CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
US English

Secret (SCRT) price prediction: Will Pulp Fiction NFT auction boost the token?

By Mensholong Lepcha

Edited by Alexandra Pankratyeva


Updated

Secret crypto currency digital payment system blockchain concept. Cryptocurrency isolated on earth night lights world map background. Vector illustration
Secret (SCRT) price prediction: Will Pulp Fiction NFT auction boost the token?

Secret Network is a privacy-focused smart contract and decentralised application platform that calls itself “the first blockchain with data privacy by default”. The blockchain platform has garnered a lot of media attention lately due the launch of its non-fungible token (NFT) auction in collaboration with renowned Hollywood director Quentin Tarantino. 

Over the past year, Secret, or SCRT token, has risen by over 380%. However, SCRT lost over 35% in the past seven days, in line with the selloff in the overall cryptocurrency and equity markets seen globally.

What is a Secret (SCRT) coin? Let’s look at the project and the latest secret crypto price predictions for 2022 and beyond.

Secret (SCRT) price prediction

Secret Network: A privacy-preserving blockchain 

Secret Network launched in February 2020. It’s a “privacy-first” layer-one blockchain platform built on the Cosmos ecosystem. Data privacy is the Secret Network’s main feature. Unlike most blockchain platforms that have data from smart contracts and transactions publicly visible, smart contracts on the Secret Network, called “secret contracts”, are encrypted and require “keys” to access the internal data.

“To achieve data privacy, the Secret Network protocol leverages key management, encryption protocols, and Trusted Execution Environments (TEE) that are part of the hardware specification for all validator nodes of the network,” says the Secret Network’s graypaper.

“Trusted Execution Environments (TEEs) are special enclaves inside a computer that function like a ‘black box’, allowing computations to occur confidentially inside of them. 

A TEE ensures that data is stored, processed, and protected in a trusted environment that cannot be tampered with”.

Secret Network said its first proof-of-concept use case was a privacy-preserving contact tracing application called SafeTrace where Secret Network was able to analyse high-risk interactions of an individual without exposing private information.

NFTs created on the platform will allow NFT owners to hide their details and other underlying data. Tokens not native to Secret Network can also gain wrapped privacy properties to create secret tokens, like secretEthereum and secretDai, the company said.

“Secret Network is focused on achieving programmable privacy. Most privacy solutions in the blockchain space today concentrate only on transactional privacy, specifically obscuring data on senders or receivers of transactions. Programmable privacy is a much more expansive vision, as a transaction is just one (trivial) type of computation.”

How secure and private is Web 3.0?

In a report by Imperial College London and Brave Software, researchers said decentralised finance applications suffer from the same privacy and security risks that plague traditional websites.

The report said Ethereum users at best “enjoy pseudonymity” because all transactions to and from a given Ethereum account can easily be linked.

“Users are encouraged to keep their Ethereum address secret because knowing an address reveals the owner’s funds (which may paint a target on one’s back) and transaction history (which may reveal sensitive relationships),” said the report.

A separate research by the Canadian Center of Science and Education said: ”Web 3.0 could be understood as a phenomenon in which individuals are no longer users; they are part of the applications that emerge and disappear; they are also producers, subjects and beneficiaries of Big Data.

“This environment provides further opportunities for understanding or predicting individuals‘ behavior and, thus, firms can expand their knowledge about a person without her knowledge or consent. Indeed, people have little or no idea with regard to what or ways in which data is collected, processed, shared or exchanged with third parties.”

Researchers at The University of South Australia called for refinement of blockchain technology to comply with ethical privacy policies, while highlighting that blockchain is not the “unhackable” technology it once claimed to be.

“Privacy matters. The internet before widespread encryption was an interesting place, but it wasn’t commercially very useful. Every message, every transaction occurred in full public view. It was only the arrival of scalable public key encryption built into the web browser that suddenly turned the internet into the world’s commercial infrastructure. Before then, inputting your credit card number into a web form was only for the most foolishly daring among us. When we look back upon the history of blockchain technology, I think we will come to see the widespread deployment of privacy technology in the same light,” wrote Paul Brody, Global Blockchain Leader at Ernst & Young, in an opinion piece for Coindesk.  

Secret (SCRT) price analysis 

SCRT is the native cryptocurrency token of the privacy-focused blockchain platform Secret Network. Functions of SCRT are:

  • SCRT is used to pay gas fees on Secret network platform.

  • SCRT is used for staking to help secure the platform network and to earn SCRT. rewards. According to Secret Network, stakers currently earn between 25% and 30% return on investment on staking their SCRT. 

  • SCRT is a governance token and its holders can vote on the future roadmap of the platform.

SCRT has a variable inflation rate that ranges between 7% to 15%, its gray paper said. Block rewards on the Secret Network are charged three different fees: commission fee of validator nodes, 2% community fee and 15% Secret Foundation fee.

The Secret Network token is the 86th biggest cryptocurrency with a market capitalisation of about $853m, as of 27 January. With SCRT currently trading at $5.69, the token is about 46% below its all-time high time of $10.64 hit on 28 October, data from CoinMarketCap showed

ETH/USD

3,421.22 Price
-0.670% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

BTC/USD

64,619.75 Price
-0.130% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

US100

19,803.60 Price
-2.880% 1D Chg, %
Long position overnight fee -0.0263%
Short position overnight fee 0.0041%
Overnight fee time 21:00 (UTC)
Spread 1.8

Gold

2,458.00 Price
-0.440% 1D Chg, %
Long position overnight fee -0.0196%
Short position overnight fee 0.0114%
Overnight fee time 21:00 (UTC)
Spread 0.30

Over the past one week, SCRT has dropped about 36% in line with broader cryptocurrency market weakness. According to Coincodex, SCRT was up 61.74% against Ethereum and up 34.89% against Bitcoin in the last month (as of 27 January). In the last year, SCRT has gained over 380%. The token’s 52-week low was $0.7674. 

The 3- to 100-day simple moving averages (SMA) and exponential moving averages (EMAs) were bearish, indicating a ‘sell’. The 200-day and all the weekly MAs and EMAs were giving ‘buy’ signals. The moving average convergence divergence (MACD) and the relative strength index (RSI) kept neutral.

Secret (SCRT) all-time performance

Secret crypto news: Pulp Fiction NFTs and more

SCRT’s climb to its all-time high in early November came on its announcement of the platform’s collaboration with director Quentin Tarantino to auction seven uncut scenes from the movie Pulp Fiction as Secret NFTs. 

Secret Network said each NFT will include handwritten scripts from the movie and exclusive commentary from Tarantino, which will be viewable only to the owner of the NFT.

Soon after, Tarantino was sued by Miramax, the production house behind the 1994 film, for copyright infringement. Miramax argued that while Tarantino owned the right to publish the film’s screenplay, the NFT sales fell out of that category.

Despite Miramax’s efforts to stop the sales, Tarantino and Secret Network pushed on with the NFT auction on OpenSea. The first NFT was picked up by a community named Anons for $1.1m.

In January 2022, the Secret Network announced a $400m in funding from 25 investors as the privacy-centric blockchain network pushes through its next phase of development named ‘Shockwave’. 

Secret Network said that “adoption and community growth” will be its biggest focus for Shockwave. Along those goals, the platform said $225m of the new funds will be used to expand Secret Network’s application layer, network infrastructure and tooling, while $175m will be used to provide grants and incentives.

“Secret Network is now entering its most aggressive growth phase to date. Since our first whitepapers at MIT in 2015, we have worked tirelessly to bring data privacy to all blockchains. We now invite developers around the world to join us in our mission and to build the next generation of Secret Apps that will protect and empower millions of global users,” said Guy Zyskind, Founder and CEO of SCRT Labs.

Secret (SCRT) price prediction: Targets for 2022, 2025 and 2030

According to a short-term SCRT price prediction from CoinCodex (as of 27 January), the value of the token could fall 11,08% to $5.10 by 1 February 2022. CoinCodex added that technical indicators showed the current sentiment for SCRT as “bearish”, while the fear and greed index indicated “extreme fear” among SCRT investors.

“Based on our Secret Network Token forecast, it's now a bad time to buy Secret Network Token,” said Coincodex.

Secret price prediction from Wallet Investor (as of 27 January) said the token can be a “profitable investment option”. Wallet Investor expected the price to reach $9.668 by the end of 2022, $23.406 by the end of 2025 and $28.219 by the start of 2027.

According to Price Prediction’s SCRT prediction, the token could hit an average price of $8.75 in 2022, $12.59 in 2023, $26.31 in 2025 and $172.05 in 2030.

DigitalCoin’s long-term SCRT crypto price prediction expected the token to trade at $8.04 in 2022, $13.06 in 2025 and $24.28 in 2029. 

When looking for secret (SCRT) future price estimates, bear in mind that analysts’ and algorithm-based secret coin price predictions can be wrong. The SCRT predictions are based on fundamental and technical studies of the cryptocurrency’s past performance, which offers no guarantee of future results.

It’s essential to do your own research and always remember that your decision to trade depends on your attitude to risk, your expertise in the market, and your investment portfolio spread. You should never invest money that you cannot afford to lose.

FAQs

Is SCRT coin a good investment?

SCRT token is the 86th biggest cryptocurrency with a market capitalisation of $853m, as of 27 January 2022. Whether the SCRT token is a good fit for your investment portfolio depends on your circumstances and risk tolerance. You should estimate the level of risk you are ready to take before investing. And never invest money that you cannot afford to lose.

How high can SCRT coin go?

According to Price Prediction’s secret prediction (as of 27 January), the token could hit $172.05 in 2030. However, before making any financial decision, you should make your own research since algorithm-based forecasts could prove to be wrong.
 

Rate this article

Related reading

The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
Capital Com is an execution-only service provider. The material provided in this article is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents and has not been prepared in accordance with the legal requirements designed to promote investment research independence. While the information in this communication, or on which this communication is based, has been obtained from sources that Capital.com believes to be reliable and accurate, it has not undergone independent verification. No representation or warranty, whether expressed or implied, is made as to the accuracy or completeness of any information obtained from third parties. If you rely on the information on this page, then you do so entirely at your own risk.

Still looking for a broker you can trust?

Join the 630,000+ traders worldwide that chose to trade with Capital.com

1. Create & verify your account 2. Make your first deposit 3. You’re all set. Start trading