Deapcoin price prediction: Will DEP bounce back?
As blockchain games become more popular, various play-to-earn projects have come under the spotlight. Gaming cryptocurrencies such as AXS and SLP in Axie Infinity, Sandbox’s SAND and Illuvium’s ILV token surged in 2021.
Deapcoin (DEP), a play-to-earn gaming platform, reached an all-time high of $0.092 on 24 November 2021, according to CoinMarketCap. At the time of writing (9 March), DEP was trading at $0.032, down more than 64% from the peak.
During the last week, many gaming coins have been trading in a bearish market and have witnessed double-digit losses. Decentraland (MANA), the largest play-to-earn gaming platform by market capitalisation, shed around 9% in the past week and was trading at $2.52 (as of 9 March). Interestingly, the DEP token declined by only 2% during the same period.
Can the DEP token outshine fierce competition and become a top gaming platform? This article covers fundamental analysis, along with a DEP crypto price analysis and recent news and developments to help you form a plausible deapcoin price prediction.
What is Deapcoin?
Deapcoin aspires to become the next generation entertainment platform leveraging blockchain technology to develop a new economy and culture, focused on entertainment and assets for the digital age.
DEA, the company behind the DEP cryptocurrency, has a strong founding team. The company’s co-founder Naohito Yoshida, has led 3 IPOs in Japan, and is a well known figure in entertainment media companies. Co-CEO Kozo Yamada has been a producer of music and variety shows for 15 years at TV Tokyo.
DEP is the DEA platform's native token. It’s used to pay for various services and activities inside its gaming environment. DEP tokens can also be obtained via vault services and grant opportunities and by participating in DEA's gaming platform, the PlayMining platform, in player vs environment (PvE) and player vs player (PvP) modes.
There are three critical operational layers in the DEA’s network:
Mining games: These games are off-chain HTML5 browser-based apps that operate as non-fungible token (NFT) games using an API that accesses NFT data from the blockchain. According to DEA's whitepaper, this feature makes third-party admission into the gaming industry more accessible for existing game producers, opening the way for future enrichment of gaming content. The PlayMining platform has three playable games available as of December 2021, with more than ten games scheduled for release by the end of 2022.
NFT marketplace: DEA’s NFT Marketplace focuses on in-game products that have been converted into ERC721 standard NFTs. These NFTs are a one-of-a-kind offering of a diverse selection of items from the most prominent artists in Japanese pop culture. According to the DEA's white paper, since April 2020, the total gains shared via NFT trading have topped one billion yen.
PlayMining vaults: These vaults serve as an incentive structure, awarding DEP tokens, NFTs, and (PlayMining Gold) PMG to users that positively contribute to the overall economics of PlayMining. Non-gamers also get an opportunity to earn rewards.
Deapcoin news and price drivers
The project has undergone several important updates lately, which may affect the deapcoin value:
Listing on ACE, Bitmart and Bitbns cryptocurrency exchanges
DEA stated in March 2022 that its native token had been listed on a handful of cryptocurrency exchanges, including ACE, Bitmart and Bitbns.
According to the official statement, these three exchanges have a combined user base of around 10 million, enabling the DEA team to reach a larger audience via targeted listings.
Partnership with Belgium football club KMSK Deinze
DEA established a partnership with Belgian professional football club KMSK Deinze in February 2022.
As a result of this relationship, KMSK Deinze earned additional sponsorship and income opportunities. Additionally, DEA sought to collaborate with KMSK Deinze to raise awareness of the game and its proprietary token DEP across the European continent.
Seed funding round of m
In January 2022, Deapcoin secured $12m in a seed round headed by JAFCO Asia Investment Ltd and numerous other public and private companies.
Deapcoin intended to use the fresh capital to fund the creation of new content for the PlayMining platform and associated metaverse, infrastructure expansion, talent acquisition and platform refining.
These efforts were designed to increase user acquisition while broadening the platform's presence in the NFT and GameFi industries.
Launch of staking services
DEA launched the DEP staking service in July 2021, allowing users to stake up to 1 million DEP in exchange for DEP payouts up to 15% APR.
According to the official statement, the DEP staking service combines the possibilities of DeFi, gaming and NFTs to provide users passive income possibilities by just holding DEP.
Digital Entertainment Asset brings DeFi to gaming with the launch of $DEP staking service!#DEP Staking has started!????
— PlayMining(official) (@PlayMining_SG) July 12, 2021
Stake up to 1 million DEP in exchange for DEP rewards up to 15% APR.
Get more DEP!????
Press Release: https://t.co/oafIWPlIYL pic.twitter.com/IkavGYv7Y6
DEP/USD price analysis
The DEP token was launched in 2020. It has returned a ROI of 484%, according to CoinMarketCap, as of 9 March.
Based on the earliest available price data from 2020, DEP token’s price spiked from $0.005 on 11 April to $0.012 on 25 June, an increase of 140%. On 10 April, the DEP token got listed on OKEx, the 18th largest cryptocurrency exchange by trading volume, which could serve as a major price driver behind the spike. However, the rally didn’t sustain, and the price retraced to $0.004 on 10 October. It closed the year at $0.005.
In 2021, the DEP token slowly moved upward, reaching $0.011 on 5 April before declining to $0.005 on 25 June. After making the low in June, the token gained bullish momentum and reached its all-time high of $0.092 on 24 November, an increase of 1,740% from the June low. During this period, Deapcoin made several key announcements, such as the staking service launch, an NFT card battle tournament and novel-based NFT awards. After making the high, the token closed the year at $0.038.
The token’s price action has been volatile since the start of 2022. It reached a 30-day-high of $0.043 on 8 February before declining to a 30-day-low of $0.264 on 24 February. At the time of writing (9 March), the DEP token was trading at $0.032 and had a market capitalisation of $136m.
Deapcoin (DEP) price prediction: Targets for 2022, 2025 and 2030
On 9 March, CoinCodex's short-term DEP sentiment was bearish, with 11 indicators showing bullish signals and 16 bearish.
The 5- to 100-daily simple moving averages (SMA) and exponential moving averages (EMA) indicated 'sell' signals, while the 50- and 100-weekly SMAs and EMAs were bullish. The Hull moving average (HMA) and the volume-weighted moving averages (VWMA) also gave ‘sell’ signals. The average directional index (ADX), the moving average convergence divergence (MACD) and Williams percentage range kept neutral.
According to the deapcoin crypto price prediction from CoinCodex, the coin's price could rise by 21.02% to $0.039569 by 14 March 2022.
Meanwhile, algorithm-based forecasters gave various price targets in their long-term DEP forecasts as of 9 March:
According to Wallet Investor, the average coin price could reach $0.076 by the end of 2022, $0.237 by the end of 2025 and $0.299 by February 2027.
Digital Coin's DEP crypto price prediction suggested the average price of DEP in 2022 could be $0.0426, $0.0482 in 2023, $0.0639 in 2025 and $0.15 in 2030.
According to Price Prediction, the average price of the DEP/USD could reach $0.044 in 2022, $0.15 in 2025, $0.94 in 2030 and $1.40 in 2031.
When looking for deapcoin coin price prediction, bear in mind that analysts' and algorithm-based price targets can be wrong. Their DEP forecasts are based on fundamental and technical studies of a cryptocurrency's past performance. Past performance is no guarantee of future results.
It's essential to do your research and always remember your decision to trade 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 deapcoin a good investment?
Deapcoin (DEP) is a play-to-earn blockchain gaming platform that competes with established players such as Decentraland (MANA) and Axie Infinity (AXS). Since its inception, it has generated a ROI of 484%, as of 9 March 2022. However, its price action has been bearish lately. On 24 February it reached a 30-day low of $0.0264.
Whether the DEP token is a good fit for your investment portfolio depends on your circumstances and risk tolerance. You should estimate the level of risk you are ready to take before investing. Always conduct your research before making any investment decision. And never invest money you cannot afford to lose.
Will deapcoin (DEP) hit $1?
According to the DEP/USD forecast by Price Prediction (as of 9 March), DEP could hit $1 by 2031. Note that analysts’ deapcoin coin predictions and algorithm-based price targets can go wrong.
How high can deapcoin go?
Algorithmic forecasting tools, including Wallet Investor, Digital Coin and Price Prediction (as of 9 March), suggested that the coin has the potential for gains, but gave various price targets. According to Price Prediction, it could go as high as $1.40 in 2031.
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