Origin Protocol price prediction: Will OGN uptick?
Origin Protocol (OGN), the native token of a shared economy marketplace, declined to its 52-week low of $0.2396 on 24 February, according to CoinMarketCap. The OGN token price rebounded quickly and reached a 90-day high of $0.8346 on 20 March, a rise of 248%.
At the time of writing (4 April), the price was $0.5908, a decline of 82% from the all-time high price of $3.39, achieved on 8 April 2021.
Will the OGN token recover its lost momentum and make new highs in the coming months? Let’s conduct an OGN cryptocurrency price analysis and a round-up of recent news and developments. Together, this could help you form a plausible origin token price prediction.
What is the origin token?
Origin Protocol (OGN) is an open-source protocol for building peer-to-peer marketplaces and e-commerce systems. The Origin Protocol aims toward the global sharing economy, enabling consumers and businesses to transact on the decentralised open internet.
The platform and its community members can communicate peer-to-peer through the Ethereum blockchain and Interplanetary File System (IPFS), enabling the development and booking of services and items without conventional middlemen.
In its recently published litepaper, Origin Protocol highlighted its crucial focus on non-fungible tokens (NFTs) and decentralised finance (DeFi).
It intends to deliver blockchain-enabled commerce and banking to the general public by adding new use cases for Origin products, for instance, using non-fungible tokens (NFTs) to create novel commerce experiences that cannot be reproduced on established platforms such as Shopify (SHOP), Amazon (AMZN) or Alibaba (BABA).
Additionally, the protocol intends to continue developing and growing the Origin Dollar (OUSD). The OUSD is the network's stablecoin, which automatically and passively gives users the option to earn interest on their cryptocurrency holdings.
OUSD is a DeFi building component and powers a variety of popular consumer and merchant apps.
The origin token (OGN) is the network's native utility token, which fulfils various functions in guaranteeing the network's health and development. OGN is a multi-purpose incentive token that motivates end-users, developers, marketplace operators and other ecosystem actors. OGN is also a means of exchange for payments between buyers and sellers in the marketplace. Finally, OGN is a governance and value accrual token for the platform, enabling users to vote on proposals to govern the underlying protocol.
Origin protocol news and price drivers
Origin Protocol has undergone several important milestones, which may drive the OGN coin future target price:
Launch of Lucky Ducky NFT collection
In March 2022, the Lucky Ducky NFT collection was launched on Origin Story, the NFT platform of Origin Protocol.
Lucky Ducky is a collection of 7,777 claymation sculptures developed by 0fish0 (aka Jeremy), a professional artist, illustrator, and director who earlier created the Clay Cats derivative project of Cool Cats. Lucky Ducky aspires to be the first family-friendly NFT brand.
The long-term plan involves developing an animated claymation television series, merchandise drops, and synergies with Decentraland (MANA) and Sandbox (SAND).
In December 2021, Origin Protocol partnered with 888 Inner Circle, a tokenised membership club of over 40,000 artists and fans. As a result of this partnership, Origin will manage and distribute 10,000 exclusive NFTs to the Origin community and beyond.
New governance token launch
According to the latest Origin protocol news, the community has recently voted for the launch of a new governance token for OUSD.
A new ERC-20 token OGV will become a native token for OUSD and will let Origin to distribute rewards directly to current and future holders of OUSD and liquidity providers. According to the blog post, “this will further incentivise protocol growth and adoption.” The token will be claimable by OGN holders on a one for one basis.
OGN will become the value accrual token for the platform’s NFT platform, Origin Story. Users will be able to stake their OGN tokens to get a share of the fees, generated by the Story smart-contracts.
Integration of Origin Dollar with APY Finance and Yearn Finance
In December 2021, APY Finance, a yield farming robo-advisor that manages a risk-balanced portfolio of yield farming techniques from a shared pool of user funds, incorporated the Origin Dollar OUSD-3Crv pool.
Holders of APY Finance’s governance token voted unanimously in favour of a proposal to add the OUSD pool to their portfolio.
Also in December 2021, Origin reported that Yearn Finance established a vault on Curve that integrated the Origin Dollar (OUSD) pool. It means that Users can put OUSD-3Crv LP tokens into the Yearn vault and get proceeds from Convex, Curve and Origin's liquidity mining campaign.
OGN/USD price analysis
According to ICO Drops, OGN’s ICO concluded in September 2018 at an ICO price of $0.1155. Since then, it has returned an ROI of 400%, according to CoinMarketCap.
Based on the earliest available price data from 2020, OGN token price declined from $0.202 on 10 January to $0.109 on 20 January. A strong bull rally pushed the price to $0.546 on 12 August, a spike of 400%. However, retracement brought the price to $0.119 on 4 November. It closed the year at $0.113.
The broader cryptocurrency market turned bullish during the start of January 2021. OGN spiked from $0.12 to its all-time high of $3.39 on 8 April, a rise of 2,725%. The price declined to $0.572 on 23 May. It’s not retested its record high again, as the price chart shows.
At the start of 2022, the OGN token’s price action was bearish. It declined to its 90-day low of $0.2396 on 24 February. A strong bull rally pushed the price to $0.8346 on 20 March.
At the time of writing (4 April), OGN was trading at $0.5908 and had a market capitalisation of $230m.
Origin protocol price prediction: DeFi and NFTs in e-commerce
Will the Origin Protocol’s focus on DeFi applications and NFTs secure a positive outlook for the OGN cryptocurrency?
However, according to the Origin Protocol, peer-to-peer commerce is “handicapped” until cryptocurrencies become the dominant medium of exchange.
Integrating NFTs on e-commerce platforms has also become a hot trend. For example, Nike (NKE) entered the NFT space by partnering with the online gaming platform Roblox to debut Nikeland. According to Morgan Lewis, an American multinational law firm, “2021 was a banner year for NFT sales, which are projected to climb even higher in 2022.”
The report by Chainalysis stated that users sent more than $44.2bn of cryptocurrency through NFT marketplaces, up from just $106m in 2020. As a result, this market could become a new income stream for many businesses trying to monetise existing intellectual property.
Will Origin Protocol benefit from this trend? Even if Origin Story gains mainstream adoption, there is fierce competition from established NFT platforms such as Decentraland (MANA), Sandbox (SAND) and Axie Infinity (AXS).
OGN crypto price prediction: Targets for 2022, 2025 and 2030
Based on technical analysis, the short-term origin protocol prediction from CoinCodex was bearish (as of 4 April), with 10 indicators giving bullish signals and 20 bearish.
The majority of daily and weekly simple moving averages (SMA) and exponential moving averages (EMA), along with the volume-weighted moving average (VWMA) and the Hull moving averages (HMA), were giving ‘sell’ signals.
On the other hand, the average directional index (ADX) and the stochastic RSI gave ‘buy’ signals. The relative strength index (RSI) and the moving averages convergence divergence (MACD) stayed neutral.
The short-term OGN price forecast from CoinCodex suggested the price could hit $0.616705 by 9 April 2022.
Several algorithm-based forecasting services gave mixed longer-term OGN predictions, as of 4 April:
Wallet Investor’s origin protocol crypto price prediction was bearish. The average price of OGN could decline to $0.179 by the end of 2022, $0.137 by the end of 2023 and $0.0140 by the end of 2025. Its five-year OGN/USD projection expected the coin to plunge to $0.00820 in March 2027.
Digital Coin’s origin protocol coin price prediction estimated that OGN could hit an average of $0.76 in 2022, $0.83 in 2023, $1.10 in 2025, $2.66 in 2030 and $3.07 in 2031.
Price Prediction gave a bullish long-term OGN coin price prediction. It projected that the average price of OGN could hit $0.60 in 2022, $0.88 in 2023, $1.79 in 2025, $11.81 in 2030 and $17.66 in 2031.
When looking for OGN price predictions, consider that analysts’ and algorithm-based expectations can be wrong. Predictions for OGN are based on fundamental and technical studies of the cryptocurrency’s past performance. Past performance is no guarantee of future results.
It is essential that you do your own research. Your decision to trade OGN or any other coin or token 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 trade more money than you can afford to lose.
FAQs
Is origin protocol a good investment?
Origin Protocol is a DeFi and NFT platform that aims to bridge the gap between cryptographic algorithms and more traditional peer-to-peer networks. Since April 2021, when the OGN token reached an all-time high, its price action has been bearish. Whether OGN is suitable for your portfolio depends on your view of the project’s potential and your risk tolerance. Before trading OGN, you should estimate the level of risk you are ready to take.
Will origin protocol (OGN) hit $10?
In their OGN coin price prediction, algorithmic forecasting services Digital Coin and Price Prediction (as of 4 April) suggested the coin had the potential for gains. Price Prediction estimated that the OGN token could exceed $10 by 2030. Meanwhile, Wallet Investor suggested the token could gradually decrease in value in the next five years.
How high can the origin protocol go?
According to the OGN/USD forecast from Price Prediction (as of 4 April 2022), it could hit $17.66 by 2031
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