Wormhole Price Prediction 2024: W Price Analysis
What's next for Wormhole?
Key Takeaways
- Wormhole’s W token made its debut on the market on April 3.
- Since then, the coin has experienced a negative performance.
- What impact will a $320 million hack have on the coin’s performance?
- One price prediction says it may reach $0.55 next year.
Wormhole is an interoperability platform fueling multichain applications and expansive bridges within Web3. This collection of open-source protocols is employed by developers across 200 applications and used by over one million distinct wallets to seamlessly transfer diverse data types across more than 30 blockchains.
Its native token, W, made its debut on the market on April 3 but started dropping since then.
Also, a surprising twist has brought renewed attention to the hacker behind the massive $320 million Wormhole bridge exploit of 2022. This hacker is now unexpectedly eligible for a $50,000 airdrop of W tokens, a new cryptocurrency released by Wormhole.
An anonymous cyber sleuth known as Pland uncovered a critical oversight: wallet addresses linked to the Wormhole exploit were mistakenly included in the eligibility list for the airdrop. What will happen now?
Wormhole did not respond to a request for comment.
Wormhole Price Prediction
Let’s analyze some of the Wormhole price predictions CCN made on Aug. 19, 2024. It is crucial to remember that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate.
| Minimum W Price Prediction | Average W Price Prediction | Maximum W Price Prediction | |
|---|---|---|---|
| 2024 | $0.19 | $0.46 | $0.47 |
| 2025 | $0.46 | $0.51 | $0.55 |
| 2030 | $1.44 | $1.58 | $1.60 |
Wormhole Price Prediction for 2024
If the positive momentum continues and W breaks above its moving averages, it could reach targets between $0.19 and $0.47 by the end of 2024, with the average price set at $0.46.
Wormhole Price Prediction for 2025
Technical analysis suggests a potential increase for Wormhole in 2025. The minimum W price expected for 2025 is $3.56, while the maximum is $0.55. On the other hand, the average forecast suggests it may reach $0.51.
Wormhole Price Prediction for 2030
Based on technical analysis, the W token may reach a maximum level of $1.60 at the beginning of the next decade, while, in the worst scenario, it may go to $1.44. Meanwhile, the average expected price is $1.58.
Wormhole Price Analysis
Wormhole’s technical indicators present a mixed outlook. The RSI stands at 43.1, indicating a neutral position, while the Stochastic value of 70.03 also suggests a neutral trend. The Stochastic RSI, however, points to a buying opportunity at 0.8717, supported by the MACD, which shows a buy signal at -0.01550.
On the other hand, the ADX value of 30.1 leans towards a sell recommendation. The Williams %R at -29.9725 and the CCI at -4.9855 both indicate a neutral stance.
Overall, the indicators suggest a cautious approach, with no strong trend in either direction.
Short-Term Wormhole Price Prediction
Wormhole price prediction indicates a potential rise of 6% in the next 24 hours and one of 230% in the next month, with the price expected to reach $0.70373 by September 18, 2024.
Despite this positive outlook, technical indicators show a bearish sentiment, and the Fear & Greed Index is at 28, signaling fear in the market. Over the past 30 days, Wormhole has seen 11 out of 30 green days (37%) and experienced a price volatility of 19.58%.
Given these factors, it may not be the best time to invest in Wormhole at this moment.
Wormhole Relative Strength Index (RSI): Is W Oversold or Undersold?
Wormhole Price Performance Comparisons
| Current Price | One Month Ago | Price Change | |
|---|---|---|---|
| Wormhole | $0.2130 | $0.3483 | -33% |
| Starknet | $0.3598 | $0.5946 | -36% |
| Ethena | $0.2884 | $0.5053 | -43% |
| Pyth Network | $0.2795 | $0.3636 | -19% |
How Do We Make a Wormhole Price Prediction?
Our price prediction for Wormhole combines technical analysis tools and recognizes the logic in price cycles. We’ve primarily used the Elliott Wave Principle, which describes these price movements in their motive and correction phases.
Applied to the Wormhole-specific time-frames and its price history, we can come up with the targets, although the further we project, the less accurate they are because they depend on what happens in between.
Best Days and Months to Buy Wormhole
We looked at Wormhole’s price history and found the times when the price was at its lowest across certain days, months, quarters, and even weeks in the year, suggesting the best times to buy W.
| Day of the Week | Saturday |
| Week | 16 |
| Month | May |
| Quarter | Second |
Wormhole Price History
Following that, let’s examine some of the key dates in the Wormhole price history . While past performance should never be taken as an indicator of future results, knowing what the coin has done can help give us some very useful context when making or interpreting a Wormhole price prediction.
| Time period | Wormhole price |
|---|---|
| Last week (Aug. 12, 2024) | $0.2146 |
| Last month (July 19, 2024) | $0.3483 |
| Three months ago (May 19, 2024) | $0.5337 |
| Launch price (April 3, 2024) | $1.4250 |
| All-time high (April 3, 2024) | $1.5424 |
| All-time low (Aug. 5, 2024) | $0.17 |
Wormhole Market Cap
The market capitalization, or market cap, is the sum of the total W in circulation multiplied by its price. On August 19, 2024, Wormhole’s market cap was $549.2 million, making it the 101st largest crypto by that metric.
Who Owns the Most Wormhole (W)?
On Aug. 19, 2024, one wallet held 87.77% of the supply of Wormhole.
Richest W Wallet Addresses
As of Aug. 19, 2024, the five richest Wormhole wallet addresses were:
- 0x4672fd919b11d18e442faf4b205d5df6e0970803. This wallet held 365,199,899 W, or 87.77% of the supply.
- 0x6cc5f688a315f3dc28a7781717a9a798a59fda7b. This wallet held 6,966,312 W, or 1.67% of the supply.
- 0x7f22215c9354fa44a5334786fd0756e3d0746aac. This wallet held 6,600,000 W, or 1.59% of the supply.
- 0xb41821c4768406f7befafc911bfc9ab7fa29397d. This wallet held 4,000,000 W, or 0.96% of the supply.
- 0x2943f9adc26dc897dbca0d83b790bf9f0e26e09c. This wallet held 2,050,000 W, or 0.49% of the supply.
Wormhole Supply and Distribution
| Supply and distribution | Figures |
|---|---|
| Total supply | 10,000,000,000 |
| Circulating supply (as of Aug. 19, 2024) | 2,577,873,594 (25.8% of total supply) |
| Holder distribution | Top 10 holders owned 94% of maximum supply as of Aug. 19, 2024 |
From the Wormhole Whitepaper
In its technical documentation or whitepaper, Wormhole says it “is a generic message passing protocol that enables communication between blockchains.
“Wormhole is not a blockchain itself, it provides a means of communication between blockchains or rollups. It is not a token bridge, though there are protocols built on Wormhole that serve this purpose.”
Wormhole (W) Explained
Wormhole is the leading interoperability platform powering multichain applications and bridges at scale — the Web of Web3. The suite of open source protocols is used by developers of over 200 applications and more than one million unique wallets to move various types of data across over 30 blockchains.
In total, the platform has handled over 1 billion cross-chain messages for applications and teams like Uniswap, Circle, Lido, Synthetix, Pyth, and more. In 2023, the Uniswap Foundation’s Bridge Assessment Committee conducted a third-party multi-month report that resulted in Wormhole being named the only unconditionally approved cross-chain protocol for use by the Uniswap DAO, based primarily on security and decentralization practices.
How W Works
W has been initially launched as a native Solana SPL token. ERC20 functionality will be enabled post-launch through Wormhole’s Native Token Transfers (NTT), allowing seamless transfers across any Wormhole-connected network.
Is Wormhole a Good Investment?
It is hard to say. The coin has been around for a short time. On the horizon, there’s no clear bullish or bearish sign. The recent hack may be a negative catalyst for the coin.
As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in Wormhole.
Will Wormhole go up or down?
No one can really tell right now. While the Wormhole 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.
Should I invest in Wormhole?
Before you decide whether or not to invest in Wormhole, you will have to do your own research, not only on W, but on other, related, coins and tokens such as Ethereum (ETH) and Solana (SOL). Either way, you will also need to make sure that you never invest more money than you can afford to lose.
FAQs
Will W reach $10?
No price prediction based on technical analysis sees it reaching a double-figure value in this decade.
What is Wormhole used for?
Wormhole’s suite of open source protocols is used by developers of over 200 applications and more than 1 million unique wallets to move various types of data across over 30 blockchains.
Disclaimer
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.
