The Arweave storage blockchain is hoping that its latest project can pull it out of the doldrums. The platform launched its BazAR NFT marketplace in August 2023 with its release coming at a time when the blockchain’s AR coin was struggling.
AR has had a tough two years, falling around 95% since reaching its all-time high in November 2021.
Arweave did not immediately respond to a request for comment.
But what is Arweave (AR)? How does Arweave work? Let’s see what we can find out, and also take a look at some of the Arweave Price Predictions that were being made as of August 17 2023.
Arweave is a blockchain designed to help people store their data. The system, which was originally called Archain, came out in 2018. British computer scientists Sam Williams and William Jones are its founders, and it is powered by the AR coin.
Arweave uses a consensus mechanism called Proof-of-Access (PoA). People who want to verify transactions and add blocks to the blockchain have to check that a group of transactions contains a marker taken from an earlier group. If the marker is there, the transactions can be verified and blocks are added.
People who hold the AR coin can vote on changes to the Archain platform. The system’s miners – people who verify transactions – get AR as a reward. People can also buy, sell, and trade it on exchanges.
Now, let’s examine some of the highlights and lowlights of the Arweave price history . While we should never take past performance as an indicator of future results, knowing what the coin has achieved can provide us with some very useful context if we want to make or interpret a Arweave price prediction.
Arweave first hit the open market in May 2020. It was worth about $0.70 then, and enjoyed some success over the rest of the year, closing it at $2.63. Early 2021 saw the crypto market go through a bull run and AR reached a high of $34.23 on April 1. It then fell down over the summer before recovering in the autumn, hitting an all-time high of $90.94 on November 5. AR closed the year at $58.92. This meant it had risen by 2,140% over the course of the year.
In 2022, both crypto as a whole and AR in particular suffered. The market went through a string of crashes and Arweave closed the year at $6.17, down nearly 90% year-on-year.
So far, 2023 has been another gloomy time for Arweave. Although it started off well, reaching a high of $13.75 on February 19, that was as good as it got.
AR went on a bear run, reaching a nadir of $4.22 on June 10. This came as the market was shaken by Crypto.com cancelling its American institutional activities. In turn, this followed the news that the United States Securities and Exchange Commission (SEC) was suing the Binance and Coinbase exchanges.
Although there was a recovery after this, with AR reaching $6.25 on July 5, it fell again. By August 18, Arweave was trading at around $4.65.
At that time, there were around 65.4 million AR in circulation, representing the total supply. This gave the coin a market cap of around $305.5 million, making it the 94th-largest crypto by that metric.
Arweave has struggled over the last 18 months or so, and its recent performance has been pretty discouraging. Its current price is more than 25% less than last month’s high. Although it is still up 10% from its June low, it is down almost 25% since the start of the year.
With that all said and done, let’s examine some of the Arweave price predictions being made on August 17 2023. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate. Additionally, please remember that many long-term crypto price predictions are generated using algorithms, which means they can change at any time.
First, CoinCodex had a rather mixed short-term Arweave price prediction. It said the coin would fall to $4.40 by August 23 before recovering to $5.22 by September 17. The site’s technical analysis was highly bearish, with 26 indicators sending downbeat signals and just two making bullish ones.
Moving on, CaptainAltCoin thought AR would trade at $14.54 in 2025. DigitalCoinPrice said it would stand at $15.78, while PricePrediction.net said it would be worth $14.39 in two years time.
Moving on to a more long-term Arweave price prediction, DigitalCoinPrice said it would reach $48.38 in 2030. PricePrediction.net thought it would stand at $104.70. Bitnation ’s Arweave price forecast saw it trade at $39.63
It is hard to say. While there is the belief that you should buy during a dip, we don’t know how long AR’s dip is going to last, nor what it will recover to.
On the other hand, Arweave does offer people the chance to store their data on a permanent basis, giving the platform a definite purpose.
As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in AR.
No one can really tell right now. While the Arweave crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up.
Before you decide whether or not to invest in Arweave, you will have to do your own research, not only on AR, but on other, similar, coins and tokens such as Filecoin (FIL) or Sia (SC). Either way, you will also need to make sure that you never invest more money than you can afford to lose.
On August 18 2023, there were around 65.4 million AR in circulation, representing the total supply.
It might do, but not for some time. PricePrediction.net thinks AR can reach three figures in 2030. Keep in mind that the highest Arweave has ever traded at is $90.94, which it got to in November 2021.
The AR coin rewards miners on the Arweave blockchain. People can also buy, sell, and trade it on exchanges.
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Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.