Key Takeaways
- NEO, originally called AntShares, has been operating since 2014.
- The blockchain’s eponymous coin is in the 100 largest cryptos.
- What’s next for NEO?
Despite its name, NEO is one of the longest-serving blockchains. The system, which was founded in 2014 and was rebranded to its current name in 2017, has served investors relatively well without ever doing anything spectacular.
Recently, though, NEO has been on something of a downturn in the wake of the market crash of June 2023.
Nevertheless, it is still running a hackathon , which is due to end in October.
NEO did not immediately respond to a request for comment
But what is NEO ? How does NEO work? Let’s see what we can find out, and also take a look at some of the NEO Price Predictions that were being made as of August 17 2023.
NEO Explained
NEO is one of many crypto blockchains. It was founded in China in 2014 under the name AntShares by crypto entrepreneurs Da HongFei and Erik Zhang.
The system aims to host a variety of decentralized applications (dApps). These operate using smart contracts, computer programs that automatically execute once certain conditions are met.
Two native tokens support NEO, the eponymous NEO coin and the GAS token.
How NEO Works
NEO uses a form of Proof-of-Stake (PoS) consensus mechanism. This means that people are chosen to add blocks to the blockchain and verify transactions based on how much NEO they hold.
NEO coin holders can vote on changes to the network. Meanwhile, GAS, as its name implies, pays for transactions on the blockchain.
People can also buy, sell, and trade NEO on crypto exchanges.
NEO Price History
Now, let’s examine some of the highlights and lowlights of the NEO 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 NEO price prediction.
What we now call NEO first came onto the open market in 2014. By 2017, it was rebranded as NEO and was worth about $0.10. Later on that year, the crypto market entered a bubble and NEO reached an all-time high of $196.85.
The bubble burst, and NEO spent much of the following three years hovering around $10.
In early 2021, the crypto market went through a bullish cycle, and NEO responded well, trading over $100 in May that year. The market fell after that, and NEO closed the year at $25.74.
2022 was one of the worst years the burgeoning crypto sector has experienced. NEO was not immune from a series of market crashes. It closed the year at $6.12. This meant it had lost more than 75% over the course of 12 months.
NEO in 2023
So far, 2023 has been a little more upbeat, although NEO has been in a new bearish cycle. It reached a high of $15.57 on February 21. Neo then fell down, reaching a nadir of $7.07 on June 10. This coincided with Crypto.com suspending its American institutional operations. After that, there was some recovery, with it peaking at $10.68 on 1 July. In July and August, NEO’s price dropped again and, on August 17, it was worth about $7.65.
At that time, there were about 70.5 million NEO in circulation out of a total supply of 100 million. This gave the coin a market cap of around $540 million, making it the 63rd-largest crypto by that metric.
NEO Price Analysis
NEO has been on something of a rollercoaster over the last few months. It rose more than 50% between June 10 and July 1. After that, though, it has dropped by nearly 30%.
Perhaps more encouragingly, it is up 25% since the start of the year.
NEO Coin Price Prediction
With that all said and done, let’s examine some of the NEO price predictions being made on August 17 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 NEO price prediction which said the coin would reach $8.20 by August 21 and $8.50 by September 15. The site’s technical analysis was, perhaps, surprisingly, bearish, with 29 indicators making negative signals and just three making bullish ones.
NEO Price Prediction for 2023
CaptainAltCoin said NEO would close the year at $5.76. PricePrediction.net said it would trade at $9.86. DigitalCoinPrice said it would be worth $15.36 by the end of 2023.
NEO Price Prediction for 2025
Moving on, DigitalCoinPrice said NEO would reach $25.31 in 2025, while PricePrediction.net had it worth $20.23. CaptainAltCoin was more cautious, saying it would trade at $15.07 in two years’ time.
NEO Price Prediction for 2030
Looking at a more long-term NEO price prediction, PricePrediction.net said the coin would reach $140.18 in 2030. DigitalCoinPrice thought it would stand at $77.83. CaptainAltCoin suggested it would trade at $37.67.
Is NEO a Good Investment?
It is hard to say. NEO is perhaps best described as a stalwart of the world of crypto. It has never really done anything spectacularly interesting, but it is solid, stable, dependable and well-established.
Something potential investors may want to know is what NEO can do to make it stand out and bring in new customers. If it does this, it could, potentially, reach new levels and climb up a division.
As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in NEO.
Will NEO go up or down?
No one can really tell right now. While the NEO 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 NEO?
Before you decide whether or not to invest in NEO, you will have to do your own research, not only on NEO, but on other, similar, coins and tokens such as Litecoin (LTC) or Ethereum Classic (ETC). Either way, you will also need to make sure that you never invest more money than you can afford to lose.
FAQs
How many NEO are there?
On August 17 2023, there were about 70.5 million NEO in circulation out of a total supply of 100 million.
Will NEO reach $100?
It might do, but not for a while. PricePrediction.net had it reaching three figures in 2030, while DigitalCoinPrice thought it would get there in 2031.
Keep in mind that NEO has not traded at more than $100 since May 2021.
What is NEO used for?
NEO coin holders can vote on changes to the NEO blockchain. People can also buy, sell, and trade NEO on exchanges.
Further reading
Ripple Price Prediction: Ripple Bests SEC, XRP Nearly Doubles in Value — What Comes Next?
Cosmos Price Prediction: Can ATOM Regain $10 Following Growing Security Confidence?
Rocket Pool Price Prediction: RPL Price Plunges and Suddenly Takes Off: Is RPL Ready to Rally?
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.
