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 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.
“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.
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.
“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.
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.
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 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.
And the winner of the ORIGINAL 'ROYALE WITH CHEESE' SCREENPLAY NFT is @AnonsNFT, who bid $1.1M! ????????
— Tarantino NFTs (@TarantinoNFTs) January 24, 2022
We received a lot of great bids on the first NFT in the collection, but Anons took the prize.
The 2nd auction, 'Pumpkin and Honey Bunny' is now live @ https://t.co/O1fmcrN4Rm pic.twitter.com/8U44PHQ6HP
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 (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.
