Status’ SNT token nearly doubled in the space of 24 hours after it announced it was to undergo a relaunch.
In a tweet on October 31, it said: “Seven days until we show the world what we’ve been working on! A new website. A new brand. A new look for everything we’ve been creating. A new era for Status!”
The veteran crypto shot up as investors looked to get on board ahead of the new era.
Status did not immediately respond to a request for comment.
But what is Status (SNT)? How does Status work? Let’s see what we can find out, and also take a look at some of the Status Price Predictions that were being made as of November 1, 2023.
Let’s examine some of the Status price predictions being made on November 1, 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 made a short-term Status price prediction which suggested that the token would trade at $0.0541 on November 6 before falling to $0.04795 by December 1. The site’s technical analysis was highly bullish, with 28 indicators sending positive signals and just one making a bearish one.
Moving forward, DigitalCoinPrice’s Status price forecast said it could trade at $0.20 in 2025. CaptainAltCoin thought it would reach $0.0613 that year, while PricePrediction.net said it would be worth $0.065 in two years.
Looking at a more long-term Status price prediction, DigitalCoinPrice said it would reach $0.59 by 2030. CaptainAltCoin said it would be worth $0.1532 then. PricePrediction.net’s SNT price prediction said it would stand at $0.39 at the start of the next decade.
Now, let’s examine some of the highlights and lowlights of the Status 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 Status price prediction.
When SNT came onto the open market in 2017, it was worth about $0.042. The bubble of late 2017 and early 2018 saw it shoot up to an all-time high of $0.6759 on 4 January 2018. When the bubble burst, the market entered a so-called crypto winter. For the next three years or so, Status spent most of its time hovering between $0.01 and $0.03.
Things changed in 2021. The token benefitted from a flourishing market and SNT peaked above $0.25 in April before closing the year at $0.06848.
2022 was a bad year for both Status and the wider crypto market. A series of crashes, triggered by the collapse of the Terra (LUNA) blockchain and the bankruptcy of the FTX (FTT) exchange saw its price sink. SNT closed the year at $0.01863, down more than 70% over 12 months.
Until recently, it looked like 2023 was going to be a rather mediocre year for Status. It broke past $0.03 in early February, but it ended up going on a downturn. By June 15, with the market struggling in the wake of the United States Securities and Exchange Commission (SEC) suing the Binance and Coinbase exchanges, it was down to $0.01945. The token spiked in July, breaking past $0.30 as the market celebrated a court’s ruling that Ripple’s XRP was not a security if it was being traded on exchanges. Another drop took place and, on August 17, SNT was worth $0.02034.
There was a slow recovery after that. By the start of October 31, SNT was worth $0.02933. The token then shot up, reaching an intraday high of $0.05705. On November 1, 2023, it was worth about $0.05645. At that time, there were about 3.8 billion SNT in circulation out of a total supply of 6.8 billion. This gave it a market cap of about $218.3 million, making it the 136th-largest cryptocurrency by that metric.
SNT shot up nearly 95% on October 31. While its current price is slightly less than the previous day’s high, it is still up more than 175% from its August low, 190% higher than it was on June 15, and is up more than 200% since the start of 2023.
It is difficult to tell. Status is experiencing a spike triggered by news of its upgrade. Whether it can capitalize on that, and whether investors can remain interested in it, is another matter. It is worth noting that SNT is a long-standing token and it has never quite broken through into being a major crypto. We shall have to see whether the upgrade will change that.
As ever with crypto, you will need to make sure you do your research before deciding whether or not to invest in SNT.
No one can tell right now. While the Status crypto price predictions is 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 Status, you will have to do your research, not only on SNT, 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.
Status was set up in 2017. The brainchild of computer experts Carl Bennetts and Jarrad Hope, it aims to let people access every decentralized application (DApp) on the Ethereum (ETH) blockchain. The system also features a messaging system, which is encrypted and works on a peer-to-peer basis.
The Status Network Token (SNT) supports the Status platform.
Status allows people to send and receive crypto by using a wallet. Users can also set up a password-protected account.
The SNT crypto is used to pay for transactions on the network. People can also buy, sell, and trade it on exchanges.
Because Status is based on Ethereum, SNT is a token, not a coin. You might see references to such things as a Status coin price prediction, but these are wrong.
On November 1 2023, there were about 3.8 billion SNT in circulation out of a total supply of 6.8 billion.
It might do but, if it does, it won’t be for a while. DigitalCoinPrice says Status can break past the dollar in 2032.
Keep in mind that SNT has never traded above $1 since it was launched in 2017.
The SNT crypto is used to pay for transactions on the Status network. 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 users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.