COTI, the self-styled “Coin Of The Internet” went through a rough period in early June 2023. Not only was it announced that its crypto debit card would stop working, but it was also one of a number of cryptos accused of being an unregistered security by the United States Securities and Exchange Commission (SEC). The coin’s CEO, Shahaf Bar-Geffen took to YouTube to refute the SEC’s allegations, saying that while he took the allegations seriously, he disagreed with them. Nevertheless, the combination of two bits of bad news saw the coin’s price drop as investors expressed their concerns about the crypto’s future.
But what is COTI? How does COTI work? What is COTI used for? Let’s take a look and see what we can find out, and also examine some of the COTI price predictions that were being made as of 9 June 2023.
COTI – which stands for Currency Of The Internet – is a system designed to make it easier for people to send and receive money online. Founded in 2016 by online entrepreneur Samuel Falkon, it is designed to be fast, easy and reliable. It claims to be able to process up to 10,000 transactions per second, and allows people to create their own stablecoins, cryptos pegged to a particular value.
It is powered by the COTI coin, which is used to reward people who validate transactions on the network, and can be bought, sold, and traded on exchanges.
The thing that makes COTI a little different from other cryptos is that, if we are being super-technical, it does not rely on a blockchain, or distributed ledger. Instead, it uses something called a directed acyclic graph (DAG) protocol which moves in a particular direction, with every transaction linked to a number of other transactions. To put it in simple terms, while a visual diagram of a blockchain would look like, well, a chain of blocks, the DAG looks more like a tree with things branching out off each other.
It uses a process called Proof-of-Trust, which means that every transaction added to the chain needs to endorse two previous transactions in the region of its trust score, a figure representing factors such as how often the user uses the network and how many successful transactions the user has already made. The idea is that this system helps the platform to operate quickly, thus making it easier to use and saving people money.
Let’s now cast our eyes over the highlights and lowlights of the COTI price history . Keep in mind that past performance should never be taken as an indicator of future results, but knowing what the coin has done in the past can help us by giving us context if we want to make or interpret a COTI price prediction.
COTI first came out in the middle of 2019, when it was worth a little below $0.10. Even then, the market thought it was overvalued and it went on a long dip which saw it fall to an all-time low of $0.006226 on 9 November 2019. There was then a small recovery throughout 2020, and in early 2021, a bullish crypto market sent the price soaring, with it hitting $0.50 in March. After that, it was downhill for a slow and sluggish summer, before things picked up again in August.
The launch of COTI’s own range of debit cards gave the price another boost and, on 31 October 2021, it reached an all-time high of $0.6826. There was, however, a slump, and it closed the year under $0.40. Things got even worse throughout 2022, with a series of market crashes seeing it close the year at a little over $0.05. While 2023 initially looked promising, with it breaking past $0.10 in late January, the overall direction of movement was downhill and, on 9 June 2023, it was worth about $0.0526. At that time, there were 1.2 billion COTI in circulation out of a total supply of two billion. This gave the coin a market cap of about $63.3 billion, making it the 320th largest crypto by that metric.
In recent days, COTI, which had already been in a pretty bad place, has taken a beating. On 5 June, before the SEC listed COTI as a suspected unregistered security, it was worth $0.06808 but, by 9 June, it had dropped by more than 22% over the course of just a few days.
With that all said and done, let’s now take a look at some of the COTI price predictions that were being made as of 9 June 2023. Keep in mind that price predictions, especially when it comes to something as potentially volatile as crypto, very often turn out to be wrong. Also, many longer-term crypto price predictions are made using an algorithm, which means they can change at a moment’s notice.
CoinCodex had a pretty pessimistic short-term COTI price prediction for 2023. It suggested that the coin would drop to $0.052677 by 14 June before continuing to fall over the next month or so, reaching $0.049457 by 10 July. Perhaps unsurprisingly, the site’s technical analysis was bearish, with 29 indicators sending downbeat signals compared to just four making bullish ones.
In terms of other 2023 COTI price predictions, DigitalCoinPrice said that COTI could overcome its current problems to trade at an average of $0.11 this year, while CryptoPredictions.com said it could recover to $0.0994 in December. CaptainAltCoin, on the other hand, said that things could get worse before they got better, predicting COTI to fall to $0.0342 in August before recovering somewhat to trade at $0.0545 by the end of the year.
Moving into the medium-term, CaptainAltCoin predicted things to go well for COTI in 2025, with it reaching $0.1313 that year. DigitalCoinPrice said things would get even better, with the COTI coin price prediction coming in at $0.18 that year. Meanwhile, CryptoPredictions.com said the crypto would start the year at $0.106, reach $0.1126 in June and close the year at around $0.123.
In terms of a more long-term COTI crypto price prediction, CaptainAltCoin said that the coin would reach $0.3281, while DigitalCoinPrice argued for it trading at $0.54. Even more optimistically, TechNewsLeader said that it would trade at somewhere between $0.88 and $1.02.
A lot depends on how the SEC’s cases against Binance and Coinbase go. Keep in mind, though, that COTI has lost a lot of its value over the last year or so and, despite the efforts of some price prediction sites, it is hard to see where the recovery can come from, at least in the short-term. On the other hand, there is a school of thought that suggests people should buy in the dip, which might make COTI a tempting investment. The problem here, though, is that we don’t know how long the dip will go on for, nor for how long it will last. As ever, you are advised to do your own research.
No one can really say with any certainty. While price prediction sites seem optimistic, it is worth noting that they are based on the theory that markets will go up over time, so it is unclear as to how accurate they will be. Remember, too, that price predictions very often end up being wrong and that prices can, and do, go down as well as up.
Before you decide whether or not to invest in COTI, you should do your own research, not only on the coin but on other cryptos, such as Cardano (ADA) or Solana (SOL). You should also remember that prices can go down as well as up, and never invest more money than you can afford to lose.
On 9 June 2023, there were 1.2 billion COTI in circulation out of a total supply of two billion.
It is hard to say. While TechNewsLeader says it could reach that level by 2030, it seems to be something of an outlier. Keep in mind that the coin would have to rise by something like 1,800% to do that, so it is safe to say that, while it could reach the dollar, it is unlikely to do so at any point soon.
It could do, but a lot will depend on the outcome of various cases involving the SEC and the performance of the market as a whole. To put it simply, we just don’t know right now.
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.