MAGIC price prediction: What is MAGIC?
It helps run the Treasure metaverse platform, but what is MAGIC? Let’s take a look and see what we can find out about this token, which is ultimately based on the Ethereum (ETH) blockchain, and also examine some of the MAGIC price predictions that were being made as of 16 December 2022.
ETH/USD price chart
MAGIC explained
Something that made a big splash in the world of cryptocurrency throughout 2021 was the metaverse.
The idea that you could take part in a virtual world and interact with it through your own digital avatar was not necessarily new, but developments related to blockchain technology helped make it a major talking point in recent months – that is until the bear market set in following the demise of Terra’s UST stablecoin and LUNA crypto, the bankruptcy filing of Celsius Network and the collapse of crypto exchange FTX.
One of the things that helped cement the metaverse as a part of the crypto world was the growth of non-fungible tokens (NFTs). These pieces of digital art have been and still are a big deal. Their connection with the metaverse is that many people chose to decorate their part of the virtual digital world with NFTs and this meant that they did a roaring trade throughout the second half of last year.
Something else that links the metaverse with NFTs is the concept of the play-to-earn (P2E) game. Since NFTs have a real world value – admittedly, one that is usually expressed in the form of cryptocurrency – a game that allows people to trade and win such non-fungible tokens means, by extension, that playing the game could earn some real world cash.
Therefore, there have been numerous P2E games that have aimed to attract the attention of people who want to profit from their interest in gaming, NFTs and the metaverse. With so many around, it is, perhaps, inevitable that the idea of collecting a bunch of them together in a kind of virtual metaverse gaming console is attractive.
Treasure is one such platform. This service is designed to give gamers a series of play-to-earn games and metaverses in one place. As the system’s whitepaper says: “Treasure is a decentralised NFT ecosystem on Arbitrum that is built specifically for metaverse projects.”
Every blockchain-based platform needs to have its own native cryptocurrency, and Treasure has the MAGIC token. This crypto is designed to be used throughout the games on the Treasure platform. To quote the whitepaper:
One thing we need to point out at this stage is that Treasure and, by extension, MAGIC are, ultimately, based on the Ethereum (ETH) blockchain because Arbitrum is a Layer 2 Ethereum scaling solution. This means that MAGIC is a token, rather than a coin. While you might see references to such things as a MAGIC coin price prediction, these things are wrong.
Something else worth mentioning is that Treasure and MAGIC are operated by a decentralised autonomous organisation (DAO). The DAO is overseen by a team of 36 people, all of whom appear to be using pseudonyms. While this is not uncommon in the world of crypto – after all, Bitcoin (BTC) was founded by the almost-certainly pseudonymous Satoshi Nakamoto – it might put off potential investors who want to have someone they can hold responsible.
MAGIC price history
MAGIC price history from launch to present – Credit: Capital.comAnyway, let’s now take a look at the MAGIC price history. While it is important to remember that past performance should never be taken as an indicator of future results, knowing what the token has done in the past can help us if we want to either make or interpret a MAGIC price prediction.
When MAGIC first came onto the open market in late 2021, it opened at $0.2073 on 18 November that year. The token’s price made its way upwards and appeared to have captured a attention of many investors as it closed the year at $2.24.
Even when things looked a bit shaky for the crypto market in early 2022, MAGIC was able to battle its way to new heights in a bull run that culminated in its an all-time high (at the time of writing) of $6.32 on 19 February. Shortly after things started to slide as the token slumped to a daily low of $2.92 in the wake of Russia’s invasion of Ukraine on 24 February.
However, late March saw something of a comeback to a periodic high of $3.94 on 1 and 2 April, but its price declined once more after market turmoil saw MAGIC drop to a low of $0.2136 on 18 June.
Although there was some recovery after that, MAGIC never even seemed to have the momentum to threaten a return to above the dollar. Despite breaking past $0.50 in early November, the collapse of the FTX (FTT) crypto exchange saw MAGIC tumble down to $0.2283 on 22 November.
By early December, the news that the Coinbase (COIN) exchange was to add support for MAGIC helped give it a notable boost and, by 16 December 2022, it was worth about $0.68.
At the time of writing, there were a little over 207 million MAGIC in circulation out of a total supply of 339,645,510. This gave the token a market cap of about $140.6m, making it the 146th largest crypto by that metric.
MAGIC price prediction round-up
With that all out of the way, let’s take a look at some of the MAGIC price predictions that were being made as of 16 December 2022.
It is important to realise at this point that price forecasts, especially when it comes to something as potentially volatile as cryptocurrency, very often turn out to be wrong. Also, it is worth remembering that many long-term crypto price predictions are made using an algorithm, which means that you must be prepared for them to change at a moment’s notice.
CoinCodex offered a rather mixed short-term MAGIC crypto price prediction that estimated the token could fall to $0.603408 by 21 December after which it could rise to $0.6559 by 15 January 2023. Despite that, the site’s technical analysis was bullish, with 20 indicators sending upbeat signals compared to just six making bearish ones.
CoinArbitrageBot took a far more positive stance with its MAGIC token price prediction. The site suggested that the crypto could reach a little under $1.43 in 2023 before moving up to $2.54 in 2024. It outlined a MAGIC price prediction for 2025 that suggested the token could trade at $4.11 before climbing again to just under $6.66 by 2026. How much weight you give this particular prediction will depend on whether or not, having conducted your own thorough research, you believe that the crypto can more than double over the course of the next year and rise by about 900% in four years.
DigitalCoinPrice had a MAGIC price forecast that claimed the token could be worth $0.79 this year, $1.64 next year and $2.29 the year after that. By 2025, the site reckoned MAGIC could be worth $2.85, then $3.55 in 2027 and $4.78 in 2028 before it could achieve $6.84 at the close of the decade. The site then made a MAGIC price prediction for 2030 that indicated that the token could stand at $9.29 before it breached the $10 barrier and could trade at $12.73 in 2031.
Finally, WalletInvestor had a MAGIC price prediction for 2023 that seemed to spell disaster for the token and its investors. The site set out a potentially challenging 12 months ahead for MAGIC, and argued it could plummet to a mere $0.1031 by 16 December next year.
When considering a MAGIC token price prediction, it’s important to keep in mind that cryptocurrency markets remain extremely volatile, making it difficult to accurately predict what a coin or token’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 coins and 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 investment decision. Keep in mind that past performance is no guarantee of future returns. And never trade with money that you cannot afford to lose.
FAQs
Is MAGIC a good investment?
It is hard to say. Much will depend on whether the token can sustain its recent resurgence in the long-run, but also how it responds to the market performance as a whole.
Remember, you should always carry out your own thorough research before making an investment and make sure if a token or coin are right for you and your portfolio. Even high market cap cryptocurrencies can be affected by bear markets. So investors should be prepared to make losses and should never purchase more than they can afford to lose.
Will MAGIC go up or down?
The truth is, no one can really tell right now. While CoinArbitrageBot was upbeat and bullish when it came to its forecasts for MAGIC, WalletInvestor on the other hand was far more bearish in its assessment of the MAGIC future price. It is important to bear in mind that price predictions are very often wrong – and that prices can go down as well as up.
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 MAGIC is a suitable investment for you depends on your risk tolerance and how much you intend to invest, among other factors. Keep in mind that past performance is no guarantee of future returns. And never invest money that you cannot afford to lose.
Should I invest in MAGIC?
Before you invest in MAGIC, you will need to do your own research on both the token and the Treasure platform, and also on other metaverse-related crypto coins and tokens.
Ultimately, though, this 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 because prices are just as likely as to fall as well as rise.
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