Moonbeam price prediction: What is moonbeam (GLMR)?
By Peter Henn
11:27, 12 September 2022
Moonbeam (GLMR) is part of a system that aims to build a bridge between blockchains. Let’s find out more, and take a look at some of the moonbeam price predictions that were being made on 12 September 2022, too.
Moonbeam explained
The blockchain is perhaps the most important concept in the world of cryptocurrency. Cryptos exist, almost always, to help power either blockchains or networks that are based on blockchains. This leads to a particular problem. Since each blockchain is, in and of itself, independent, that means that, very often, it is hard to carry out work on one blockchain before transferring it over to another one.
The Moonbeam protocol aims to solve that particular issue. The idea is that, while Moonbeam is based on the Polkadot (DOT) blockchain, it is able, in effect, to build a bridge to the Ethereum (ETH) blockchain.
This means developers are able to build their own software on Polkadot, via Moonbeam, which will be compatible with Ethereum, allowing them to use features such as the Ethereum Virtual Machine (EVM). This is a program that acts as a massive decentralised computer and helps run the blockchain and execute smart contracts, computer programs designed to automatically execute once certain conditions are met.
Every blockchain-based network needs to have its own native token, and Moonbeam has the conveniently named moonbeam token, also known by its ticker handle, GLMR. As the system’s website says: “As a decentralised smart contract platform, Moonbeam requires the Glimmer token to function. This token is central to the design of Moonbeam and cannot be removed without sacrificing essential functionality. Some of the uses of the Glimmer token on Moonbeam include supporting the gas metering of smart contract execution, incentivizing collators and powering the mechanics around the creation of a decentralised node infrastructure on which the platform can run, facilitating the on-chain governance mechanism including proposing referenda, electing council members, voting, etc and paying for transaction fees on the network.”
The token aims to have an inflation rate of 5%. A total of 80% of the network’s fees are burned, in a bid to keep inflation down, while the remaining 20% is given to the platform’s treasury.
The Moonbeam system was founded in 2021 by Derek Yoo, the CEO of the PureStake public blockchain infrastructure platform, with GLMR hitting the open market in early 2022.
Because GLMR is based on the Polkadot blockchain, it is a token, rather than a coin. You might see references to such things as a moonbeam coin price prediction, but these are, technically speaking, wrong.
Moonbeam price history
GLMR price history - Credit: CoinMarketCapBefore we look at GLMR’s price history, while past performance should never be taken as an indicator of future results, knowing what the token has done in the past can help give us some, potentially very useful, context if we want to either interpret a moonbeam price prediction or else make one of our own.
When moonbeam first came onto the open market on 11 January 2022, it was worth $11. It quickly spiked to what still stands as an all-time high of $29.84, though it closed that same day day at $11.91. The price continied falling over the coming weeks, reaching a low of $1.89 in the wake of Russia’s invasion of Ukraine on 24 February. While there was a recovery a little over a month later, with the token peaking at $5.94 on 4 April, market conditions meant that it fell back down.
In May, the depegging of the UST stablecoin and the collapse of the associated LUNA cryptocurrency saw GLMR fall to a low of $1.05. There were more losses in June, as the cancellation of withdrawals on the Celsius (CEL) crypto lending platform confirmed a bear market, and GLMR dropped to a low of $0.555.
The token improved after this, breaking past $0.70 in the middle of August for a few days, before things went downhill again, with moonbeam sinking to an all-time low of $0.472 on 7 September. A slight recovery meant that on 12 September 2022 it was trading at around $0.62. At that time, there were almost 385 million GLMR in circulation out of a total supply of just over one billion. This gave the token a market capitalisation of around $238m, which made it the 135th largest cryptocurrency by that metric.
Moonbeam price predictions
Before we look at some of the moonbeam price predictions that were being made on 12 September 2022, it is important to understand that price forecasts, especially when it comes to something as potentially volatile as cryptocurrency, very often end up being wrong. Long-term crypto price predictions are also often made using an algorithm, which means that they can change at any time.
PricePrediction.net had a moonbeam crypto price prediction which suggested that the token could trade at $0.93 this year, $1.35 next year and $1.93 the year after that. By 2025, the site said, GLMR might be worth $2.83, before it potentially reached $4.28 in 2026, $6.28 in 2027 and $9.21 in 2028. The forecast argued that the token could close the decade having broken through the $10 barrier to trade at a potential $13.64. The site then went on to make a moonbeam price prediction for 2030 of $19.63, before suggesting that it could trade at around $29.08 in 2031.
CoinArbitrageBot had a very optimistic moonbeam price prediction for 2022, suggesting that the token could reach a fraction of a cent under $3.31 by the end of the year, before trading at a potential price of $5.89 in 2023. By 2024, the site said, GLMR could be worth $9.53, before possibly reaching $15.42 in 2025. How much you trust this particular forecast will depend on whether you believe, after having done your research, that the price of moonbeam could rise by around 450% by the end of the year.
CryptoPredictions.com made a GLMR price prediction that argued the token could break through the dollar barrier by the end of the year, reaching a little under $1.06 by December 2022. By September 2023, the site suggested, moonbeam could be worth about $1.68, moving to a fraction of a cent below $2.10 12 months after that. The site then went on to make a moonbeam price prediction for 2025 that saw the token potentially open the year at just below $2.20, possibly reaching $2.36 in September and finishing 2025 at somewhere between $2.41 and $2.42. The prediction argued that the token could rise to $2.55 in September the following year before closing 2026 at $2.59.
Finally, WalletInvestor had a far more bearish forecast for GLMR, saying that the token could drop substantially over the next 12 months, falling to $0.05027 by 12 September 2023.
When considering a GLMR token price prediction, it is 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 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. Never trade with money that you cannot afford to lose
FAQs
Is moonbeam a good investment?
It is difficult to tell at this stage. Keep in mind that the token is, at the time of writing, less than a week away from marking its all-time low. A lot will depend on how the cryptocurrency market in general behaves in the future.
Remember, you should always carry out your own thorough research before making an investment. Even high market cap cryptocurrencies have proved vulnerable to the current bear markets. So investors should never purchase more than they can afford to lose and be prepared to make losses.
Will moonbeam go up or down?
It is hard to say. While sites such as CoinArbitrageBot are very optimistic about the future, the likes of WalletInvestor strike a far more sombre note. It is important to remember that price predictions very often turn out to be wrong.
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 GLMR 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. Never invest money that you cannot afford to lose.
Should I invest in moonbeam?
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 will go down as well as up.
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