The CyberConnect Web3 social media site and its native CYBER token got a boost in late August and early September 2023. The crypto, which came onto the open market in the middle of last month, caught the eye of investors thanks to a partnership with Binance (BNB).
However, it may well be that CYBER’s spell as flavor of the week has ended after it dropped below $10.
CyberConnect did not immediately respond to a request for comment.
But what is CyberConnect (CYBER)? How does CyberConnect work? Let’s see what we can find out, and also take a look at some of the CyberConnect Price Predictions that were being made as of September 6 2023.
Let’s examine some of the CyberConnect price predictions being made on September 6 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 short-term CyberConnect price prediction that saw the token go down before going up. It said CYBER would fall to $5.87 by September 11 before climbing to $6.53 by October 6. The site’s technical analysis was bearish, with 10 indicators making discouraging signals and just four making bullish ones.
Moving on, Bitnation’s CyberConnect price forecast said it would be worth $21.48 in 2025. DigitalCoinPrice thought it would trade at $20.67. Telegaon said it would reach $29.18 in two years.
Looking at a more long-term CyberConnect price prediction, DigitalCoinPrice had it come in at $63.28 in 2030. Telegaon was more optimistic, saying it would reach $113.07 that year. Bitnation’s CYBER price prediction had it worth $52.17 at the start of the next decade.
Now, let’s examine the CyberConnect 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 CyberConnect price prediction.
CyberConnect first hit the open market in the middle of August 2023. On August 15, CYBER reached $20.03, which still serves as its all-time high. The market evidently thought CyberConnect was overvalued and it dropped to close the day at $4.69.
On August 17, the market crashed. This was, in part, down to Elon Musk’s SpaceX offloading millions of dollars worth of Bitcoin (BTC). CYBER fell after this and reached a low of $3.53 on August 26.
The following week saw things heat up. Binance launched a CYBER rewards quiz and, as a result, CyberConnect rose to a high of $9.27 on August 31.
CYBER shot up to $15.99 the following day. This may have been in response to Cyber DAO launching its first proposal, about liquidity bridging.
On September 4, it announced it was partnering with Alchemy Pay. However, the hype train had moved on. The price fell and, on September 6, CYBER was worth about $6.20.
At this time, there were a little over 11 million CyberConnect tokens in circulation out of a total supply of 100 million. This gave it a market cap of $68 million, making it the 286th-largest crypto by that metric.
CYBER has been on something of a rollercoaster ride in the short time it has been on the open market. It fell more than 75% on its first day of trading. After that, it fell a further 25% to its August 26 low. The recovery at the start of September saw it climb more than 300%, but it has since fallen another 60%.
It is hard to say. While the platform could capitalize on problems friend.tech has suffered recently, it is maybe a little too early to tell whether or not CYBER is a solid bet.
As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in CYBER.
No one can really tell right now. While the CyberConnect 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 CyberConnect, you will have to do your own research, not only on CYBER, but on other coins and tokens such as Presearch (PRE). Either way, you will also need to make sure that you never invest more money than you can afford to lose.
Web3 aims to build on what Web2 has accomplished by giving users privacy and control. However, there are still some things about the previous version of the internet that Web3 wants to replicate.
CyberConnect is a Web3-based social media platform. Crypto entrepreneurs Wilson Wei, Ryan Li, Shiyu Zhang, and Zhimao Liu set it up in 2021.
The CYBER token powers the CyberConnect platform, which is based on the Ethereum (ETH) blockchain.
CyberConnect allows people to connect via the blockchain. Not only that, but it also lets people create their own blockchain social applications.
People set up profiles on the system and a social network graph connects them. The platform also features a crypto wallet which helps with payments.
CYBER pays for transactions on the network. The token’s holders can vote on changes to the platform and people can buy, sell and trade CYBER on exchanges.
One thing to point out is that, because CYBER is based on Ethereum, it is a token, not a coin. You might see references to such things as a CyberConnect coin price prediction, but these are wrong.
On September 6 2023, there were a little over 11 million CyberConnect tokens in circulation out of a total supply of 100 million.
It might do, but not for some time. Telegaon said it would reach three figures by 2030, while DigitalCoinPrice thought it would reach $100 in 2023.
Keep in mind that CyberConnect’s highest ever price is $20.03, which it reached on its first day of trading, August 18 2023.
CYBER pays for transactions on the CyberConnect network. 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.