CoinPoker price prediction: Can its CHP coin rebound?
Blockchain-based cryptocurrency gambling platform CoinPoker’s native token price fell over the past month after hitting near four-year highs in February amid plunging trading liquidity. The utility coin for CoinPoker is Chips (CHP), an Ethereum-based ERC-20 token.
Chips prices closed at $0.05943 on 21 March, down 25.93% from $0.08024 on 21 February, data from cryptoassets price-tracking website CoinMarketCap shows. CHP token price is also down 3.1% from $0.06134 on 14 March from a week ago.
The Chips price reached an all-time high at $40.1427 on 16 May 2018 and prices surged to near four-year high at $0.08024 on 21 February.
Despite the decrease over the past few weeks, CHP prices were 22% above its value of $0.4864 at the beginning of the year.
CHP trading volume in the week of 14 March to 20 March was at $28,348, down 86% or nearly seven-fold from the week before.
Are you interested to learn more about CoinPoker and the outlook for the project? Read this analysis for the latest news and analysts’ CHP crypto price prediction.
What is CoinPoker?
CoinPoker is a virtual poker room and gambling platform built on the Ethereum blockchain. The platform operates solely on cryptocurrencies such as USDT, is a stable coin with a pegged value to the US dollar. According to CoinPoker, players can also withdraw their balance in bitcoin (BTC) and ether (ETH).
CoinPoker launched in 2017 and completed its initial coin offering offer (ICO) in late January 2018. The CHP token listed on cryptocurrency exchanges, including Bankera, in the same year.
According to CoinPoker’s whitepaper, the platform will operate on Ethereum smart contract based crypto-currency protocols. CHP can only be used on the CoinPoker platform in legally permitted jurisdictions.
Permitted jurisdictions include those where online poker is:
Legal because it is considered a game of skill
Licensed by a legitimate authority
Not governed by the laws of the jurisdiction where the person is situated
CoinPoker has said that operating the platform using CHP will allow players to buy the token online regardless of their geographic region, which widens the access to the platform. It also claims that CoinPoker has a faster-processing speed than traditional online poker rooms.
Random number generator (RNG)
CoinPoker has implemented its proprietary decentralised random number generator (RNG) on its platform, which ensures a truly random card shuffle during games. The platform believes it has invented the most accurate RNG in the market “based on a hybrid system using pre-committed partial RNG seeds provided separately by each participating player and the operator.
Low rake fees
Traditionally, cardroom operating casinos charged a scaled commission on poker game players or the pot to cover overheads. This commission is known as rake and can be as high as 15% of the tournament fee.
CoinPoker is operating as a commission-free platform, but set a 4% rake for cash games and 7% for tournaments. The commissions collected are reinvested into CoinPoker to cover administrative expenses and will also be returned to the community as ‘rakeback’ in promotional activities. All the rakeback will be paid in CHP tokens.
According to its whitepaper, no less than 25% of the community fund will be returned to the community through promotions such as rake races, daily tournaments and jackpots.
Token supply and distribution
CHP token’s value is divisible to 18 decimal points and the cryptocurrency is transferable on the Ethereum network.
Following the ICO in January 2018, 500 million CHP tokens were released. 75% was offered for sale to players and investors, while 15% was reserved for tournament prize pools. The remaining 10% was distributed evenly between the currency exchange and the team and advisors. Unsold tokens are burned automatically by a smart contract.
According to CoinMarketCap, CHP has a circulating supply of 274.7 million coins and a live market cap of $16.3m.
Who is behind CoinPoker?
CoinPoker claims the platform is “heavily backed by the poker community as well as crypto enthusiasts all over the world”.
According to its website, the platform is managed by a team of seven. The chief development officer Rene Boutestijn, an online gaming software engineer with more than a decade of experience. Boutestijn specialised in building multi-player online-based games like poker, backgammon, chess, rummy and other card games.
The chief technology officer and smart contract developer is Justas Kregzde, who works as an online poker software developer. The chief community manager is Isabelle Mercier, a professional poker player who is active in the market.
Project risk profile
According to cryptocurrency research and data site Is This Coin A Scam, the CoinPoker project is not being monitored. The cryptocurrency data provider conducts research on projects based on five criteria: community, credibility, sentiment, development and trading volumes. The final score is based on the site’s research on social media platforms such as Reddit and Twitter.
Industry news provider CryptoNewsZ said the platform has “strong community contributions that uses CHP as its native currency and received good traffic.
CHP cryptocurrency forecast
At least three analysts held a positive outlook for CHP token price in the next five years at the time of writing on 22 March.
TechNewsLeader expected the CHP/USD rate to rise in the next few years, reaching new highs by 2024. The data provider forecast the token price could climb to $0.083 in 2022, and the price uptrend could continue, reaching $0.12 in 2023, $0.18 in 2024, $0.26 in 2025, $0.38 in 2026. By 2027, CHP coin is expected to reach $0.55, and continue to surge to $0.82 in 2028, $1.19 in 2029, $1.75 in 2030, $2.38 in 2031.
Analysis by Price Prediction held a bullish CoinPoker token price prediction.
Its forecast for the average CHP coin prices were $0.084 in 2022, $0.13 in 2023, $0.18 in 2024, $0.27 in 2025, $0.39 in 2026, $0.56 in 2027, $0.83 in 2028, $1.21 in 2029, $1.77 in 2030 and $2.52 in 2031.
According to Wallet Investor, which held a less bullish CoinPoker (CHP) price prediction 2022-2025, CHP coin price is expected to rise to $0.096 in the next 12 months and could reach $0.244 in five-years’ time.
When looking at crypto price predictions investors should remember that the market is highly volatile. Forecasts are based on inferences drawn from the past performance by analyst’s and may go wrong, due to market gyrations, change in policies and unknown parameters. Investors should also consider the token’s collaborations, partnership deals and fundamentals before relying completely on the predictions.
You should do research and base your decision to buy cryptocurrencies on your attitude to risk. Investors should gauge how comfortable they are about losing money. You should never invest money that you cannot afford to lose.
FAQs
Is CoinPoker crypto a good investment?
CoinPoker claims the platform is growing in popularity and well-supported by the poker community. However, whether CoinPoker is a good investment or not will depend on your investment goal, portfolio composition and risk profile among other factors.
Will CoinPoker (CHP) price go up or down?
At the time of writing on 22 March, analysts TechNewsLeader, Price Prediction and Wallet Investor expected CHP prices to rise between 2022-2030. However, analysts’ forecasts can be wrong and have been inaccurate in the past. Cryptocurrency is an extremely high-risk investment and capital will be at risk. You should do your own research. And never invest what you cannot afford to lose.
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