Japanese-based crypto platform Astar’s ASTR token has been one of the biggest success stories in crypto lately. It has recovered from a record low in June 2023.
Not only that, but the news that its subsidiary Startale was working on a blockchain for tech giant Sony saw more interest in the crypto.
In a statement, Astar founder and Startale CEO Sota Watanabe said: “This joint venture is founded on the synergy of our respective assets and knowledge, aimed at co-developing leading blockchain and its ecosystem. We are determined to discern web3 trends and drive them globally.”
In August, the announcement of revamped tokenomics, which would see it destroy, or burn, more tokens in a bid to keep ASTR high saw its price rise. Meanwhile, a partnership with digital assets platform Fireblocks has also boosted interest in the crypto.
Astar aims to support decentralized application (dApp) developers.
Astar did not immediately respond to a request for comment
But what is Astar (ASTR)? How does Astar work? Let’s see what we can find out, and also take a look at some of the Astar Price Predictions that were being made as of September 12 2023.
Let’s examine some of the Astar price predictions being made on September 12 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 an Astar price prediction that said the token would drop to $0.0547 by September 17 before recovering to $0.0649 by October 12. The site’s technical analysis was highly bullish, with 21 indicators sending upbeat signals and just four making bearish ones.
Moving on, Bitnation said ASTR would reach about $0.20 and DigitalCoinPrice said it would trade at $0.21 in 2025. PricePrediction said Astar would reach $0.13 in two years time.
Looking at a more long-term Astar price prediction, PricePrediction.net said the token would be worth $0.92 in 2030. Meanwhile, Bitnation said Astar would trade at $0.50 that year. DigitalCoinPrice’ ASTR price prediction said it would reach $0.61 at the start of the next decade.
Now, let’s examine some of the highlights and lowlights of the Astar price history. While we should never take past performance as an indicator of future results, knowing what the token has achieved can provide us with some very useful context if we want to make or interpret a Astar price prediction.
ASTR launched in early 2022. It was worth $0.278 at the start of trading on January 18. It went through some peaks and troughs and reached an all-time high of $0.3353 on April 10.
ASTR fell over the rest of the year. With the collapse of the Terra (LUNA) blockchain in May and the FTX (FTT) exchange declaring bankruptcy in November, Astar closed the year at $0.03789. This meant it was down more than 85% from its launch price.
So far, 2023 has seen both reasons for celebration and commiseration for ASTR. The token initially rose, with a buoyant market sending it to a high of $0.1149.
Matters were made worse when Crypto.com announced it was suspending its American institutional operations. On June 10, ASTR sank to an all-time low of $0.03219.
The token showed some resilience and soon made a recovery of sorts. On August 24 2023, it was worth $0.06585. Since then, the price has dipped somewhat and, by September 12 2023, ASTR was worth about $0.05925.
At that time, there were about 5.25 billion Astar in circulation out of a total supply of 7.9 billion. This gave the token a market cap of $312 million, making it the 90th-largest crypto by that metric.
It is hard to say right now. ASTR has been on a good run of form lately, boosted by business partnerships and new tokenomics. It has a pretty active user base, too.
On the other hand, it is not that long since it traded at an all-time low. While it has made a recovery, we don’t know how long that will last. Keep in mind that Astar is not quite a household name in the crypto world, so it will have to work hard to grow its appeal.
As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in ASTR.
No one can really tell right now. While the Astar 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 Astar, you will have to do your own research, not only on ASTR, but on other, related, coins and tokens such as Chainlink (LINK). Either way, you will also need to make sure that you never invest more money than you can afford to lose.
Japanese crypto entrepreneur Sota Watanabe founded the Plasm network in 2019. His plan was to create a platform which used smart contracts, computer programs which automatically execute once certain conditions are met, to support dApp developers.
Plasm rebranded to Astar in 2021 and, in 2022, it got its own native token, ASTR.
Astar is based on the Polkadot (DOT) blockchain.
Astar offers developers financial incentives, incubation programmes and tech support, to help support developers and incentivise projects to build on Astar.
ASTR is used to pay people who run the computers, or nodes, that help the platform operate. ASTR can be set aside, or staked, in return for rewards, and it can also be bought, sold, and traded on exchanges.
Because it is based on Polkadot, ASTR is a token, not a coin. You might see references to such things as an Astar coin price prediction, but these are wrong.
On September 12 2023, there were 5.25 billion Astar in circulation out of a total supply of 7.9 billion.
It might do, but that won’t happen for some time yet. PricePrediction.net says ASTR could get there by 2031 while DigitalCoinPrice has it breaking past the dollar the following year. Remember that Astar has never traded at $1, with its highest ever price, $0.3353, coming in April 2022.
ASTR pays people who operate computers, or nodes, on the Astar platform. People can also buy, sell, and trade ASTR 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.