CBG)?
Chainbing is a Blockchain Information Aggregation Engine (BIAE) that aims to store, index, analyse and share data on the blockchain to give users consistent and accurate information.
Chainbing seeks to evolve into an active blockchain aggregation protocol by integrating data monitoring methods to assure data reliability and rewarding participants who provide validation.
According to its white paper, on-chain data is no longer restricted to simple transactions but increasingly incorporates additional information. Moreover, interpreting and tracking on-chain data has become increasingly challenging. Chainbing accumulates and processes this raw data by using nodes operated by diverse entities to establish a network.
In Chainbing, data collection nodes (collectors) are responsible for collecting raw data. Then, the data processing nodes (processors) convert the raw data to human-readable information. Content makers (creators) generate unique material based on the data, while validators (monitors) ensure that the information is accurate.
Chainbing focuses on the following key areas:
- Data collection and storage: This area focuses on the underlying data network, composed of hardware nodes responsible for data storage.
- Data intelligence analysis: Chainbing also offers tools for massive data analysis based on artificial intelligence.
- Content supply and access: This area focuses on providing relevant information that will assist Chainbing in growing and earning token incentives.
- Consensus mechanism and witnessing: Token holders can participate in data and content witnessing to assure their authenticity.
- Community governance: Token holders have community governance rights, and the community is supposed to drive Chainbing’s growth.
CBG is the native token of the Chainbing Network and is used for governance and staking. CBG token has a maximum supply of 10 billion tokens and a circulating supply of 33 million tokens (as of 23 March 2022).
Chainbing coin news and price drivers
Chainbing has undergone a number of important milestones and developments since its launch, which may drive the CBG token price.
Protocol upgrades and technical enhancements
In November 2021, Chainbing announced technical enhancements to its network, including the testing and completing the token economy model’s several iterations of the underlying consensus protocol.
The development of an AI data analytics engine and the overall advancement of data centre data analytics services was also marked as 20% complete.
Additionally, many data mining algorithms were evaluated and calculated utilising existing data to present users with more helpful information.
Access to Polkadot chain and listing on CoinTiger exchange
Chainbing unveiled several enhancements in December 2021, some of which centred on Polkadot (DOT). The underlying data centre was granted access to the Polkadot Chain along with a drilled-down study of the data.
Additionally, the data analysis engine facilitated deep mining of existing user data, the creation of user profiles, and the provision of user-specific labels.
In December, Chainbing was also listed on the CoinTiger Digital Asset market, allowing users to trade CBG tokens.
Implementation of NFT data function and listing on CoinMarketCap
In January 2021, the underlying consensus protocol and token economy model was evaluated and iterated further, with 60% completion.
Additionally, the underlying data centre on the Polkadot chain was completed, and the data analysis and search functions entered the testing phase.
Similarly, the AI data analysis engine under construction was evaluated as 60% complete. Chainbing’s NFT-related data analysis function reached the planning stage during the same period.
During the same period, Chainbing coin was listed on CoinMarketCap to allow users to access financial and token-related information.
Listing on Indodax, events and airdrops
Chainbing’s native token CBG was launched on Indonesia’s biggest digital asset exchange, Indodax, in February 2022. Additionally, to broaden the project’s reach, Coingbing held a giveaway contest from February 8 to February 13 and an airdrop event across all social media groups.
????NEW LISTING ON #Chainbing????
— ChainBing⛓️ (@Chain_Bing) February 9, 2022
✅Get ready for the @indodax listing
✅$CBG/IDR will be available on February 9th, 2022, 2 PM(UTC+7)
✅Deposits, withdrawals, trading will be available at February 10th, 2022, 2 PM(UTC+7)#CBG #listing pic.twitter.com/lhkRQPpaBB
CBG/USD price analysis
CBG token was launched in August 2021, and since then, it has returned an ROI of 51,226%, according to CoinMarketCap (as of 23 March).
Based on the earliest available historical data from 2021, CBG token price declined from $0.123 on 30 August to its all-time low of $0.05002 on 6 December.
Since then, the CBG token experienced a very strong bullish momentum. Its price spiked from $0.05 on 6 December to its all-time high price of $72.45 on 13 December, the biggest spike within a week. However, the glory was short-lived, and the CBG token declined and closed the day at $2.80.
According to TokenInsight, CBG cryptocurrency topped the list of 10 gainers in seven days (as of 13 December 2021).
What an amazing week!????
— TokenInsight (@TokenInsight) December 13, 2021
Despite the lukewarm crypto market, there were still some tokens that outperformed. #cryptocurrency
???? $CBG +2,757%
???? $MOBI +1,580%
???? $COVAL +658%
Followed by $VERI +388%, $DUSK +129%, $BIOT +92%, $BSW +73%, $CYCLUB +66%, $GODS +62%, $REV +56%. pic.twitter.com/drsklIY4o5
The price action remained sideways for the rest of the days, and the Chainbing coin closed the year at the same level of $2.80. The stalled price action continued until February 2022. Then a solid bullish momentum moved the price from $2.82 on 9 February to a high of $28.05 on 10 February, an 894% rise within a day.
The bullish momentum continued and the CBG cryptocurrency reached $57.64 on 13 February. The retracement sent the price to a 30-day low of $24.28 on 21 February, a fall of 57%. However, buyers returned to the market and CBG soon moved up and broke through the level of $50 on 26 February 2022.
$CBG gets everyday NEW ATH! ????
— ChainBing⛓️ (@Chain_Bing) February 26, 2022
????Current Price: $50????
You know what that means: it's going to be unstoppable when people are getting back!#CBG #Chainbing pic.twitter.com/0whNhiT7tE
The token spiked again and reached a 90-day high of $67.92 the same day on 26 February.
At the time of writing (23 March), the CBG token was trading at $51.73 and had a market capitalisation of $1.68bn (£1.27bn).
Chainbing (CBG) crypto price prediction 2022 – 2030
Since its launch in August 2021, the CBG token has gained very strong momentum. It has been placed in the top 250 cryptocurrency projects, ranking 209 in terms of market capitalisation (as of 23 March). Still, traders should be cautious when considering newly launched cryptocurrencies like Chainbing and see whether their fundamental value and strong gains prove to be long-lived.
Meanwhile, based on technical analysis, the short-term chainbing (CBG) price prediction from CoinCodex was bullish today (as of 23 March), with 20 indicators giving bullish signals and four bearish.
All the daily and weekly Simple Moving Averages (SMA) and Exponential Moving Averages (EMA) (except for the 3-day SMA), along with the Volume-Weighted Moving Averages (VWMA) and Hull Moving Averages (HMA), were giving buy signals. The Stochastic RSI and Average Directional Index (ADX) gave ‘sell’ signals.
Meanwhile, the Williams Percent Range, Relative Strength Index (RSI) and the Moving Averages Convergence Divergence (MACD) stayed neutral.
However, based on the short-term CBG coin price prediction, the price could decline by 52.13% to reach $23.27 by 28 March.
Meanwhile, several algorithm-based forecasting services gave longer-term CBG price predictions as of 23 March:
Wallet Investor’s chainbing crypto price prediction was bullish and considered the coin an “awesome” long-term investment. The average price of CBG could be $105.59 by the end of 2022, $178.60 by the end of 2023, $251.40 by the end of 2024, $323.84 by the end of 2025 and $396.53 by the end of 2026. Its five-year CBG/USD forecast suggests the token could reach $411.89 by March 2027.
Meanwhile, Digital Coin’s CBG token forecast estimated that the chainbing cryptocurrency could hit an average of $65.77 in 2022, $73.95 in 2023, $72.62 in 2024, $99.63 in 2025, $92.11 in 2026, $117.67 in 2027, $160.49 in 2028 and $209.52 in 2029. Its CBG prediction expected the coin to hit $234.77 in 2030 and move up to $261.98 in 2031.
Price Prediction supported the bullish long-term chainbing prediction. Its projection was that the average price of CBG could hit $53.43 in 2022, $79.15 in 2023, $110.62 in 2024, $162.30 in 2025, $233.54 in 2026, $345.96 in 2027, $517.47 in 2028, $737.44 in 2029 and $1,113.97 in 2030. It expected the coin to exceed $1500 and reach $1,650.21 in 2031.
When looking at CBG target prices, bear in mind that analysts’ and algorithm-based expectations can be wrong. Their coinbing crypto price predictions are based on fundamental and technical studies of a cryptocurrency’s past performance. Past performance is no guarantee of future results.
Note that it is essential to do your research and always remember your decision to invest in CBG or any other coin depends on your attitude to risk, your expertise in the market, the spread of your investment portfolio and how comfortable you feel about losing money. You should never invest money that you cannot afford to lose.
FAQs
Is chainbing a good investment?
Chainbing (CBG) is a blockchain information aggregation engine (BIAE), launched in August 2021. It has experienced a strong performance since February 2022 and is currently trading above the $50 level (as of 23 March).
Whether CBG cryptocurrency is a good fit for your investment portfolio depends on your circumstances and risk tolerance. You should consider the level of risk you are ready to take before investing and never invest any money you cannot afford to lose.
Will CBG coin price go up or down?
Algorithmic forecasting tools, including Wallet Investor, Digital Coin and Price Prediction (as of 23 March), suggested in their CBG token forecasts that the coin has the potential for gains in the future. However, according to CoinCodex, the CBG coin could decline in the short term and reach $23.27 by 28 March.
How high can chainbing go?
Price Prediction shared a very bullish forecast as of 23 March 2022. It predicted that the Chainbing coin could go as high as $1,650.21 in 2031. Note that analysts’ and algorithm-based CBG price predictions can go wrong.
Markets in this article
