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.
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.
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.
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.
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.
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%.
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 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.
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.
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.
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.
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.
The XYO Network relies on four groups of people who help keep the system running. These are
The XYO token rewards the system users. People can also buy, sell, and trade it on exchanges.
On October 10 2023, there were 13.4 billion XYO in circulation out of a total supply of 13.9 billion. 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. The XYO token rewards people who help operate the XYO Network. People can also buy, sell, and trade it on exchanges.
How many XYO are there?
Will XYO reach $0.01?
What is XYO used for?
On October 10 2023, there were 13.4 billion XYO in circulation out of a total supply of 13.9 billion.
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.
The XYO token rewards people who help operate the XYO 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 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.