Home Crypto Analysis Price Predictions XYO Price Prediction 2023: What is XYO?

XYO Price Prediction 2023: What is XYO?

Peter Henn
Published October 10, 2023 9:32 AM
Giuseppe Ciccomascolo
Verified by Giuseppe Ciccomascolo
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Key Takeaways

  • The XYO Network teased a “major announcement” in October 2023.
  • The token went on a rally, climbing 40% in a matter of days.
  • Last year the SEC accused XYO of being an unregistered security.
  • One XYO price prediction says it can reach $0.0108 in 2025.

 

The XYO crypto token shot up in early October 2023 following the news  that there was to be a “major announcement” about the XYO Network. While its price cooled following the first announcement, it has still generated some more interest at a time when the crypto had been falling. 

The platform’s native token made headlines  for all the wrong reasons when the United States Securities and Exchange Commission (SEC) accused it of being an unregistered security last year. 

The XYO Network did not immediately respond to a request for comment.

But what is XYO (XYO)? How does XYO work? Let’s see what we can find out, and also take a look at some of the XYO Price Predictions that were being made as of October 10, 2023.

XYO Price Prediction

Let’s examine some of the XYO price predictions being made on October 10, 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, meaning they can change anytime.

2023 2025 2030
Prediction #1 $0.0061 $0.0108 $0.0313
Prediction #2 $0.0022 $0.0064 $0.0159
Prediction #3 $0.004 $0.009 $0.055

CoinCodex ’s short-term XYO price prediction said things would get better but then get worse. It said the token would climb to $0.003254 by October 15 before dropping to $0.003031 by November 9. The site’s technical analysis was bearish, with 22 indicators sending discouraging signals and 10 making bullish ones. 

XYO Price Prediction for 2023

DigitalCoinPrice  said XYO would reach $0.0061 this year, while CaptainAltCoin  said it would fall to  $0.0022 in December. PricePrediction.net  thought it would be worth $0.004 in 2023.

XYO Price Prediction for 2025

Moving on, DigitalCoinPrice’s XYO price forecast said the token would be worth $0.0108 in 2025. CaptainAltCoin said the token would reach $0.0064 that year. PricePrediction.net said it would trade at $0.009 in two years’ time.

XYO Price Prediction for 2030

Looking at a more long-term XYO price prediction, DigitalCoinPrice said it would get to $0.0313 in 2030. CaptainAltCoin thought it would be worth $0.0159 that year. PricePrediction.net said XYO would reach $0.055 at the start of the next decade. 

XYO Price History

Now, let’s examine some of the highlights and lowlights of the XYO 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 an XYO price prediction.

XYO first came onto the open market in May 2018, it was worth about $0.006. That was as good as it got for nearly three years, but things changed in early 2021. The crypto market went through a boom phase and XYO reached a periodic high of $0.007825 on April 4. Although it fell over the summer, it recovered in August, breaking past the cent and reaching an all-time high of $0.08203 on November 6. It then slid down, closing the year at $0.03389. 

After a year of growth, 2022 was a bad period for XYO and crypto in general. The collapse of the Terra (LUNA) blockchain in May saw the token drop below $0.01. Things were made worse when the SEC declared it an unregistered security in August, and any hopes of a fightback were extinguished when the FTX (FTT) exchange declared bankruptcy in November. XYO closed 2022 at $0.00307, a year-on-year loss of more than 90%.

XYO in 2023

XYO price history
XYO rallied after a long downturn | Credit: CoinMarketCap

2023 started well enough, with XYO shooting up to $0.009226 on January 4. Since then, though, the overall movement of travel has been downwards. In June, the SEC sued the Binance and Coinbase exchanges and the market fell. On June 10, following Crypto.com (CRO) suspending its American institutional operations, XYO was worth $0.003109. There was some recovery over the following months, but XYO fell again, dropping to $0.002791 on October 6. By October 8, it had rallied 40% to reach $0.003911. By October 10, 2023, it was back down to around $0.003055. 

At that time, there were 13.4 billion XYO in circulation out of a total supply of 13.9 billion. This gave the token a market cap of $41.2 million, making it the 396th-largest crypto by that metric. 

XYO Price Analysis

XYO has fallen 20% in two days. However, it is still up by around 9.5% since October 6. More worryingly, though, it is down slightly from both its June low and its price at the start of the year.  

Is XYO a Good Investment?

It is hard to tell. With the shadow of legal action looming over XYO, many investors might decide to stay away until the matter is resolved. On the other hand, the “major announcement” could make a difference, although we do need to wait and see what it is. 

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

Will XYO go up or down?

No one can tell right now. While the XYO 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 XYO?

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

XYO Explained

The XYO Network  is a platform that adds geospatial data, information about objects and their locations, onto the blockchain. It uses smart contracts, and computer programs which automatically execute once certain conditions are met. 

Crypto entrepreneurs Arie Trouw, Markus Levin, and Scott Scheper founded the network, which is based on the Ethereum (ETH) blockchain in 2023. 

The XYO token supports the XYO Network.

How XYO Works

The XYO Network relies on four groups of people who help keep the system running. These are

  • Sentinels, who broadcast signals that are picked up and turned into data.
  • Archivists, or data collectors. 
  • Diviners, who answer questions about data.
  • Bridges, who connect everything. 

The XYO token rewards the system users. People can also buy, sell, and trade it on exchanges. 

FAQs 

How many XYO are there?

On October 10 2023, there were 13.4 billion XYO in circulation out of a total supply of 13.9 billion.

Will XYO reach $0.01?

It might do, but not for a little bit. DigitalCoinPrice says it can get there by 2025, PricePrediction.net says it will happen by 2026, while CaptainAltCoin has it breaking the cent by 2030.

Keep in mind that XYO has not been worth $0.01 since May 2022.

What is XYO used for?

The XYO token rewards people who help operate the XYO Network. People can also buy, sell, and trade it on exchanges.

Further reading

Bancor Price Prediction 2023: What is Bancor (BNT)?

Evadore Price Prediction 2023: What is Evadore (EVA)?

Kaspa Price Prediction 2023: What is Kaspa (KAS)?

 

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 this information’s completeness, reliability and accuracy. 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.

 

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