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Mina Price Prediction 2024: Will New CEO Hemecker Generate Interest in MINA?

Last Updated November 24, 2023 1:48 PM
Peter Henn
Last Updated November 24, 2023 1:48 PM

Key Takeaways

  • MINA has recovered after reaching an all-time low in October 2023.
  • The MINA coin supports the intentionally small Mina blockchain.
  • Can MINA keep above the dollar?
  • One Mina price prediction says it can reach $4.24 in 2025. 

MINA was one of the biggest beneficiaries of the market upswing of late 2023. With excitement about spot Bitcoin (BTC) exchange-traded funds (ETFs) mounting, MINA was able to rally.

The Mina Protocol saw change at the top late last year when it promoted former COO Kurt Hemecker  to the CEO’s position.

The MINA crypto also got a boost when the South Korea Upbit exchange listed the coin.

On January 30 2024 MINA was worth about $1.20

Mina did not immediately respond to a request for comment.

But what is Mina (MINA)? How does Mina work? Let’s see what we can find out, and also take a look at some of the Mina Price Predictions that were being made as of January 30 2024.

Mina Coin Price Prediction

Let’s examine some of the Mina price predictions being made on January 30 2024. 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 $2.48 $2.83 $8.82
Prediction #2 $2.18 $4.24 $10.20
Prediction #3 $1.65 $2.30 $14.91

First, CoinCodex  had a short-term MINA price prediction which said the coin would drop to $1.09 by February 4 before recovering to $1.29 on February 29. The site’s technical analysis was bullish, with 25 indicators sending positive signals and just one making a bearish one. 

Mina Price Prediction for 2024

DigitalCoinPrice  said that MINA would be worth $2.48 in 2024. CaptainAltCoin  had the coin trading at $2.18 in December. PricePrediction.net  thought it would reach $1.65 this year.

Mina Price Prediction for 2025

Moving on, CaptainAltCoin thought MINA would hit $4.24 next year, while PricePrediction.net said it would be worth $1.78. DigitalCoinPrice’s Mina price forecast said it would trade at $2.83 in 2025. 

Mina Price Prediction for 2030

Looking at a more long-term Mina price prediction, PricePrediction.net said Mina would trade at $14.91 in 2030. Bitnation  thought it would stand at $10.20, while DigitalCoinPrice said it would reach $8.82 at the start of the next decade. 

Google BardAI Price Prediction for Mina (as of January 30)

Google’s BardAI platform gave the following price prediction for Mina on January 30. Please remember that price predictions are very often wrong, and that artificial intelligence should not be trusted. 

Short Term (Next 3 Months):

  • Moderate increase (Up to 20%): Technical indicators like MACD and RSI suggest bullish momentum. Recent breakouts above $0.95 resistance and positive sentiment toward privacy-focused cryptocurrencies could drive further growth.
  • Potential bearish correction: The overall crypto market remains volatile, and any major downturn could pull down MINA’s price.

Medium Term (Next 12 Months):

  • Moderate to strong growth (50% – 100%): Increased adoption of dApps built on Mina and continued development of the protocol’s ZK-SNARK technology could attract more users and investors. Positive developments in the broader privacy coin space could also lift MINA.
  • Challenges from competitors: Other privacy-focused projects like Zcash and Monero could pose competition, and regulatory hurdles could hinder growth.

Long Term (Next 3-5 Years):

  • Significant potential (200% – 500%): If Mina successfully establishes itself as a leading platform for secure and scalable blockchain applications, its price could soar. Widespread adoption of ZK-SNARK technology across various industries could be a major catalyst.
  • Uncertainties of the crypto market: Predicting long-term trends within the highly volatile crypto landscape becomes exceptionally challenging. Unexpected events and technological advancements could drastically alter the course of MINA’s price.

Reasons to be optimistic:

  • Unique technology: Mina’s zk-SNARKs technology offers significant advantages in terms of scalability and privacy, setting it apart from many other blockchains.
  • Active development: The Mina team is continuously working on improving the protocol and expanding its ecosystem.
  • Growing demand for privacy: As concerns about data privacy escalate, the demand for privacy-focused solutions like Mina could rise.

Reasons for caution:

  • Competition: Established privacy coins and emerging blockchain projects could challenge Mina’s market share.
  • Regulatory landscape: Regulatory uncertainty around cryptocurrencies could hinder adoption and impact price.
  • Volatile market: The overall crypto market remains volatile, and unforeseen events could negatively impact MINA’s price.

It added: “This is not financial advice. Please do your own research and consult with financial professionals before making any investment decisions.”

Recent Updates from Mina

MINA shot up after Kurt Hemecker was appointed  CEO in December. Hemecker replaced Mina founder Evan Shapiro, who still serves as chairman of the board.

Hemecker said: “When I first joined the Mina Foundation, I was immediately impressed by the team’s academic approach to blockchain technology, particularly their focus on zero knowledge proofs and the exploration of numerous potential use cases. As we stand today, poised to advance product-market fit in diverse fields like finance, DeFi, gaming, voting systems, digital asset management, helping Web3 converge with compliance, including innovations like zk-KYC, our direction is unmistakably clear. We are committed to building the universal zero knowledge layer to empower users with greater autonomy over their personal data and privacy. Now, as I take the reins as CEO, I am eager to continue driving this mission forward.”

MINA Price History

Now, let’s examine some of the highlights and lowlights of the Mina 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 Mina price prediction.

Mina came onto the open market at the start of the summer of 2021. On June 1, it reached an all-time high of $9.91. Unfortunately, the market was in a decline at that time and the price soon shot down. The coin sank below the dollar in late July. However, there was a recovery, and MINA traded at above $5 in September. It stabilized at above $4 for a few months but dropped to close the year at $3.55. 

2022 was a very bad year for cryptocurrency. The collapse of the Terra (LUNA) blockchain saw MINA fall below the dollar in May. Not only that, but the aftermath of the FTX (FTT) exchange’s bankruptcy saw it close the year at $0.4339. This meant MINA lost nearly 90% of its value in 2022.

Mina in 2023 and 2024

Mina price history
MINA shot up in late 2023 | Credit: CoinMarketCap

2023 ended up being a better year for Mina than would have been expected in the autumn. It started well enough, climbing past the dollar in February.

The coin then fell, and the United States Securities and Exchange Commission, suing the Binance and Coinbase exchanges in June hit it hard. When Crypto.com (CRO) suspended its US institutional arm on June 10, MINA dropped to a low of $0.3756. Following that, there was a recovery. Things looked especially hopeful on July 14. Following a court ruling that Ripple’s XRP was not a security if it was sold on an exchange, MINA rallied to $0.5127. 

There was another downturn, though. When the market collapsed following Elon Musk’s SpaceX offloading millions of dollars worth of Bitcoin (BTC) on August 17, MINA fell to a low of $0.3617. On October 11, it reached an all-time low of $0.352. After that, though, a buoyant market and the news about Upbit saw it reach a high of $0.9298 on October 24. By November 24, MINA was worth about $0.74. The coin rallied following Hemecker’s appointment, closing the year at $1.35. This meant the coin’s price rose more than 200% in 2023. 

The upward momentum continued in 2024, with MINA peaking at $1.68 on January 2. By January 30, it was worth about $1.20.

At that time, there were a little more than one billion MINA in circulation out of a total supply of just 1.1 billion. This gave the coin a market cap of about $1.2 billion, making it the 58th largest crypto by that metric.  

Mina Price Analysis

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MINA was in a downtrend which started when it came out in June 2021 and was worth about $19. It formed a large descending trendline during this time, falling by 98% to reach a low of $0.35 on October 12 2023.

An uptrend then started, which led to a breakout above the trendline’s resistance, signaling the potential start of a new bull phase. On January 2, 2024, the price went up to a high of $1.68, near its previous resistance level.

It showed some weakness and dipped below $1 on January 24. This could be the start of a larger correction where the price of MINA could go as low as $0.60. 

But if this is indeed a new bull phase, after this retracement ends, we could see a new uptrend leading to a higher high of $4 and potentially even a new all-time high at the end of this cycle.

 

Is Mina a Good Investment?

It is hard to say. The coin has performed well recently, but we don’t know if it can maintain its momentum. 

On the other hand, Mina is an active blockchain that offers investors and developers something different. This may help it stand out in an increasingly crowded market. 

As ever with crypto, you will need to make sure you do your research before deciding whether or not to invest in MINA.

Will Mina go up or down?

No one can tell right now. While the Mina 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 Mina?

Before you decide whether or not to invest in Mina, you will have to do your research, not only on MINA but on other coins and tokens such as Solana (SOL) and Cardano (ADA). 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 Mina?

Computing experts Evan Shapiro  and Izaak Meckler  founded Mina in 2017. Shapiro had previously served as CEO of Web3 company O(1) Labs, while Meckler studied mathematics at the University of California, Berkeley. 

Who Owns the most Mina?

On January 30 2024, one wallet owned more than 10% of the MINA supply.

Richest Mina Wallet Addresses

As of January 30, 2024, the five wallets with the most MINA were

  • B62qrQKS9ghd91shs73TCmBJRW9GzvTJK443DPx2YbqcyoLc56g1ny9. This wallet held 112,533,295 MINA or 10.76% of the supply.
  • B62qjsFTBw4TVwRRxNVrmwJfQqXfmMC4DVa2moCe9f8ErvBYd6f7npr. This wallet held 72,141,039 MINA or 6.9% of the supply.
  • B62qpWaQoQoPL5AGta7Hz2DgJ9CJonpunjzCGTdw8KiCCD1hX8fNHuR. This wallet held 35,583,785 MINA or 3.4% of the supply.
  • B62qmjZSQHakvWz7ZMkaaVW7ye1BpxdYABAMoiGk3u9bBaLmK5DJPkR. This wallet held 26,132,692 MINA or 2.5% of the supply.
  • B62qp3LaAUKQ76DdFYaQ7bj46HDTgpCaFpwhDqbjNJUC79Rf6x8CxV3. This wallet held 26,053,830 MINA or 2.49% of the supply.

Fact Box

 

Supply and distribution Figures
Total supply 1,120,060,253
Circulating supply as of January 30 2024 1,043,104,870
Holder distribution Top 10% of holders owned 34.03% of supply, as of January 30 2024.

From the Whitepaper

In its technical documentation or whitepaper , Mina says that it is designed to be the “ideal” blockchain. 

It says: “Early blockchains, like Bitcoin and Ethereum, accumulate data over time and are currently hundreds of gigabytes in size. As time goes on, their blockchains will continue to increase in size. The entire chain history is required to verify the current consensus state of these networks.

“With Mina, the blockchain always remains a constant size — about 22KB (the size of a few tweets). It’s possible to verify the current consensus state of the protocol using this one recursive, 22KB zero-knowledge proof. This means participants can quickly sync and verify the current consensus state of the network.”

Mina (MINA) Explained

Blockchains are, by definition, big things. For instance, Bitcoin  is more than 500 GB in size, while Ethereum  is around 1,000 GB. While this gives them a certain power, there are disadvantages. They take up a lot of bandwidth, which makes it hard for regular users to access them. Larger blockchains can also be prone to slowing down, which makes them more expensive. 

Mina  aims to solve these problems by being incredibly small. The Mina blockchain is about 22 kb in size. In other words, it is the same size as a couple of tweets. 

 The MINA coin is the blockchain’s native token.  

How Mina Works

Mina uses a Proof-of-Stake (PoW) consensus mechanism. This means that people are selected to verify transactions and add blocks to the blockchain-based on how much MINA they hold. 

Things called Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge, or zk-SNARKs keep Mina small. zk-SNARKs are a form of cryptographic proof that is generated by a new block on the blockchain, proving that the block was valid.

In turn, users, or nodes, can store the zk-SNARK to show the block’s validity, rather than having to store a copy of the entire chain. This means the entire block’s transaction history is shown as being valid. In turn, this means the size of the block is around one kilobyte. In turn, this means that the system can operate without slowdown, at least in theory. 

Mina has three different types of users. Verifiers interact with zk-SNARKs, allowing them to operate. Block producers stake and mine MINA and put transactions into blocks. Snarkers make zk-SNARKs.

Block producers pay them for their snarks. However, there is a de facto auction for zk-SNARKs, since block producers would like to get their zk-SNARKs as cheaply as possible, and snarkers want block producers to get as much as they can for their work.

This means different snarkers can apply to work with the same block producers, with the block producers deciding which snarker offers the best value for money. 

MINA pays for transactions on the blockchain. It can interact with decentralized applications (DApps). People can also buy, sell, and trade MINA on exchanges. 

Mina Attention Tracker

Mina Google Search Volume
Mina Google search volume | Credit: Google

Here is a chart for Mina Google search volume for the past 90 days. This represents how many times the term “Mina” has been Googled over the previous 90 days.

FAQs 

How many Mina are there?

On January 30 2024, there were a little more than one billiuon MINA in circulation out of a total supply of 1.1 billion.

Will Mina reach $10?

It might do but, if it does, it won’t be for some time. PricePrediction.net thinks the coin can reach double figures in 2029 and Bitnation thinks it can get there in 2030. Meanwhile, DigitalCoinPrice thinks Mina can hit $10 in 2031. 

Please note that MINA has never traded at $10. Its highest ever price, $9.91, came on its first day of trading, June 1, 2021.

What is Mina used for?

MINA holders can add blocks to the mina blockchain, and the coin pays for transactions on the network. People can also buy, sell, and trade MINA on crypto exchanges. 

 

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.

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