Moonbeam’s GLMR token has been through a tough time in 2023. The crypto fell to an all-time low on September 22. Although it has made a notable recovery – climbing more than 60% in less that a week – it is still not performing well.
Investors will be hoping that GLMR being available in the Hydra liquidity pool system can help boost its price.
Moonbeam did not immediately respond to a request for comment.
But what is Moonbeam (GLMR)? How does Moonbeam work? Let’s see what we can find out, and also take a look at some of the Moonbeam Price Predictions that were being made as of September 27 2023.
Let’s examine some of the Moonbeam price predictions being made on September 27 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 Moonbeam price prediction which suggested the token would fall to $0.2227 by October 2 before recovering to $0.2647 by October 27. The site’s technical analysis was on the bullish side of neutral, with 22 indicators making upbeat predictions and eight making bearish ones.
DigitalCoinPrice argued that Moonbeam would stand at $0.90 in two years time. Bitnation set a price target of $0.8892. PricePrediction claimed that GLRM would be worth $0.55 in 2025.
Moving on to a more long-term Moonbeam price prediction, DigitalCoinPrice said it would reach $2.61 in 2030. Bitnation thought the token would be worth $2.16 that year. PricePrediction.net’s GLMR price prediction had it trade at $3.62 at the start of the next decade.
Now, let’s examine the Moonbeam 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 Moonbeam price prediction.
Moonbeam first came onto the open market in January 2022. On January 11, it was worth $11. It then spiked dramatically, reaching an all-time high of $29.84. Just as quickly and dramatically, the price fell down, and it closed the day at $11.91.
The price sank down over the coming weeks as traders felt GLMR was initially overvalued. It traded above $1 until early June. The aftermath of the Terra (LUNA) blockchain’s collapsed drove it down and it has been worth less than the dollar ever since. Any hopes of a recovery were wiped out in November, when the FTX (FTT) exchange declared bankruptcy. GLMR closed the year at $0.3299.
If 2022 was a disappointment for Moonbeam’s investors, 2023 has, in some ways, been even worse. Things started well enough, with a buoyant market seeing it trade above $0.50 in late February. However, things fell down. When the United States Securities and Exchange Commission (SEC) sued the Binance and Coinbase exchanges in early June, the market dropped. As a result, GLMR fell to $0.2093.
There was something of a recovery after this and, on June 23, GLMR bounced back to $0.2914. Another decline followed, exacerbated by Elon Musk’s SpaceX selling millions of dollars worth of Bitcoin (BTC) in August. On September 22, Moonbeam sank to an all-time low of $0.1606. By September 27, it had made something of a recovery and was worth about $0.264.
At that time, there were 751 million GLMR in circulation out of a total supply of a little over one billion. This gave the token a market cap of around $198 million, making it the 129th-largest crypto by that metric.
Moonbeam is, seemingly, recovering well from its recent record low. It has climbed by around 65% in the course of five days. This might suggest that the token was oversold around the time of its all-time low. However, there is still some way to go. The token is worth about 10% less than its June high. More worryingly, it is down almost 20% since the start of the year.
It is hard to say right now. The token has bounced back pretty well from a recent all-time low, but can do better. What sort of impact the Hydra link will have remains to be seen. A lot will depend on how the market as a whole performs.
As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in GLMR.
No one can really tell right now. While the Moonbeam 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 Moonbeam, you will have to do your own research, not only on GLMR, but on other coins and tokens such as Chainlink (LINK). Either way, you will also need to make sure that you never invest more money than you can afford to lose.
Moonbeam is a platform dedicated to bringing the tools which help people develop decentralized applications (DApps) on the Ethereum (ETH) blockchain onto the Polkadot (DOT) blockchain.
Derek Yoo, a crypto entrepreneur and founder of the PureStake blockchain infrastructure platform, set up Moonbeam in 2021.
The GLMR token supports the Moonbeam network.
Moonbeam helps developers create and build their own programs that are compatible with Ethereum. This means they can use such features as the Ethereum Virtual Machine – a programme which acts like a massive decentralized computer and helps run the blockchain – and smart contracts, computer programs that automatically execute once certain conditions are met.
The Moonbeam token supports the system. It helps to power smart contracts, helps decentralised apps (DApps) perform, and keeps the system secure. It is pays for transaction fees on the network pays people who run the system’s computers, or nodes. Holders can on proposals relating to the governance of the network. People can also buy, sell, and trade it on exchanges.
On September 27 2023, there were 751 million GLMR in circulation out of a total supply of a little over one billion.
It could do in the medium to long term. Bitnation and DigitalCoinPrice say it will get there in 2026, while PricePrediction has it break past the dollar in 2027. Keep in mind that GLMR has not been worth $1 since June 2022.
The GLMR token supports the Moonbeam network. Holders can vote on changes to the platform. People can 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.