The Klaytn blockchain and its native KLAY coin has had a rather tough 2023 so far. The coin has lost value since the start of the year. Coming after a pretty disastrous 2022, investors will be hoping it can turn things around.
Not even the news that it was working with the SafePal crypto wallet provider to create its own wallet could stop the coin dropping in December.
Klaytn did not immediately respond to a request for comment.
But what is Klaytn (KLAY)? How does Klaytn work? Let’s see what we can find out, and also take a look at some of the Klaytn Price Predictions that were being made as of September 26 2023.
Let’s examine some of the Klaytn price predictions being made on September 26 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 Klaytn price prediction which saw the coin drop to $0.1066 by September 30 before recovering to $0.1266 by October 25. The site’s technical analysis was bearish, with 20 indicators making discouraging signals and 12 making bullish ones.
Moving on, DigitalCoinPrice thought KLAY would reach $0.41 in 2025. PricePrediction.net said it would trade at $0.54 that year. Bitnation’s Klaytn price forecast had it reach $0.4016 in two years’ time.
Looking at a more long-term Klaytn price prediction, DigitalCoinPrice argued it would reach $1.18 in 2030. PricePrediction.net said it would get to $2.10 that year. Bitnation’s KLAY price prediction said it would trade at $0.9753 at the start of the next decade.
Now, let’s examine some of the highlights and lowlights of the Klaytn 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 Klaytn price prediction.
KLAY first came onto the open market in April 2020, when it was worth about $0.11. The coin’s price grew slightly over the course of the year, but it was in 2021 that things really got interesting. The market flourished and Klaytn reached an all-time high of $4.38 on April 2 that year. The price slid down over the rest of 2021, closing the year at $1.28.
Klaytn struggled in 2023. The coin got caught up in a series of market collapses and did not perform well at all. It last traded at above $1 in April, and a slump turned into a crash the following month, when the Terra (LUNA) blockchain collapsed. Any hopes of a recovery were snuffed out in November, when the FTX (FTT) exchange declared bankruptcy. KLAY closed the year at $0.1521, representing an annual loss of nearly 90%.
So far, 2023 has been another pretty bad year for Klaytn. The coin performed well early on, breaking past $0.30 in late February. After that, though, it fell. Things were made worse when the United States Securities and Exchange Commission (SEC) sued the Coinbase and Binance exchanges in June. In the aftermath, Crypto.com (CRO) suspended its American institutional operations and KLAY sank to $0.1397 on June 10. There was something of a recovery after this, with KLAY reaching $0.1865 on July 3, but then it went back down.
August 17’s news that Elon Musk’s SpaceX had sold millions of dollars worth of Bitcoin (BTC) saw the start of another significant downturn. By September 21, it was worth $0.1079. It went back up over the next few days and on September 26 2023, it was worth about $0.115. At that time, there were about 3.18 billion KLAY in circulation out of a total supply of 5.77 billion. This gave the coin a market cap of around $365 million, making it the 84th-largest crypto by that metric.
KLAY’s price has been on a downward trend recently. It is trading at nearly 40% less than its July high. Perhaps more worryingly, it is down by more than 15% from its June low and by nearly 25% from the start of the year. On the other hand, though, it has risen by about 6.5% over the last five days.
It is hard to say. KLAY has fallen quite a bit since the start of the year and has been unable to break past some market downturns. It is also hard to say what, precisely, Klaytn can offer developers that other blockchains can’t. That means it will have to do more to stand out in an increasingly competitive market.
On the other hand, Klaytn does seem to have a fairly active developer base and its links with SafePal are encouraging.
As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in KLAY.
No one can really tell right now. While the Klaytn 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 Klaytn, you will have to do your own research, not only on KLAY, but on other, related, coins and tokens such as Ethereum (ETH). Either way, you will also need to make sure that you never invest more money than you can afford to lose.
The Klaytn blockchain is designed to combine the decentralzation of public blockchains with the scalability and speed of public ones. GroundX, the blockchain arm of South Korean mobile company Kakao, set up Klaytn in June 2019.
The platform is supported by the Klaytn coin, also known by its ticker handle KLAY.
Klaytn uses a form of Proof-of-Stake (PoS) consensus mechanism. This means that people are selected to verify transactions and add blocks to the blockchain based on how much KLAY they hold.
The system uses three different types of computers, or nodes, to help it operate. These are consensus nodes, proxy nodes, and endpoint nodes. Consensus nodes are managed by core cell operators (CCOs) and generate blocks.
KLAY pays for transactions on the network. The coin’s holders can vote on changes to the blockchain. People can also buy, sell, and trade the Klaytn coin on exchanges.
On September 26 2023, there were about 3.18 billion KLAY in circulation out of a total supply of 5.77 billion. It might do, but not for some time. PricePrediction.net had Klaytn reach double figures in 2028, while DigitalCoinPrice had it get there in 2030 and Bitnation the following year. Keep in mind that KLAY has not traded at $10 since April 2022. The KLAY coin pays for transactions on the Klaytn blockchain. Holders can vote on changes to the network. People can buy, sell, and trade KLAY on exchanges.
How many Klaytn are there?
Will Klaytn reach $1?
What is Klaytn used for?
On September 26 2023, there were about 3.18 billion KLAY in circulation out of a total supply of 5.77 billion.
It might do, but not for some time. PricePrediction.net had Klaytn reach double figures in 2028, while DigitalCoinPrice had it get there in 2030 and Bitnation the following year. Keep in mind that KLAY has not traded at $10 since April 2022.
The KLAY coin pays for transactions on the Klaytn blockchain. Holders can vote on changes to the network. People can buy, sell, and trade KLAY 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.