PlanetWatch price prediction: Is PLANETS one to watch?
The PlanetWatch (PLANETS) token launched in 2021 and benefitted from the spikes in cryptocurrency prices in September and November. But the price has been in decline since the start of 2022, shedding 62.5% since the start of the year.
What is PlanetWatch and how does it work? PlanetWatch is an air-quality monitoring network that rewards users with its utility token for submitting valid data from sensors that they install and manage. The incentives are designed to engage local communities to help deploy and manage sensors.
In this article, we look at the protocol and its suitability as a potential investment.
PlanetWatch rewards users for collecting environmental data
PlanetWatch is a French company that brings together advanced technologies and local residents with concerns about the environment to improve environmental monitoring. The PlanetWatch protocol runs on the Algorand blockchain, which serves as a data repository and reward system. The service aims to collect, analyse and share air quality sensor data and reward data originators.
PlanetWatch shifted from its testing phase to official launch in April 2021 and installed its first sensor in Hong Kong in June 2021. Some of the sensors are installed by individual residents, while PlanetWatch installs others with local authorities, transport companies and telecom firms to fill a gap in data from government organisations.
PlanetWatch uses non-fungible tokens (NFTs) to assign ownership to the air quality sensors and prevent theft. Users are licensed to receive rewards for their sensors and tokens are sent to the wallets of the NFT owners.
“Outdoor sensor data are validated, analysed and written on the Algorand blockchain. Sensor owners receive Planet token rewards, which can be redeemed for air purifiers and other useful products. Data is then shared across a range of channels, including mobile and web Apps for consumers, specialised dashboards for corporate and governmental users, as well as data feeds for online media outlets,” according to the PlanetWatch whitepaper.
As of 24 January, there were more than 45,000 sensors on the PlanetWatch network. The number of sensor licences an individual user can purchase was capped at five from 4 February.
There is a maximum supply of 4.5 billion planetwatch coins, of which 95% is used for rewards and 5% is allocated to PlanetWatch. The cap was set at 4.5 billion, which corresponds to the Earth’s estimated age, the whitepaper states. Tokens are released on a schedule of 534 million per year, with the rate reducing by half (halving) every four years, similar to the halving schedule for bitcoin (BTC).
Planet token holders can use them to buy Earth Credits from PlanetWatch at a discount. Users need to earn Earth Credits to buy most PlanetWatch products and services. The credits are specific to an individual user and the price is fixed in euros.
PlanetWatch launched its mobile app in November 2021, enabling users to check data readings, activate licences and access wallets. The app was updated in early February, enabling users to set and change their sensor location on a map and manage collectibles. PlanetWatch released a limited-edition collectible NFT last year and plans to launch more NFTs in the future.
The company has noted that unauthorised third parties are selling PlanetWatch sensors at inflated prices. PlanetWatch’s CEO Claudio Parrinello said in an 18 February update:
On 7 February, PlanetWatch tweeted that in the previous three weeks, it banned more than 1,000 sensors for violating its terms and conditions.
Over the last 3 weeks we have banned 1000+ sensors ????.⁰
— PlanetWatch (@PlanetWatchsas) February 7, 2022
Violations of our terms and conditions will not be tolerated.
We will keep investigating suspicious activity and protecting our loyal #PlanetWatchers community ????$Planet @Algorand @AlgoFoundation pic.twitter.com/IC5NpK6OMQ
On 18 February, PlanetWatch said that the PLANETS token will be listed soon on the Emirex cryptocurrency exchange, giving the project exposure to the Middle East where it does not currently have a strong presence.
The price doubled in mid-September from $0.2212 on 13 September to an intraday high of $0.4381 on 17 September. The price dropped back to the $0.20-0.30 range until November when it rallied to $0.492 on 23 November. But the token has since been in a downward trend, with the cryptocurrency markets under bearish pressure.
The price ended 2021 at $0.3698 and fell further to $0.294 at the end of January. With risky assets such as cryptocurrencies under increased selling pressure due to economic uncertainty and geopolitical tensions, the price dropped to a low of $0.1238 on 24 February.
Where do some forecasters see the token price moving in the future? Can the price reverse direction, or will it continue to fall? Let’s look at a selection of price predictions.
PlanetWatch price prediction: Should you buy or hold the PLANETS token?
At the time of writing, online forecasting service Wallet Investor was bearish in its long-term planetwatch price prediction, estimating that it could trade down to $0.0245 by the end of the year. The site then expected the token to trade between $0.01 and $0.08 over the next five years, ending 2025 at $0.0734 but slipping back to $0.03091 in February 2026.
By contrast the planetwatch coin price prediction from DigitalCoin expected the price to steadily trend higher over the coming years. Based on historical data, the site projects that the coin could rise to an average of $0.30 in 2025 from $0.19 in 2022 and $0.21 in 2023 and continue advancing to average $0.66 in 2030.
The PLANETS price prediction from PricePrediction expected a stronger upward trend in the price to 2025, suggesting the token will average $0.20 in 2022 and $0.28 in 2023, rising to $0.55 in 2025. The site’s deep artificial intelligence-assisted technical analysis then had the token accelerating its rally, reaching an average price of $1.19 in 2027 and $3.58 in 2030.
The PLANETS prediction from Gov Capital was the most bearish on the project’s future viability. Based on deep learning technical analysis, the website predicted the price could decline from the $0.28 level in March to $0.144 by the end of 2022, and slide to zero by mid-April 2023.
It’s important to keep in mind that cryptocurrency markets remain extremely volatile, making it difficult to draft plausible planetwatch predictions and estimate what a coin’s price will be in a few hours, and even harder to give long-term estimates. As such, analysts and algorithm-based PLANETS crypto price predictions can go 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.
FAQs
Is PlanetWatch a good investment?
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 a token is a suitable investment for you depends on your risk tolerance and how much you intend to invest, among other factors.
Will the PlanetWatch price go up or down?
At the time of writing (25 February), some forecast sites had conflicting planetwatch crypto price predictions as to whether the token price would rise or fall over the next few years. It is important to keep in mind that cryptocurrency prices are highly volatile and difficult to predict. PLANETS coin price predictions can be wrong. You should do your own research to form a view on how the token could perform in the future. Keep in mind that past performance is no guarantee of future returns. And never invest money you cannot afford to lose.
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