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Coin98 price prediction: DeFi token surges

By Capital.com Research Team

09:25, 8 August 2022

Coin98
Logo of Coin98 coin in mobile phone. Photo: Ira Lichi / Shutterstock.com

As the decentralised finance (DeFi) market has become saturated, it can be difficult to settle for a specific protocol. Coin98 wants to narrow down this choice. Its exchange utilises liquidity from various decentralised exchanges (DEX) and its wallet supports more than 40 blockchains.

While DeFi has been the centre of attention this year, it wasn’t for positive reasons. The crash of the original Terra cryptocurrency LUNA and crypto lender Celsius Network appear to have affected Coin98 and its native token C98.

What is Coin98 (C98)?

Coin98 is looking to become the go-to application for DeFi trading. It is bridging together multiple products across many different blockchains. Its own wallet, exchange, and cross-chain bridge have played an essential role in this mission.

According to its supporting documentation:

“We aim at creating a great decentralized experience possible for both veterans and newbies on their journey in the crypto world and contributing to the accelerated growth and mass adoption of blockchain technology.”

The native exchange on Coin98 uses a multi-chain liquidity aggregator, which essentially allows users to trade across various blockchains with high liquidity. These networks include Ethereum (ETH), BNB Chain, Solana (SOL), Polygon (MATIC), and Avalanche (AVAX).

Assets can then be stored in its native wallet, where users can send, receive and manage their cryptocurrencies. They can also implement them in various decentralised applications (DApps).

Based in Vietnam, Thanh Le is the founder behind Coin98. After working as a system engineer for a research lab at university, he co-founded a software engineering start-up, before eventually diving into the crypto market.

The C98 token

Coin98 created its own cryptocurrency to serve as the platform’s native utility token. There are various use cases to encourage long-term holders of the coin. C98 can be used to pay transaction fees and can be staked for yield.

The token is also used for governance, where investors can have a say over the future of the platform.

 “C98 token holders may propose and vote on governance proposals to determine features and/or parameters of the Coin98 Exchange and its products,” Coin98 documentation explains.

Finally, C98 holders will receive incentives and “unique membership rights” for investing in the coin. These include access to products, its launchpad and staking events.

C98’s past performance 

C98 price chart

Source:CoinMarketCap

C98 is fairly new to the crypto market having only launched last year. According to CoinMarketCap the token opened at $0.74 on 24 July 2021 and it almost immediately started surging. This was as Binance listed C98, just a day before CoinMarketCap. By the end of the month, it had surpassed $1.

August proved to be a busy month for Coin98. The DeFi exchange listed more than 20 new tokens from multiple chains, including AGAR from Avalanche and BIFI from Polygon.

XRP/USD

0.60 Price
+3.390% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

SOL/USD

174.73 Price
+2.800% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652

BTC/USD

67,477.60 Price
+0.730% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

ETH/USD

3,534.28 Price
+0.570% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

Its own token had also seen listings on various other exchanges, such as Biswap and TokoCrypto. By 25 August, C98 had rocketed to its all-time high of $6.42.

Coin98’s next surge came after the platform hosted an airdrop during Halloween. A total of $5,000 worth of JOE tokens were up for grabs to those participating in social media activities and trading on the C98 wallet. C98 climbed to a high of $4.36 on 3 November.

The DeFi token saw another slight rally in December as Binance announced a trading event with the cryptocurrency. New Binance users who traded C98 were given the chance to earn $10,000 worth of tokens. But it could only muster a peak of $2.98 on 28 December.

So far, 2022 is proving to be difficult for C98 with the DeFi markets shattered by the fall of Terra in May and Celsius in June. The token slumped to its all-time low of $0.35 on 12 May.

It has gained slightly since this low. As of 8 August, C98 was trading at approximately $0.5979.

Coin98 price prediction

While there was a range of C98 coin price predictions, there appeared to be a bullish consensus among forecasters. 

At the time of writing, AMB Crypto suggested the token could surpass $1.35 this year and climb past $2 in 2026. Its optimistic Coin98 price prediction for 2030 gave a maximum price target of $7.94.

TechNewsLeader suggested the coin could achieve $0.90 in a year, but its Coin98 price prediction for 2025 estimated a $1.89 price target. As of 8 August, the token was predicted to rocket past $10 to $11.67 by the beginning of the next decade.

The forecast from PricePrediction was along the same lines with a maximum price target of $0.67 expected for this year. The C98 token price prediction suggested it could average at $5.54 in 2028 and $11.14 in 2030.

Finally,the CaptainAltcoin Coin98 price prediction for 2022 said the token could slip to a fraction over $0.30 in October. The momentum was then forecasted to pick up once more  and C98 was estimated to climb back to $3.23 in 2030.

When considering a Coin98 coin price prediction, it’s important to keep in mind that cryptocurrency markets remain extremely volatile, making it difficult to accurately predict what a coin’s price will be in a few hours, and even harder to give long-term estimates. As such, analysts and algorithm-based forecasters can and do get their predictions wrong.

If you are considering investing in cryptocurrency tokens, we recommend that you always do your own research. Look at the latest market trends, news, technical and fundamental analysis, and expert opinion before making any trading decision. Keep in mind that past performance is no guarantee of future returns. And never trade money that you cannot afford to lose.

FAQs

How many Coin98 coins are there?

As of 8 August 2022, there was a circulating supply of 185 million C98 and a maximum supply of one billion tokens.

Is Coin98 a good investment?

Coin98 is on a mission to make it easier to invest across decentralised finance (DeFi) services, blockchains, and digital assets. Its native token, C98, plays an important role in financing and encouraging long-term users, but it has been struggling in recent months.

In volatile cryptocurrency markets, it is important to do your own research to determine if the token is a good fit for your investment portfolio. Whether C98 is a suitable investment for you depends on your risk tolerance, portfolio size, timeframe and goals, and your experience in cryptocurrency markets. Keep in mind that past performance is no guarantee of future returns, and never invest money that you cannot afford to lose.

Will Coin98 go up?

As of 8 August, TechNewsLeader and PricePrediction estimated that the coin could surpass $10 by 2030. On the other hand, CaptainAltcoin predicted a pull back for the token, before it can gain traction again. Remember, cryptocurrencies can be highly volatile and prices can go down just as easily as they can go up. Analysts and algorithm-based forecasters can and do get their predictions wrong. Keep in mind that past performance is no guarantee of future returns. Always do your own research, and never trade money that you cannot afford to lose. 

Should I invest in Coin98?

It depends on your personal circumstances, such as risk tolerance, portfolio goals, size and timeframe, and how experienced you are in cryptocurrency markets. C98 is designed for users of its decentralised finance (DeFi) platform. Token holders will gain access to exclusive events, products and rewards. But the token has taken a beating during the recent crypto crash. Whether it is the right asset to invest in is a question that you will have to answer for yourself. Before you do so, however, you will need to conduct your own research and never invest more money than you can afford to lose.

 

Markets in this article

AVAX/USD
Avalanche / USD
29.0776 USD
0.5249 +1.860%
ETH/USD
Ethereum / USD
3534.28 USD
19.97 +0.570%
MATIC/USD
MATIC/USD
0.56184 USD
0.01068 +2.010%
SOL/USD
Solana / USD
174.7279 USD
4.7387 +2.800%

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