MINA price prediction: What is MINA?
It is based on one of the smallest-sized blockchains going, but what is MINA? Let’s see what we can find out and also examine some of the MINA price predictions being made as of 11 January 2022.
When it comes to cryptocurrency, the thing that links pretty much all of them together is the blockchain. The idea of a decentralised ledger helps power the entire industry and has seen many different kinds of network come and go.
There is, however, one potential issue that enthusiasts for Web 3.0 might be not so keen to point out. That is, a lot of blockchains are very big. For instance, Bitcoin (BTC) is nearly 450 gigabytes, while Ethereum (ETH) is almost 1,150 gigabytes in size. This can cause a problem, because they take up a lot of bandwidth, making them a bit harder to access for the average user. There is also the issue of a blockchain getting so large that it slows down, making it frustrating to deal with.
There are three conditions which the hypothetical perfect blockchain needs to function at an optimum level. These are:
- Security. Transactions on the blockchain need to be secure and private and the chain has to be able to operate as expected.
- Scalability. This means that, as the blockchain gets bigger, it is able to handle the increased volume of transactions without slowing down too much.
- Decentralisation. The blockchain should not be overly reliant on one user.
Getting all three features in one network is known as the blockchain trilemma. Generally, blockchains can satisfy two conditions but are unable to have the third. For example, Bitcoin is secure and decentralised but has issues with scalability. Meanwhile, some chains are scalable and secure but are often over-reliant on one particular user, while others are fast and decentralised but are vulnerable to hacks.
The MINA protocol attempts to solve this problem, and it does it by staying small – at just 22 kilobytes, it’s roughly the size of a couple of tweets. It is able to function without getting too large by using Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge, or zk-SNARKs. These are a form of cryptographic proof which is generated by a new block on the blockchain, proving that the block was valid. In turn, users, or nodes, can store the zk-SNARK to show the block’s validity, rather than having to store a copy of the entire chain. This means that the entire block’s transaction history is shown as being valid, which means that the size of the block is around one kilobyte. In turn, this small size means that the system can operate without slowdown, at least in theory.
Every blockchain needs its own coin, and MINA has the conveniently-named MINA cryptocurrency. The coin is used to pay users on the system for carrying out certain activities, like block production or making zk-SNARKs. The mina protocol cryptocurrency can be bought, sold and traded on a number of exchanges. It is also used to interact with Snapps, which are decentralised applications (DApps) built on the protocol.
MINA price history
MINA price history from launch to present - Credit: CoinMarketCapLet’s now cast our eyes over the MINA price history. While past performance should never be taken as an indicator of future results, knowing what the coin has done in the past can give us some very useful context if we want to either interpret a MINA price prediction that already exists or else make one of our own.
MINA first came onto the open market in the summer of 2022 and, on 1 June that year, it was worth an all-time high of $9.91. While it went down after that, falling to below the dollar the following month, it was able to perform reasonably well as it recovered from that low, hitting a periodic high of $6.57 on 11 November. The rest of the year saw more of a decline take place and it closed 2021 at $3.55.
While 2021 was a very good year for crypto, with prices rising and a growing number of people putting their money into the sector, 2022 was something of an annus horribilis for blockchain-based finance. A series of market crashes saw the coin collapse, along with much of the rest of the market. While it was able to reach above $3 in March and April following reports of a $92m funding round and its listing on Coinbase, market turmoil sent it crashing down and it reached a record low of $0.505 on 13 October. While there was a small recovery, November’s collapse of the FTX (FTT) exchange led to MINA falling to below $0.50 later in the month. While there was something of a fightback, it went downhill again in December to close the year at $0.4339, with an annual loss of more than 85%.
The New Year looked to be spelling even worse news, with it reaching yet another all-time low of $0.4214 on 1 January, but since then there has been some more interest in the coin and, on 11 January 2023 it was worth about $0.5175. With 802,663,797 MINA in circulation out of a total supply of 824,104,972, the coin had a market cap of about $415m, making it the 75th largest crypto by that measurement.
MINA price prediction round-up
Let’s take a look at some of the MINA price predictions that were made as of 11 January 2023. It is important to remember that price predictions, especially for something as potentially volatile as cryptocurrency, very often end up being wrong. Also, keep in mind that many long-term crypto price predictions are made using an algorithm, which can change at a moment’s notice.
First, CoinCodex had a rather mixed short-term MINA price prediction for 2023. It said the coin could fall to trade at $0.491844 by 16 January before mounting something of a recovery to trade at $0.598367 on 11 February. Fittingly, the site’s technical analysis for the crypto was neutral, with 16 indicators making bullish signals and nine making bearish ones.
Next, DigitalCoinPrice made a MINA coin price prediction which saw it trade at $1.02 this year before moving up to $1.82 in 2025. The site went on to make a MINA price prediction for 2030 that said it could trade at $5.38 that year.
Meanwhile, CoinsKid had a MINA crypto price prediction that said the coin could close the year at $0.7167. The site then had a MINA price prediction for 2025 that saw it open the year at $1.15 and close it at $1.34.
Finally, WalletInvestor had a rather downbeat MINA price forecast, arguing that the coin was due a lot of trouble this year, with it saying it could drop to a mere $0.04019 in 12 months’ time.
When considering a MINA 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 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 MINA a good investment?
The potential for the MINA coin in the future could depend on its adoption by the cryptocurrency community and the direction of the cryptocurrency markets.
Cryptocurrency markets are highly volatile, which can make them risky investments – especially relatively new coins like MINA. 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 the coin is a suitable investment for you depends on your risk tolerance and how much you intend to invest, among other factors. Never invest money that you cannot afford to lose
Will Mina go up or down?
No one can really tell right now. While the likes of DigitalCoinPrice are upbeat, sites such as WalletInvestor are far more gloomy about the future MINA price. Remember, though, that price predictions are very often wrong and that prices can, and do, 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 MINA 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 MINA?
If you want to invest in MINA, you will have to do your own research, not only on the coin but on other cryptocurrencies.
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 make sure never to invest more money than you can afford to lose, because prices can go down as well as up.
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