Selfkey is an identity management blockchain platform that allows individuals and firms to own and manage their digital identity, mitigating the risk of storing sensitive data in a centralised database. It champions the notion of data sovereignty, an idea it hopes will persuade more companies to use its platform.
The Selfkey token, known as the KEY coin, is the currency used to perform transactions within the Selfkey project’s ecosystem. The coin has been buffeted by the high volatility that has become a hallmark of the crypto market.
According to CoinMarketCap, there are 5.09 billion KEY coins in circulation, with a total market value of over $43m. KEY price prediction will depend on whether demand can grow with that circulation.
Selfkey coin price analysis
The cryptocurrency token had a volatile ride in 2021, peaking at $0.0272 on 4 April 2021 before eventually falling to $0.0055 on 20 July.
While rooted in speculation, there was a material reason behind the Selfkey token’s price surge.
The initial increase occurred gradually following a February announcement that the company had made a breakthrough in developing its exchange marketplace, with a partnership with KeyFi helping accelerate progress to decentralised finance (DeFi).
The platform jumped again to $0.02208 on 20 November 2021, marking high volatility following a steady week-long rise.
In December 2021, Safekey published its white paper that outlined numerous avenues to grow the wallet over time. These included means of utilising proof of individuality (POI), the addition of a governance token called LOCK, and the ability for users to earn non-fungible tokens (NFTs), enabling them to have a “Living Avatar”, akin to that promoted by Mark Zuckerberg during Facebook’s rebranding to Meta.
The coin price has since fallen before levelling off at a lower base price. Selfkey (KEY) token has grown by 0.72% in the last week, with wild swings that have seen it fluctuate between $0.0008 and $0.009256 in the 24 hours between 14 and 15 February.
Selfkey technical analysis brings varying results depending on the currency or cryptocurrency used to measure it. Some traders have assessed the token’s volatility against the US dollar, while others view its comparative strengths against cryptos like bitcoin and ether.
The token looks relatively bullish against the US dollar. This is due to 40-year-high inflation levels, which have quickly reduced US consumers' purchasing power parity, and a minor overall resurgence in the crypto market.
The token is in a neutral position on its one-day oscillators with a slight skewing towards a buy and with a neutral relative strength index (RSI) of 49.11 against a bearish momentum (10) oscillator of 0.00092 and a bullish MACD level (10) at -0.0003327.
Moving averages are split, with short term figures placing the Selfkey token as a buy, including an exponential moving average (10) of 0.008024. At the same time, longer-term metrics skew towards sell, including an exponential moving average (30) at 0.008504.
The coin is approaching its pivot point of $0.008851, with an R3 in the distance of $0.02427, close to all-time highs.
Growing demand for individual data freedom
While headlines for metaverse-centric assets focus on the speculative nature of cryptocurrencies and NFTs, less attention has been placed on the potential for the data protection offered by companies like Selfkey.
The company’s self-sovereign identity (SSI) platform appeals to customers and businesses keen to transact in a decentralised manner.
As our lives become increasingly reliant on third-party platforms, digital sovereignty is slowly emerging as a consumer preference. A survey carried out by McKinsey & Co showed 87% of respondents would not do business with a company if they had concerns about its security practices. It also claimed that over half of the survey’s respondents didn’t trust any industry sector with their data. Healthcare and financial services achieved the highest degree of confidence, with 44% of those surveyed saying that they would trust organisations operating in those sectors.
Meanwhile, a 2019 study by the Pew Research Centre showed that around 60% of Americans felt it was impossible to go through their daily lives without surrendering personal data to companies or the government. More than 80% said they had little or no control over that data.
Selfkey and its competitors hope to capitalise on this failure of traditional sectors to satisfy the evolving privacy demands of their customers.
At a governmental level, digital sovereignty is already proving popular. The European Union published a paper in 2020 outlining its desire to regain its digital sovereignty, listing 24 separate possible initiatives to regain control of data, including the development and growth of a European cloud and data infrastructure.
Each initiative stems from the bloc’s electronic identification and trust services (eIDAS) regulation, which aims to regulate digital identity among EU businesses, increasing the likelihood of its uptake and offering a clear framework for Selfkey and other SSI apps.
The bloc also recently launched a digital sovereignty strategy on semiconductor chips, following the recent supply chain disruption that has contributed to climbing levels of inflation in the Eurozone over the last year.
Increased data protectionism could help companies like Selfkey become mainstream ways of decentralising both finance and identities in equal measure.
An earlier study by McKinsey suggested that countries could unlock economic value worth 3–13% of their gross domestic product (GDP) by embracing the use of digital identities. Projects like Selfkey could provide the key to achieving that growth.
Strong sectoral growth projected
The growing awareness of and demand for data protection, along with the burgeoning growth of the broader crypto-asset ecosystem, has led some to predict substantial gains in the blockchain-based identity-management sector.
According to data compiled by Allied Market Research, the global blockchain identity management market is projected to hit $11.46bn (£8.44bn) by 2026, up from $107m in 2018. That represents annualised growth of 79.2%.
Revenue growth is expected to be driven by the vast amount of new data handled in day-to-day transactions. An Oliver Wyman report from 2020 forecasts that the quantity of global data being processed will more than triple to 175 zettabytes (175 trillion gigabytes) by 2025.
One of the main variables holding back the adoption of blockchain technology is its usability, which naturally affects the uptake and trading volumes that make the growth of some crypto assets, like bitcoin, more prolific than others.
An August 2021 study by the University of Texas analysed five SSI solutions to assess their usability. The report highlighted the use of QR codes for verification and the difficulty in backing up and removing identities as significant inhibitors to the broader uptake of the technology.
Selfkey’s enhanced usability combined with a competitive offering could therefore boost the price of the coin.
In general, SSIs are still in the early phase of adoption, making investment in them attractive and uncertain.
Safekey token forecast
Selfkey price prediction indicate bullishness for the token on the back of expectations that the capability of blockchain-focused businesses will proliferate over the next decade.
At the time of writing, on 15 February, the algorithm-based forecasting service WalletInvestor projected a one-year Selfkey crypto price prediction of $0.0147 for 2023. That marks the beginning of a five-year ascent toward a 2027 price target of $0.04065.
TradingBeasts’ algorithm-based KEY prediction was less optimistic but still pointed towards a substantial upside in the long term for the Selfkey token price. It forecasted Selfkey to average $0.01147 by December 2023, with an average price of $0.01808 by December 2025, representing a 104.19% increase.
Price Prediction’s KEY crypto preice prediction suggested the coin will reach $0.4165 by the end of 2030.
It’s worth noting that KEY coin price predictions can be wrong, and Safekey prediction shouldn’t be used as a substitute for your own research. Always conduct due diligence before investing. And never invest or trade money you cannot afford to lose.
FAQs
Is Selfkey a good investment?
Like most cryptocurrencies, Selfkey is highly volatile and prone to big fluctuations based on wider cryptocurrency movements and macroeconomic conditions. But its technological development toward self-sovereign identity and increasing uptake by users suggests it may have a good upside in the long run.
How high can Selfkey go?
Algorithm-based Safekey coin price predictions were generally optimistic about the Selfkey token at the time of writing. WalletInvestor expected the coin to reach $0.04065 by 2027, while TradingBeasts forecasted a 104.19% increase by 2025.
