Pangolin price prediction: What is pangolin (PNG)?
It is one of many cryptos linked to decentralised exchanges (DEXs), but what is pangolin (PNG)?
Let’s take a look and see what we can find out about PNG, which is based on the Avalanche (AVAX) blockchain, and also examine some of the pangolin price predictions that were being made on 6 October 2022.
AVAX/USD price chart
Pangolin explained
One of the most important concepts in cryptocurrency and, by extension, blockchain technology as a whole, is that of decentralised finance (DeFi).
Since there are many people who have no access to traditional banking, but can get online, the promise of DeFi it about accessing what might be described as traditional financial services that are not beholden to centralised banks and institutions. Indeed, decentralisation is fundamental to the world of crypto, where the idea that the absence of a single authority is a key selling point for many coins, tokens, and blockchain networks.
Another crucial concept in the world of cryptocurrency is that of the exchange. A crypto cannot be seen to have a value if it cannot be bought, sold, or traded – and an exchange is a key driver of crypto trade.
However, there are two different kinds of crypto exchange. Firstly, there is the centralised exchange (CEX). These are the big players in the exchange world, with sites such as Binance (BNB) and Coinbase (COIN) leading the way.
The thing with CEXs is that there is some concern about their very centralisation. Some decentralisation die-hards believe that having trades subjected to a centralised authority goes against the very ethos of cryptocurrency, while the fact remains that people can only trade the cryptos that the CEX lists.
An alternative to this comes in the form of the DEX. A decentralised exchange allows people to list what they want and buy for the price they want in a peer-to-peer network. These systems use smart contracts, computer programs that automatically execute when certain conditions are met, and liquidity pools to operate. While they can be rather complex, their supporters claim that their flexibility and lack of decentralisation make them a useful solution.
One of the many decentralised exchanges out there is Pangolin. Launched in 2021, this network allows people to buy, sell and trade their cryptos. The system uses an automated market make (AMM), similar to the Uniswap (UNI) DEX to help run itself.
The platform was founded by Ava Labs, the organisation behind the Avalanche (AVAX) blockchain and is, itself, based on Avalanche, although it also works with tokens based on the Ethereum (ETH) blockchain.
It is worth pointing out that control of the exchange has been given back to the community, meaning there is no overall person in charge of the system. While this fits in with the concept of decentralisation, it might be off putting for a potential investor who wants someone they can hold accountable.
Every blockchain-based network needs to have its own cryptocurrency, and the Pangolin exchange has the pangolin token, also known by its ticker handle of PNG. This crypto is used to provide liquidity, and it also gives holders the right to vote on decisions about matters affecting the future of the network.
It is important to note at this stage that, because it is based on the Avalanche blockchain, the pangolin cryptocurrency is a token, rather than a coin. You might see references to such things as a pangolin coin price prediction, but these are wrong.
What is your sentiment on AVAX/USD?
Pangolin price history
PNG price history from launch to present - Credit: CoinMarketCapLet’s now cast our eyes over the PNG 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 us by giving us some very useful context if we want to either interpret a pangolin price prediction or else make one of our own.
When pangolin first came onto the open market in 2021, it opened at $2.26 on 27 April. At the time, the market was still enjoying a boom period, so it was perhaps no great surprise that the token’s price shot up to break past $4.20 in early May.
After that, though, the market went into a decline, with PSG dropping below the $1 level by the summer to a low of $0.82 on 20 July. This downturn was followed by a recovery, as pangolin surged throughout the following few weeks to hit an all-time high of $4.99 on 25 August. That high could not last, and the price slumped back down, closing the year at $0.7221.
So far, 2022 has been a bad year for crypto and pangolin has not escaped the worst of things. The token’s price has fallen, with a low point coming in May when the UST stablecoin depegged from the US dollar and the associated LUNA cryptocurrency collapsed, which left PNG dropping to $0.04797 on 12 May. After that, things got even worse following the cancellation of withdrawals on the Celsius (CEL) crypto lending platform, and PNG fell to an all-time low of $0.02964 on 14 June.
After that, there was some recovery, with the news that a version of PNG, called PSB, would operate on the Flare blockchain and the token’s Coinbase listing helping it trade at about $0.11 on 6 October 2022.
At the time of writing, there were 128,758,710 PNG in circulation out of a total supply of 230 million. This gave the token a market cap of around $14m, making it the 685th largest crypto by that metric.
Pangolin price prediction round-up
With that all over and done with, let’s take a look at some of the pangolin price predictions that were being made as of 6 October 2022. It is important to remember that price forecasts, especially for something as potentially volatile as cryptocurrency, very often end up being wrong. Also, many long-term crypto price predictions are made using an algorithm, which means that they can change at a moment’s notice.
At the time of writing, CoinCodex had made a short-term pangolin price prediction for 2022 that said the token could have reached $0.125099 on 11 October and $0.130241 on 5 November. Fittingly, the site’s technical analysis suggested a bullish forecast, with 19 indicators sending positive signals as opposed to six making bearish ones.
Next, CoinArbitrageBot was very upbeat when it came to making a PNG price prediction. The site suggested the token could have jumped to $1.00236 this year and $1.78 in 2023. The following year, the forecast indicated pangolin could have been worth $2.88. The site’s pangolin price prediction for 2025 outlined it could have climbed to $4.67. How seriously you take this particular price forecast will depend on whether, having made sure to do your own research, you believe that PNG can climb by around 800% by the end of this year and by more than 4,000% over the course of a little over three years.
Meanwhile, DigitalCoinPrice had a pangolin crypto price prediction that argued PNG could have traded at $0.12 this year, $0.25 next year and $0.35 the year after that. By 2025, the site said, the token could have grown to $0.45 but then dropped to $0.39 in 2026. By 2027, though, the forecaster suggested it could have recovered to $0.54, gone on to $0.77 in 2028 and could have closed the decade at $1.09. The site’s pangolin price prediction for 2030 suggested it could have reached $1.53 and then climbed to $2.09 in 2031.
Finally, WalletInvestor made a far more downbeat and bearish PNG price prediction. It suggested the token was in for a tough 12 months. The site said the pangolin price could have fallen to just $0.00752 by 6 October 2023.
When considering a PNG 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 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 pangolin a good investment?
It is difficult to tell. A lot will depend on how many people take it up as a result of its Coinbase listing, as well as how the PSB token develops.
Remember, you should always carry out your own thorough research before making an investment. Whether the pangolin token is a suitable investment for you depends on your risk tolerance and how much you intend to invest. Remember, even high market cap cryptocurrencies have proved vulnerable to bear markets. So investors should be prepared to make losses and never purchase more than they can afford to lose.
Will pangolin go up or down?
It is hard to say. While sites like DigitalCoinPrice are optimistic about pangolin’s chances, the likes of WalletInvestor are far more gloomy. It is important to remember that price predictions very often turn out to be 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 PNG 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 pangolin?
Pangolin is a token used to power a decentralised exchange, so any decision you make will depend on how much research you do on that particular sector.
Ultimately, whether you should invest in pangolin 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 can go down as well as up.
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