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Sylo price prediction: Another breakout for the data token

By Raphael Sanis


Updated

Two people sharing a yellow file
Sylo is a decentralised network that is allowing users to communicate and share data – Photo: Nadia Snopek/Shutterstock

Cryptocurrencies were created to avoid the middleman, with a focus on financial transactions. Sylo was founded for a similar reason, to allow communication and data sharing without any centralised party.

This is made possible through its SYLO token, which rewards independent parties for running the network. While it has not been smooth sailing for the cryptocurrency, a recent rally has given forecasters hope over its future.

What is Sylo?

Web 3.0 is looking to separate itself from its predecessor by prioritising a decentralised and community approach. Sylo was developed to avoid “another network of walled gardens”. It is building an ecosystem of products that allow decentralised communication in this new era.

The data and communication focused network is a layer-2 solution on the Ethereum blockchain. At its core, it is allowing Web 3.0 accounts to communicate with each other without the need for centralised apps such as Whatsapp or Messenger. 

Its documents say:

“Sylo provides an incentivised node network where any wallet address can communicate with any other wallet address, NFT owner, or Smart Contract participant without any reliance on a centralised party.”

Sylo’s software development kit has allowed developers to run with its concept and use the technology to power their digital worlds. Use cases include communication between non-fungible tokens (NFT) profiles and notifications in the metaverse.

How does Silo work? 

The network is able to power its service from a series of nodes, which are independent computers that run the software. These nodes act as the computational power that allows one wallet address to communicate with another. 

It has created a ERC-20 token, under the ticker SYLO, to finance and encourage nodes to take part in this system. Nodes will receive computational work depending on the number of tokens staked. 

The documents continued:

“This incentive structure ensures that node operators’ incentives are aligned with those of the network as a whole, which ensures a high standard of service, no matter who operates each individual node.”

SYLO was also designed to be the network’s native currency. Payments between users, wallets and NFT accounts can take place using the token. 

SYLO token’s price history

SYLO price chart

Source: CoinMarketCap

After CoinMarketCap listed SYLO on 5 June 2020 at $0.004, the token had a volatile and active price history. It saw an initial surge to $0.007 that month, before dropping below its launch price for the rest of the year and to its all-time low of $0.0007 on 31 January 2021.

SYLO’s next rally occurred in March when it partnered with Tezos Baking to launch an earn feature on its wallet app, making it the network’s first decentralised finance (DeFi) product. A Medium post said: “Sylo Smart wallet users can now earn rewards on the Tez (XTZ) they keep in their wallets.”

XRP/USD

0.48 Price
+6.140% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

BCH/USD

369.50 Price
+5.710% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.50

BTC/USD

57,966.30 Price
+0.630% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

DOGE/USD

0.11 Price
+0.450% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

The cryptocurrency climbed to a high of $0.006 at the end of March and continued this momentum into the following months. Its token was listed on the Bittrex exchange on 29 April, with its price passing $0.008.

It then surged to its all-time high of $0.014 on 11 May. This was after a new update to its wallet was released that gave users the opportunity to purchase cryptocurrencies. 

Sylo’s next active period came in August after the FLUF NFTs were integrated into its platform. The token climbed above $0.008 again in early September, just as the total value locked (TVL) into the SYLO liquidity mining program passed $2m.

Over the following months, SYLO was vulnerable to volatility. The token fluctuated between highs of $0.007 and lows of $0.003. This eventually started to turn into a consistent bearish trend in 2022. After the crypto crash this year, it stooped to a low of $0.0022 on 2 June. 

However, SYLO’s luck changed after it was listed on Coinbase. It managed to climb to a high of $0.0066 on 21 July. But it soon lost this momentum and closed the month at $0.004.

SYLO has started gaining traction again recently. After closing on 6 November at $0.002, it reached a high of $0.004 on 7 November. The same day SYLO saw trading volume worth $8.4m, according to CoinMarketCap.

At the time of writing, the cryptocurrency was trading at $0.0032, up 57% over the previous week.

Sylo price prediction

As of 8 November, there was a bullish consensus for the SYLO token price prediction with most prediction sites forecasting a new all-time high. DigitalCoinPrice said the token could have a gradual price rise with it reaching $0.0034 this year and $0.0086 in 2025. Its sylo price prediction for 2030 suggested the token could have averaged out at $0.018.

PricePrediction’s short-term forecast was less ambitious. The sylo price prediction for 2025 expected it to have only hit $0.007. However, the longer-term SYLO coin price prediction said it could have climbed to $0.047 by the next decade. 

AMB Crypto’s sylo price prediction for 2023 thought the token could have rocketed to $0.017. The token was predicted to pass $0.07 in 2029 and $0.10 in 2032. 

A similar SYLO token price prediction was given by TechNewsLeader, which said the token could have climbed from $0.003 this year to $0.03 in 2028. A maximum price of $0.095 was forecast for 2031.

When considering a sylo coin price prediction, it is 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. 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. Never trade with money that you cannot afford to lose.

FAQs

Is sylo a good investment?

Sylo is building a decentralised network that is allowing wallets and other Web 3.0 accounts to communicate with each other. The SYLO token is used as a payment source in this ecosystem and to reward nodes for powering the network.

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 the SYLO token 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. Never invest more that you can afford to lose.

Will sylo go up or down?

At the time of writing, there was a bullish consensus from some sylo crypto price predictions. TechNewsLeader and DigitalCoinPrice both expected steady gains from the cryptocurrency. Other sites are less optimnistic, however.

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 the sylo token 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. Never staket money that you cannot risk losing.

Should I invest in sylo?

Whether you should invest in sylo 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

 

Markets in this article

XTZ/USD
Tezos / USD
0.7907 USD
0.0112 +1.470%

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