Wemix price prediction: Is a new rally imminent?
Wemix is a blockchain-based platform for gaming decentralised applications (DApps) and has been developed by Wemade Tree, a subsidiary of Wemade. The company’s goal is to provide a network that incorporates the fundamental characteristics of gaming with blockchain in order to offer services that are primarily experience-driven.
Last month, the WEMIX token soared to an all-time high of $24.68 on 21 November according to CoinMarketCap, but the price retreated to an intraday low of $16.58 on 23 November, and closed at $17.35 on 25 November.
What is a Wemix coin? Let’s look at the project and the latest Wemix price predictions for the year ahead and beyond.
Wemix offering: Sharing and proliferation of in-game assets
The main purpose of Wemix, the company states, is to offer an advanced ecosystem that connects games, users, developers and platform providers.
The Wemix network relies heavily on trade delegators who ensure efficient and seamless asset and data transfers within the multi-chain structure. They essentially prevent the entire trading process from becoming wholly dependent on smart contracts. This structure, which consists of numerous chains, ultimately enables users to manage and trade their assets in a comprehensive manner.
In its white paper, the company hints at oversaturation within the gaming industry, which can often dissuade users due to the overwhelming amount of content that currently exists.
As such, the project aims to shift the focus for game developers onto more enjoyable user experiences by enabling them to utilise previously generated assets for new games. This method is referred to as the sharing and proliferation of in-game assets within Wemix’s network – intended to ultimately enable game developers to offer new user experiences.
Wemix’s hybrid multi-chain structure consists of three layers:
a service chain that focuses on the swift and smooth processing of a large number of transactions
a public chain that undertakes the role of asset management within the Wemix ecosystem
a bridge chain that enables the transfer of assets between different chains
In particular, the bridge chain facilitates multi-chain connectivity, a crucial process which the network relies on in order to easily transfer assets, identify counterparties and complete transactions. The company has stated that such interoperability can greatly enhance current server-client services and accelerate the future of the blockchain industry.
In addition, all transactions occurring on the Wemix network are based on smart contracts that contain public transaction records and this openness adds a layer of transparency to the platform.
What is a WEMIX coin?
WEMIX is the native token of the platform and its primary use is as a form of currency within the marketplace, allowing players to sell and purchase in-game items.
From platform providers to developers and players who earn tokens – all participants within the Wemix ecosystem can receive greater rewards as the value of their tokens increase through the sharing and proliferation of in-game assets.
Developers can also grant game-specific tokens in order to reward players and then recoup the tokens by selling in-game items.
There are more than 123 million WEMIX coins in circulation from a total supply of one billion, according to CoinMarketCap.
Wemix price drivers: Asset continuity in a multi-chain structure
A major plus for the project is that game developers can actively utilise previously generated assets when building other new games. In essence, this allows them to establish a mini ecosystem that connects their games with the respective assets.
For Wemix, a mini ecosystem eliminates the existing fragmented game platform structure (which ostensibly runs in a discontinued manner) allowing players’ assets to be shared and dispersed within the marketplace through a process of asset continuity.
More specifically, if game developers are freed from the inherent worries of having to maximise revenue, they can and will be better positioned to maintain user-centric and developer-friendly policies – and build the foundation for a mutually beneficial ecosystem for all participants across the value chain, the company claims.
Also, Wemade (the parent company of Wemade Tree) has developed a global reach and this has no doubt contributed to the popularisation of Wemix. For example, 54% of Wemade’s revenue during the third quarter of 2021 came from overseas users, including those in Southeast Asia, Europe, North America and South America.
In other Wemix coin news, the project concluded its 21st non-fungible token (NFT) auction drop this month which attracted interest from a range of different artists and digital creators across South Korea.
????️✏️WEMIX NFT Auction Drop#21 END✏️????️
— WEMIX (@WemixNetwork) December 26, 2021
Thank you to all the participants!
We highly appreciate your interest and participation☀️
You can get your NFT on 12/29(WED)????
#WEMIX #WEMIX_NFT_auction #Jessoo #WEMIXauction #NFTauction pic.twitter.com/zwjsSGbdeJ
Wemix token price analysis: Technical view and latest news
The WEMIX coin launched in October 2020 at $0.3599, however, it did not start gaining momentum until 18 September 2021 when it closed at $2.96, rising even further to an intraday high of $6.79 on 30 October. This spike could be attributed to the WEMIX token being listed on Liquid 40 days earlier on 20 September.
A strong rally followed with the price jumping to closing day price of $14.87 on 15 November and then to $17.72 on 17 November. WEMIX rose by almost 40% to its all-time high of $24.68 shortly thereafter on 21 November, as seen on the chart below.
However, this rally was short-lived and the price retreated to an intraday low of $8.08 on 6 December, dropping to an intraday low of $7.85 on 15 December.
As of 29 December, the WEMIX crypto is currently trading at around $10.69. It ranks 211 in the list of cryptocurrencies by market capitalisation at $1.3bn, according to CoinMarketCap.
Wemix price prediction: Buy, sell or hold?
For the short term, technical analysis data from TradingView was bullish at the time of writing on 29 December. There were 12 indicators giving bullish signals compared with four bearish signals.
The 100- and 200-day simple moving average (SMA) and exponential moving average (EMA) were giving ‘buy’ signals, while the 30-day SMA and EMA were giving ‘sell’ signals. The Hull moving average and the volume weighted moving average (VWMA) provided ‘buy’ signals. The relative strength index (RSI), stochastic RSI and the average directional index remained neutral.
In terms of a long-term WEMIX token price prediction, algorithm-based forecasting service Wallet Investor gave a positive outlook. Based on historical data, Wallet Investor saw the price of WEMIX token to USD rising to $34.20 by December 2022, $80.90 in December 2024 and hitting $104.17 by December 2025.
DigitalCoin supported the bullish WEMIX crypto price prediction, expecting the token to grow to $16.54 in December 2022, $20.01 in 2025 and hit $45.59 in 2028.
According to Price Prediction’s WEMIX/USD forecast, the average price of WEMIX could reach $16.27 in 2022, $51.89 in 2025 and $316.90 in 2030.
Anndy Lian, chairman of BigONE Exchange and chief digital adviser for Mongolia’s national productivity agenda, told Capital.com:
When looking for WEMIX coin price predictions, bear in mind that analysts and algorithm-based forecasts can be wrong. Their WEMIX projections are based on fundamental and technical studies of a cryptocurrency’s past performance – which is no guarantee of future results.
It’s essential to do your own research and always remember your decision to trade depends on your attitude to risk, your expertise in the market, the spread of your investment portfolio and how comfortable you feel about losing money. You should never invest money that you cannot afford to lose.
FAQs
Is the WEMIX coin a good investment?
Whether WEMIX is a good investment for you depends on your personal circumstances and risk appetite. Cryptocurrencies are high-risk assets and WEMIX predictions shouldn't be used as a substitute to your own research. Always conduct due dilligence and evaluate the level of risk you are prepared to accept before investing. And never invest or trade money you cannot afford to lose.
Can the WEMIX coin hit $40?
The token price could break through $40 and reach $45.59 by December 2028, according to DigitalCoin (as of 29 December 2021).
How high can the WEMIX token go?
While the WEMIX coin recorded its all-time high of $24.68 last month on 21 November, the prospect of WEMIX trending higher in the future largely depends on the token achieving broader adoption.
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