Klaytn (KLAY) price prediction: KLAY rises after governance proposal
KLAY, the token of the Klaytn blockchain, has risen in price following a governance proposal for block reward reduction.
The blockchain was developed by South Korean internet giant Kakao and its subsidiary GroundX, and provides a way for South Koreans to trade non-fungible tokens (NFTs).
Klaytn is the leading blockchain platform in South Korea and KLAY is currently the 67th-largest cryptocurrency, with a market capitalisation of $534m.
As of 9 January 2023, the token was trading at $0.1738. Will the Klaytn price keep rising? In this analysis, we will look at recent KLAY crypto news and the latest klaytn price predictions.
What is klaytn crypto?
The Klaytn blockchain is designed to provide “an enterprise-grade, service-centric platform” to a widespread user base. According to its website, it “combines the best features of both public blockchains (decentralised data and control, distributed governance) and private blockchains (low latency, high scalability) via an efficient ‘hybrid’ design”.
“Klaytn is secured by participation from numerous highly-reputable brands around the globe, working together to create a reliable business platform atop a robust system of decentralised trust,” says the company. “Klaytn enables businesses and entrepreneurs today to capture value using blockchain technology.”
The Klaytn blockchain uses an optimised version of Practical Byzantine Fault Tolerance (PBFT) as its consensus algorithm, with modifications to allow many nodes to participate in the network and increase its scalability.
“In Klaytn there are three types of nodes: CN (consensus node), PN (proxy node) and EN (endpoint node). CNs are managed by CCOs (core cell operators) and are in charge of block generation. These blocks are verified by all nodes in the network,” says the company.
“Klaytn’s mainnet Cypress can provide a high throughput of 4,000 transactions per second with one-second block-generation interval. More than 50 consensus nodes can participate in the CNN at the moment and the number will continuously increase as Klaytn continues to aggressively optimise the algorithm.”
The Klaytn blockchain was developed by South Korean internet giant Kakao. The hybrid blockchain model aims to bring together enterprise-grade scalability and the decentralisation of public blockchains. It is one of the main providers of NFTs for the South Korean market.
Kakao has achieved dominance in South Korea, where it is the country’s largest messaging and social media service. The company’s KakaoTalk products suite has more than 55 million active users. It integrates Klaytn’s Klip cryptocurrency wallet into its mobile app directly, making it easy for customers to use the technology.
Klaytn coin (KLAY) price analysis
KLAY, the native token for the Klaytn blockchain, launched in late March 2020. Unlike many other coins, KLAY did not undergo an immediate price surge followed by a drop when it launched. The price started at $0.09194 and traded between $0.06 and $0.09, then rose to $0.30 on 8 June 2020 before dipping to $0.17.
In early August 2020 it started rising again, alongside the rest of the market, and hit $0.8306 by the end of the month. This was followed by yet another price correction to $0.46, after which the coin’s value remained relatively stable until mid-February 2021.
As bitcoin (BTC) and ether (ETH) started surging and setting new record highs, and with the NFT and decentralised finance markets gaining strength, the KLAY price spiked to $1.85 in late February 2021. It slipped to $1.23, but then surged to an all-time high of $4.38 on 2 April 2021.
2022 was marked by extended volatility for the whole of the crypto market. KLAY started 2022 at $1.28 and rose to $1.41 – its highest peak that year – on 21 January. It then continuously dropped as the market crashed, falling to $0.35 on 13 May. The price stabilised by 31 July to $0.31 before dipping to $0.24 on 21 August 2022.
September 2022 saw KLAY decline again, falling to $0.19 by the end of the month. On 23 October, the announcement of a governance proposal for block-reward reduction resulted in bullish momentum and KLAY was trading at highs of $0.3182 towards the end of the month.
An ongoing proposal by our GC recommends reducing existing block rewards by ⅓ in order to optimize the level of $KLAY emission.
— Klaytn (@klaytn_official) 23 October 2022
Results of the governance vote will be in by 25 Oct 2022.
More details here:https://t.co/wkC9WEOrzq
However, the price dipped once again amid the tumultuous market conditions, closing on 31 December 2022 at $0.1521. After publishing Klaytn’s 2022 yearly round-up, highlighting its technological advancements, the token has managed to gain some momentum in the current market.
A recent rally, as of 9 January 2023, has seen the token gain over 8% in a recent 24-hour trading period. KLAY has a circulating supply of 3.08bn, with a total supply of 10,993,916,922.
As the network expands its ecosystem, let’s look at some of the long-term KLAY price predictions.
Klaytn (KLAY) price prediction: What is the future of KLAY coin?
Short-term technical analysis from CoinCodex was neutral for klaytn coin, as of 9 January 2023, with 16 technical indicators giving bullish signals compared with 14 bearish. Its short-term 50-Day SMA was estimated to hit $ 0.169814 by 28 February 2023.
The klaytn coin price prediction from algorithm-based forecasting site Wallet Investor expected the coin to trade at $0.0191 by the end of December 2023. It projected that KLAY would trend lower during 2024 to reach $0.0136 by the end of the year.
Wallet Investor’s klaytn price prediction for 2025 estimated that KLAY price would remain largely under $0.01 and continue diminishing, suggesting the token is a “bad long-term (one-year) investment”.
DigitalCoinPrice’s KLAY crypto price prediction (as of 9 January 2023) projected that the coin would average $0.62 in 2025, up from an average of $0.44 in 2024 and $0.37 in 2023. Its klaytn price prediction for 2030 expected KLAY to reach $1.79.
Gov Capital’s klaytn price prediction for 2023 suggested that the token would continue to diminish in value and be worth nothing within six months. The site’s klaytn crypto price prediction states: “Klaytn has been showing a declining tendency so we believe that similar market segments were not very popular in the given period”.
The KLAY forecast from PricePrediction expected the coin to average $0.24 in 2023, $0.35 in 2024 and $0.49 by 2025. By 2028, it projected the KLAY price could be $1.45, and average $3.09 by 2030.
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 online forecasting sites can get their predictions wrong.
KLAY predictions shouldn’t be used as a substitute for your own research. Always do your own due diligence and evaluate the latest market trends, news, technical and fundamental analysis, and expert opinions before making any trading decisions. Never invest more than you can afford to lose.
FAQs
Is klaytn a good investment?
Cryptocurrencies are highly volatile assets, making them riskier than other forms of investment. Whether the KLAY token is a good investment for you depends on your personal circumstances.
You should evaluate the level of risk you are prepared to accept before investing, and never invest money that you cannot afford to lose.
Will klaytn go up or down?
The most bullish klaytn coin price prediction as of 9 January 2023 came from Price Prediction, which projected that the price would rise to $3.09 by 2030.
However, in volatile cryptocurrency markets, it is important to do your own research on a coin or token to determine if it is a good fit for your investment portfolio. Whether KLAY is a suitable investment for you depends on your risk tolerance and how much you intend to invest, among other factors.
Bear in mind that past performance is no guarantee of future returns. Never put at risk any money that you cannot afford to lose.
Should I invest in klaytn?
Whether you should invest in Klaytn is a question that you will have to answer for yourself. Before you do so, however, you will need to conduct your own research
Never invest more money than you can afford to lose, because prices will go down as well as up.
Related topics
