The MVL token has enjoyed a successful couple of days, rising by more than 15%. The crypto, which supports a ride-hailing scheme, has been on a broadly upward trajectory over the last couple of months.
Investors will be hoping MVL will be able to build on the recent news that its Clutch wallet was to start offering coupons for the Tada ride-hailing app.
MVL did not immediately respond to a request for comment.
But what is MVL (MVL)? How does MVL work? Let’s see what we can find out, and also take a look at some of the MVL Price Predictions that were being made as of November 3, 2023.
Let’s examine some of the MVL price predictions being made on November 3, 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 MVL price prediction which said that the token would drop to $0.00455 by November 8 before recovering to $0.00536 by December 3. The site’s technical analysis was bullish, with 24 indicators making positive signals and just five making bearish ones.
DigitalCoinPrice said that MVL would reach $0.00886 this year. CaptainAltCoin had it drop to $0.0031 in December. PricePrediction.net said MVL would trade at $0.004 this year.
Moving on, DigitalCoinPrice’s MVL price forecast would see it trade at $0.0143 in 2025. CaptainAltCoin said it would be worth $0.0078 that year. PricePrediction.net said MVL would stand at $0.009 in two years.
Looking at a more long-term MVL price prediction, DigitalCoinPrice said MVL would be worth $0.0428 in 2030. CaptainAltCoin said that the crypto would lose all its value, trading at $0 and being a de facto dead coin. PricePrediction.net said the token would be worth $0.053 at the start of the next decade.
Now, let’s examine some of the highlights and lowlights of the MVL 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 MVL price prediction.
When MVL first hit the open market in 2018, it was worth about $0.004. It hovered between there and $0.001 for much of its first three years, but things changed in early 2021. The crypto market flourished and MVL shot up to reach an all-time high of $0.07054 on April 3 that year. The token was unable to withstand the after-effects of the Great Crypto Day Crash of May 19 and it closed the year at $0.01179.
MVL struggled along with most of the rest of the crypto market in 2022. A series of market crashes saw it fall nearly 75% to a year-end figure of $0.003087.
So far, 2023 has seen MVL rise, fall, and rise again. The token rallied to above $0.005 in early April but then collapsed in the wake of the United States Security and Exchange Commission (SEC) suing the Binance and Coinbase exchanges. By June 11, it was worth just $0.002647.
There was another rally to $0.00395 on August 6 but that was followed by another decline. On August 22, MVL was worth $0.002663. It recovered to $0.003576 on November 1 and, on November 3, 2023, it was worth $0.004165.
At that time, there were 23.9 billion MVL in circulation out of a total supply of 27.8 billion. This gave the token a market cap of around $99.5 million, making it the 267th-largest crypto by that metric.
MVL has risen by more than 15% in the last two days. Not only that, but it is up more than 5% from its August high and nearly 60% from its June low. The token has climbed nearly 35% since the start of the year.
It is hard to say. While MVL does something very few other cryptos do, it is still worth pointing out that Tada is not exactly the world’s biggest taxi app. A lot will depend on whether it can expand its reach and on how well the crypto market performs as a whole.
As ever with crypto, you will need to make sure you do your research before deciding whether or not to invest in MVL.
No one can tell right now. While the MVL 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 MVL, you will have to do your research, not only on MVL, but on other, related, coins and tokens such as The Graph (GRT) or Ethereum Name Service (ENS). Either way, you will also need to make sure that you never invest more money than you can afford to lose.
MVL is a platform based on the Ethereum (ETH) blockchain. It aims to connect ride-hailing apps and systems to the blockchain. MVL works with the ONiON Mobility electrical vehicle manufacturing company and the TADA app – which operates in Southeast Asia – to incentivize drivers.
The platform was founded in 2018 by South Korean crypto entrepreneurs Kay Woo, Jay Han, and Sean Kim.
MVL works by transferring fiat payments into MVL. These MVL tokens are then used to reward drivers, and they also pay for people to monitor ONiON’s activities.
People can also buy, sell, and trade MVL on exchanges.
Because MVL is based on Ethereum, it is a token, not a coin. You might see references to such things as an MVL coin price prediction, but these are wrong.
On November 3 2023, there were 23.9 billion MVL in circulation out of a total supply of 27.8 billion.
It might do, but not for some time. PricePrediction.net says MVL can reach $0.10 in 2032.
Keep in mind that MVL has never traded at $0.10.
MVL rewards drivers on the Tada ride-hailing app. 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 user should research multiple viewpoints and be familiar with all local regulations before committing to an investment.