Klaytn Price Prediction 2024: As Blockchain Merger is Held Up, What’s Next for KLAY?
Can Klaytn recover from a tough two years?
Key Takeaways
- KLAY underperformed in 2023.
- Moves to merge Klaytn and Finschia have been put on hold.
- Can KLAY recover after a tough two years?
- One Klaytn price prediction says the coin can reach $0.7727 next year.
The Klaytn blockchain and its native KLAY coin has had a rather tough 2023, underperforming against the market. After a pretty disastrous 2022, investors will be hoping it can turn things around on 2024.
In January 2024, the platform was left in limbo as proposals to merge Klaytn with the Finschia blockchain stalled.
On February 12, 2024, Klaytn was worth about $0.2255.
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.
Klaytn Coin Price Prediction
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.
| 2024 | 2025 | 2030 | |
|---|---|---|---|
| Prediction #1 | $0.46 | $0.54 | $1.61 |
| Prediction #2 | $0.317 | $0.4651 | $2.63 |
| Prediction #3 | $0.5519 | $0.7727 | $1.88 |
First, CoinCodex had a short-term Klaytn price prediction which saw the coin reach $0.2329 by February 17 before moving to $0.2368 by March 13. The site’s technical analysis was bullish, with 25 indicators making optimistic signals and just six making bearish ones.
Klaytn Price Prediction for 2024
DigitalCoinPrice said that Klaytn would reach $0.46 this year, while PricePrediction.net said it would be worth $0.317. Bitnation thought KLAY would trade at $0.5519 in 2024.
Klaytn Price Prediction for 2025
Moving on, DigitalCoinPrice thought KLAY would reach $0.54 in 2025. PricePrediction.net said it would trade at $0.4651 that year. Bitnation’s Klaytn price forecast had it reach $0.7727 next year.
Klaytn Price Prediction for 2030
Looking at a more long-term Klaytn price prediction, DigitalCoinPrice argued it would reach $1.61 in 2030. PricePrediction.net said it would get to $2.63 that year. Bitnation’s KLAY price prediction said it would trade at $1.88 at the start of the next decade.
Recent Updates from Klaytn
In January 2024, there was a proposal to merge Klaytn with the Finschia blockchain. However, more than 33% of Finschia’s holders voted to veto it, meaning it did not happen. A new proposal has come out, although it remains to be seen what the outcome will be.
KLAY Price History
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 2022. The coin got caught up in a series of market collapses and it 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%.
Klaytn in 2023 and 2024
2023 was a better year for Klaytn. The coin performed well early on, breaking past $0.30 in late February. After that, though, it fell. Things got 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.
There was something of a recovery after that. With a more bouyant market, KLAY closed the year at $0.2425, representing an annual increase of 60%. While this may have sounded impressive, it is worth nothing that the crypto market more than doubled in 2023.
The coin spiked to $0.3009 on New Year’s Day and, on February 12 2024, it was worth about $0.2255.
At that time, there was a little under 3.49 billion KLAY in circulation out of a total supply of 5.89 billion. This gave the coin a market cap of around $787 million, making it the 84th-largest crypto by that metric.
Klaytn Price Analysis
Since reaching an all-time high in the Spring of 2021, KLAY has been in a bear cycle. On September 19, it reached a low of $0.10. From there, we saw a 150% recovery that may have signaled the potential start of a new bull market.
The price reached a high of $0.30, which is still lower than February 20 last year. Without seeing a higher low, the only thing that implies the starting bull cycle is the breakout from its long-lasting descending trendline.
Recently, it fell and recovered. If it can get above $0.30, that would be good news. Nevertheless, we can expect it to reach $0.56 soon and $0.85 later in the year.
Is Klaytn a Good Investment?
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.
Will Klaytn go up or down?
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.
Should I invest in Klaytn?
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.
Who are the Founders of Klaytn?
GroundX, the blockchain arm of South Korean mobile company Kakao, set up Klaytn in June 2019.
Fact Box
| Supply | Figures |
|---|---|
| Total supply (As of February 12, 2024) | 5,896,386,884 |
| Circulating supply (As of February 12, 2024) | 3,489,779,243 (59.18% of total supply) |
From the Whitepaper
In its technical documentation, or whitepaper , Klaytn says it aims to make building applications easier. It says: “Klaytn is built to be the fundamental trust layer for the metaverse, respecting the participation and contribution from all communities, empowering and bringing them together in the new world.”
Klaytn (KLAY) Explained
The Klaytn blockchain is designed to combine the decentralization of public blockchains with the scalability and speed of public ones.
Rhe Klaytn coin, also known by its ticker handle KLAY, supports the platform.
How Klaytn Works
Klaytn uses a form of Proof-of-Stake (PoS) consensus mechanism. This means that people can 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. Core cell operators (CCOs) manage consensus nodes, which 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.
Klaytn Attention Tracker
Here is a chart for the Klaytn Google search volume for the past 90 days. This represents how many times the term “Klaytn” has been Googled over the previous 90 days.
FAQs
It might do, but not for some time. PricePrediction.net had Klaytn reach the dollar in 2028, while DigitalCoinPrice had it get there in 2029 and Bitnation said it would reach $1 in 2027. Keep in mind that KLAY has not traded at $1 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.Will Klaytn reach $1?
What is Klaytn used for?
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.
MultiversX Price Prediction 2024: EGLD Airdrop Incoming
Kaspa Price Prediction 2024: What Next for KAS After All-Time High?
BitTorrent Price Prediction 2024: Can BTT Recover From Losses?
