Key Takeaways

• Ocean Protocol is designed to help people monetize their data.
• Its native token, OCEAN, has enjoyed a recovery of sorts in 2023, up significantly from its 2022 year-end figure.
• Can OCEAN keep sailing along, or are there storms ahead?

Ocean Protocol is a platform designed to help people make use of data and earn money for it. The system, which works a lot, but not exclusively, with AI platforms, has been on something of an upturn in 2023, recovering well from a disastrous 2022.

Supported by its native OCEAN token, the platform will be hoping that it can return to the heights it enjoyed in 2021.

But what is Ocean Protocol (OCEAN)? How does Ocean Protocol work? Let’s see what we can find out, and also take a look at some of the Ocean Protocol Price Predictions that were being made as of 18 July 2023.

Ocean Protocol (OCEAN) Explained

One of the key selling points of the blockchain is its privacy. One of the things that differentiates Web 2.0 from Web3 is that, with Web3, people have control over their data. 

However, there are times when people might well be comfortable with their information being used. Ocean Protocol  is a platform designed to allow data to be monetized, bought, sold, and traded.

The system, which was set up in 2017 by crypto entrepreneur Bruce Pon and designer and artificial intelligence expert Trent McConaghy, allows people to store their data and make it available for a price.

Ocean Protocol has a range of customers, including AI platforms.

The platform, which is based on the Ethereum (ETH) blockchain, is supported by its native token, known by the ticker handle OCEAN.

How Ocean Protocol Works

Ocean Protocol has three different types of users. Providers sell the rights to off-chain data and mint tokens, Consumers buy data tokens and redeem them in order to access data and Marketplaces connect Providers with Consumers and help transactions take place.

The marketplace operates in a decentralized manner, allowing users to create a platform where data records, ownership, and sharing are tracked. Unlike traditional bidding methods, this marketplace utilizes liquidity pools and smart contracts, computer programs that automatically execute when specific conditions are met.

In terms of OCEAN itself, it is used to help govern the network, while it can also be staked, or set aside, in return for rewards. It is also used to buy and sell data tokens, which give people access to data on the network. 

One important detail to point out is that, since OCEAN is based on Ethereum, it is a token, not a coin. You might see references to such things as an Ocean Protocol price prediction, but these are wrong. 

OCEAN Price History

Let’s now take a look at some of the highlights and lowlights of the Ocean Protocol price history . While past performance should never be taken as an indicator of future results, knowing what the coin has done can help give us some very useful context when it comes to either making or interpreting an Ocean Protocol price prediction. 

When OCEAN first came onto the open market in May 2019, it was worth about $0.03. It stayed around this level until the summer of 2020, when it started on a steady climb, which continued into the following year. On 10 April 2021, it reached an all-time high of $1.94. After that, it fell down, closing the year at $0.8587.

In 2022, the market experienced a series of crashes and OCEAN suffered as a result. It collapsed by more than 80% to close the year at $0.1633.

So far, 2023 has been a more encouraging year for Ocean Protocol. A buoyant market, coupled with hype about AI, saw it reach a high of $0.5704 on 7 February. After that, though, it declined, but it has held its relative value and, on 18 July 2023, it was worth about $0.3975. 

At that time, there were 613,099,141 OCEAN in circulation, representing the total supply. This gave it a market cap of about $243 million, making it the 122nd-largest crypto by that metric. 

Ocean Protocol Price Analysis

Although the overall price movement of OCEAN in 2023 has been upwards, it has still fluctuated in recent weeks. On 5 June, before the United States Securities and Exchange Commission (SEC) announced that it was suing the Binance crypto exchange, the token was worth $0.4029. By 10 June, when Crypto.com said it was suspending its American institutional arm, it fell more than 35% to $0.2518. 

In the weeks since then, OCEAN has made something of a comeback, rising by more than 55%. It has not been all good news, though, because its current price is still a little over 1% lower than it was before the crash.  

Ocean Protocol Price Prediction 

With that all out of the way, let’s take a look at some of the Ocean Protocol price predictions that were being made as of 18 July 2023. It is important to remember that price forecasts, especially for something as potentially volatile as crypto, very often end up being wrong. Also, keep in mind that many longer-term crypto price predictions are made using an algorithm, which means that they can change at a moment’s notice. 

First, CoinCodex  had a short-term Ocean Protocol Price Prediction which said that the token would reach $0.4685 by 22 July and $0.7139 by 16 August. The site’s technical analysis was on the bullish side of neutral, with 22 indicators making positive signals and nine sending bearish ones. 

Ocean Protocol Forecast for 2023

In terms of other Ocean Protocol price predictions for 2023, CaptainAltCoin  was pretty gloomy, at least in the shorter-term, saying the token would sink to $0.2928 in September and get to $0.3985 by the end of the year. On the other hand, DigitalCoinPrice  saw it reaching $0.83, while PricePrediction.net  had it trade at $0.48 this year.

Ocean Protocol Forecast for 2025

When it came to an Ocean Protocol price prediction for 2025, DigitalCoinPrice was out in the lead, saying that the token would stand at $1.38 that year, while CaptainAltCoin thought it would reach $0.9738. PricePrediction.net stood somewhere between the two, forecasting it to trade at $1.02 in two years time. 

Ocean Protocol Forecast for 2030

Moving on to a more long-term Ocean Protocol price prediction for 2030, PricePrediction said the crypto could reach $6.56, while DigitalCoinPrice had it trade at $3.94. CaptainAltCoin, meanwhile, had an OCEAN price prediction which saw it stand at $2.43 at the start of the next decade. 

Is Ocean Protocol a Good Investment?

It is hard to say. The crypto has had a comparatively successful 2023 so far, boosted by a growing interest in AI. However, with governments looking at reducing the harmful impact of artificial intelligence, investors might need to be wary of a move away from AI-related crypto. 

On the other hand, Ocean Protocol does a lot more than work with artificial intelligence organizations, so it will be worth seeing if it can emphasize its overall usefulness. 

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

Will Ocean Protocol go up or down?

No one can really tell right now. While the Ocean Protocol 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 Ocean Protocol?

Before you decide whether or not to invest in Ocean Protocol, you will have to do your own research, not only on OCEAN, but on other, related, coins and tokens such as The Graph (GRT) and SingularityNET (AGIX). Either way, you will also need to make sure that you never invest more money than you can afford to lose.

FAQs 

How many Ocean Protocol are there?

On 18 July 2023, there were 613,099,141 OCEAN in circulation, representing the total supply.

Will Ocean Protocol reach $1?

It could do. Both DigitalCoinPrice and PricePrediction.net think it can break the dollar by 2025, while CaptainAltCoin sees it reach that level by 2030. Keep in mind that OCEAN has traded at above $1 before, most recently in December 2021. 

What is Ocean Protocol used for?

The OCEAN token is used to support the Ocean Protocol blockchain-based data platform. 

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.