XYO price prediction: What is XYO?
It aims to put geographic data on the blockchain, but what is XYO?
Let’s see what we can find out, and also examine some of the XYO price predictions that were being made as of 4 January 2023.
XYO explained
If you listen to what a certain kind of blockchain evangelist has to say, then blockchain technology is on the verge of influencing pretty much everything. There is an argument that says that if something can be traded it can, at least according to the utterances of the true believers, be tokenised and therefore put onto the blockchain.
While this is all very well in theory, in practice it turns out that the majority of things put on the blockchain are not that varied. There are plenty of blockchain-based coins and tokens that power platforms that specialise in the actual trade in crypto, for instance, but ones that specialise in (eg) wine or property are few and far between. and in some cases, it is hard to tell how actually useful they really are, or whether they are even legitimate.
What it all comes down to is that there are things that can be tied into the blockchain, but it is a matter of finding a way which is logical and which works.
XYO is a program which aims to help people make use of geospatial data – information that describes objects, events or other features with a location on or near the surface of the Earth – on the blockchain.
The system, which hails itself as a “network of the future” is designed to help developers build blockchain applications that run smart contracts, computer programs that automatically execute once certain conditions are met, using location-based data and shared incentives. The oracle links the real-world location data to the blockchain. The links and references take place when two unrelated objects identify and report each others’ presence.
As the whitepaper says: “With the growing presence of connected, location-reliant technologies, our privacy and safety rely heavily on the accuracy and validity of location information. Various attempts have been made to eliminate the need for centralised entities controlling the flow of location data, but every attempt has relied on the integrity of the devices collecting.”
The system, which is based on the Ethereum (ETH) blockchain, claims to “empower people to participate in the world’s data economy through the validation of anonymous and secure geospatial data,” was created in 2017 by XY Labs founders Arie Trouw, Markus Levin, and Scott Scheper.
Every blockchain needs to have its own native cryptocurrency, and XYO has the conveniently named XYO token. This crypto is used to pay rewards to people who help to keep the system running. The four roles that users can play on the XYO platform are sentinels, who broadcast signals that can be picked up and turned into data; archivists, who collect data; diviners, who answer questions about the data; and bridges, who help link everything together.
One important thing to point out at this stage is that, because it is based on the Ethereum blockchain, XYO is a token and not a coin. You might see references to such things as an “XYO coin price prediction”, but such terms are incorrect, technically speaking.
XYO price history
XYO price history – Credit: Currency.comLet’s now quickly cast our eyes over the XYO price history. While past performance should never be taken as an indicator of future results, knowing what the token has done in the past can help give us some useful context if we want to either interpret an XYO price prediction or else make one of our own.
When XYO first came onto the open market in May 2018, it was worth about $0.006. It slid down after this and spent much of the next two and a half years or so below that level. In early 2021, though, the crypto market started to heat up and XYO was one of many beneficiaries, reaching a peak of $0.007825 on 4 April that year.
After that, it dropped down, as crypto spent the summer in the doldrums, but it recovered in the autumn, as the news of its listing on Coinbase (COIN) saw it reach a high of $0.058517. There was more to come a couple of months later, as it reached an all-time high of $0.07619 on 11 November 2021 before moving down to close the year at $0.03389.
If 2021 was a feast for crypto then 2022 was a famine, as a series of market crashes sent prices plummeting. Sadly for its investors, XYO was not immune from problems, with it falling to $0.006723 on 12 May 2022 when cryptocurrencies plunged in response to the depegging of the UST stablecoin and the collapse of the associated LUNA cryptocurrency.
Things had not reached their nadir, though, and July’s news that it was named as a potential security in a court case filed by the US Securities and Exchange Commission did not exactly help matters, but when European cryptocurrency exchange Bitvavo listed XYO on 27 July, the token hit $0.01545 the following day.
After that, though, it was back downhill and when the FTX (FTT) exchange collapsed in November, it sent XYO down to a low of $0.003998 on 22 November 2022. While things looked like they would recover, hope was fleeting and the token fell to close the year at $0.00307, a year-on-year loss of more than 90%.
The following day saw it drop to $0.003, before a sudden and somewhat bizarre surge saw it trade at around $0.006 on 4 January 2022, its highest price since the fall of FTX. At that time, there were a little over 12.8 billion XYO in circulation out of a total supply of around 13.96 billion. This gave the token a market cap of around $78m, making it the 193rd-largest crypto by that metric.
XYO price prediction round-up
With that all over and done with, let’s take a look at some of the XYO price predictions that were being made as of 4 January 2023. It is important to remember that price forecasts, especially when it comes to something as potentially volatile as cryptocurrency, often turn out to be wrong. Also, you should keep in mind that a lot of long-term crypto price predictions are made using an algorithm, which means they can change at a moment’s notice.
First, CoinCodex had a somewhat mixed short-term XYO price prediction for 2023, arguing that the token could drop to $0.005986 by 9 January before mounting a recovery to trade at a potential $0.007937 by 4 February. The site’s technical analysis was neutral, with 21 indicators sending bullish signals against 12 making bearish ones.
Next, based on historical data, the XYO token price prediction from DigitalCoinPrice suggested that the coin could average $0.0122 in 2023, rising to $0.0145 in 2024 and $0.0218 by 2025. The forecasting service’s XYO price prediction for 2030 estimated that the token could average $0.0628 that year before potentially moving to $0.12 in 2032.
Meanwhile, CryptoPredictions had an XYO crypto price prediction that said the token could close 2023 at $0.0074533. The site then said it could move to $0.01071349 by the end of the following year, and then made an XYO price prediction for 2025 which suggested the crypto could start the year at $0.010927744 before closing it at $0.012908.
The next two years could see XYO finish off at $0.014614579758585 and $0.0160243956 respectively, if the forecast holds true.
Finally, Wallet Investor was far more bearish when it came to its XYO price forecast. The site suggested that the token was in for a tough time over the coming 12 months, with the price of the crypto predicted to collapse to a mere $0.000281 by early January 2024.
When considering an XYO token price prediction, it’s 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. As such, analysts and algorithm-based forecasters can and do get their predictions wrong.
If you are considering investing in cryptocurrency coins and 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, and never trade with money that you cannot afford to lose.
FAQs
Is XYO a good investment?
It is hard to tell. A lot will depend on whether the token can continue its recent good form and what happens to the crypto market as a whole going forward.
Remember, you should always carry out your own thorough research before making an investment. Even high market cap cryptocurrencies can be affected by bear markets, so investors should be prepared to make losses and never purchase more than they can afford to lose.
Will XYO go up or down?
No one can really say with any certainty right now. While sites such as DigitalCoinPrice were optimistic as of 4 January 2023, the likes of Wallet Investor were far gloomier, while CoinCodex was somewhere in the middle in its assessment of the XYO future price. Keep in mind, though, that price predictions often end up being wrong, and that prices can, and do, go down as well as up.
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 XYO 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, and never invest money that you cannot afford to lose.
Should I invest in XYO?
Before you decide whether or not to invest in XYO, you will need to do your own research, not only on XYO but also on other geodata- and mapping-related coins and tokens.
Ultimately, though, this is a question that you will have to answer for yourself. Before you do so, however, you will need to conduct your own research. Never invest more money than you can afford to lose because prices can go down as well as up.
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