Dash Price Prediction: $DASH Token Showing Signs of Life Despite eToro Ban
Can DASH recover from eToro delisting? | Credit: Shutterstock
Key Takeaways
- The Dash blockchain was set up in 2014 as a quicker alternative to Bitcoin.
- Although it traded above $1,000 during the crypto bubble of late 2017 and early 2018, it has settled down as of late.
- After the United States Securities and Exchange Commission called it an unregistered security and eToro deslisted it, can it recover?
The DASH cryptocurrency, the native token of the Dash blockchain, was set up as a quicker alternative to Bitcoin (BTC) and, despite having enjoyed some success, it has never quite taken off as well as it might have.
Nevertheless, it still has its investors but, after the United States Securities and Exchange Commission (SEC) sued the Binance and Coinbase exchanges in early June, DASH, which had already been accused of being an unregistered security by the SEC, dropped.
Things were made even worse when the eToro trading platform delisted the coin.
But what is Dash? How does Dash work? Let’s take a look at and see what we can find out, and also examine some of the Dash price predictions that were being made as of 16 June 2023.
Dash Explained
The name Dash implies speed, which is what the eponymous blockchain, which was founded in 2014 by computer engineer Evan Duffield. The idea was to take what Bitcoin (BTC) did but make it easier for people to pay for things with it in the real world. It offers a wallet called CoinJoin, which offers users privacy.
Dash is supported by its own native coin. This is used to reward the blockchain’s miners, and can also be bought, sold, and traded on exchanges.
DASH gained some attention in 2018 when there were reports that people in Venezuela were, allegedly, turning to it when the country’s currency, the Bolivar, collapsed.
However, despite the claims made by then-CEO of Dash Core Group, the company responsible for developing Dash, Ryan Taylor, these turned out to be untrue .
How Dash Works
Dash operates in a not-dissimilar manner to Bitcoin, with it operating with a Proof-of-Work consensus mechanism.
This means that people solve increasingly complex mathematical equations in order to process transactions and add blocks to the blockchain. In return for doing so, miners get paid in DASH.
The Dash blockchain uses a dual-layer security structure. On top of the regular blockcahin are computers called masternodes, which help speed the system up.
The people who run the masternodes are paid in DASH for their efforts, and they also have the right to vote on changes to the network.
The DASH coin can also be bought, sold, and traded on crypto exchanges.
DASH Price History
Now it’s time to examine some of the best, and worst, of the DASH price history . While past performance should never be taken as an indicator of future results, knowing what the coin has done in the past can help give us some very useful context if we want to either make or interpret a DASH price prediction.
When DASH first came onto the open market in February 2014, it was worth about $0.21. Its price soon went up to above the dollar, but it spent most of the next three-and-a-half years under $10.
Things changed when the crypto market went through a bubble in late 2017 and early 2018, and DASH hit what still stands as an all-time high when it traded at $1,642.22 on 20 December 2017.
After the bubble burst and the market entered the so-called Crypto Winter, it was worth less than $200 over the course of the following two years or so.
Things changed in 2021, when the world of cryptocurrency attracted a lot more attention and investment, and it rallied to a periodic high of $476 in May.
It then fell back down over the summer, but broke back past $200 in August and November before settling down again, with DASH closing the year at $134.
2022 saw more bad news. The coin was pretty consistent early on in the year, but a series of market crashes saw DASH, which fell below $100 in April, drop below $50 by the early summer.
Although DASH moved up past that level in August, it fell back down again and the aftermath of the collapse of the FTX exchange saw it close the year at $42.02, a loss of nearly 70% year-on-year.
Things looked like they were getting better in 2023 when February saw DASH operate above the $70 mark, but things fell down after that, with the aftermath of the SEC’s court cases damaging the coin even further and, on 16 June 2023, it was worth about $30.
At that time, there were 11.3 million DASH in circulation, representing the total supply. This gave it a market cap of $339.9 million, making it the 90th-largest crypto by that metric.
Dash Price Analysis
DASH has suffered in the wake of both the SEC’s court cases and eToro’s delisting.
On 5 June, before the litigation was announced, the coin was worth $42.71, but on 12 June, when eToro announced the delisting, it was down more than 33% to $28.34. By 16 June, it had recovered by nearly 6%, but was still worth almost 30% less than before the crash.
Dash Coin Price Prediction
With that all out of the way, let’s take a look at some of the DASH price predictions that were being made on 16 June 2023. It is important to remember that price predictions, especially ones for something as potentially volatile as crypto, have a tendency to be wrong.
Also, keep in mind that many long-term cryptocurrency price predictions are made using an algorithm, which means they can change at a moment’s notice.
First, CoinCodex made a short-term DASH price prediction for 2023 that said the coin would enjoy some, albeit modest, growth over the coming weeks.
By 21 June, the site said, it should be worth $30.36, while by 17 July it would trade at $36.53. In spite of the optimism, the site’s technical analysis veered towards the bearish, with 19 indicators sending discouraging signals and 14 making bullish ones.
Dash Forecast for 2023
In terms of other sites DASH price predictions for 2023, CaptainAltCoin was also bearish, saying that the coin would collapse to $14.04 by September this year before closing the year at $18.26. On the other hand, DigitalCoinPrice and CoinPriceForecast were more optimistic, saying that the coin would get to $63.92 and $41.57 respectively.
Dash Forecast for 2025
When it came to a DASH price prediction for 2025, DigitalCoinPrice was the most bullish, saying the coin would break through $100 to stand at $103.43, while CoinPriceForecast said the coin would be worth $50.44 in June and $53.16 in December.
Meanwhile, CaptainAltCoin said it would reach $43.14 in two years time.
Dash Forecast for 2030
CaptainAltCoin’s DASH price prediction for 2030 did not make good reading for the crypto’s investors, suggesting it would be worth $0 and be a de facto deadcoin. On the other hand, CoinPriceForecast said it would reach $84.69 halfway through the year and $89.45 by the end, while DigitalCoinPrice predicted it would trade at $307.04.
Is Dash a Good Investment?
Dash was set up as an alternative to Bitcoin but, despite being one of the older cryptos, has never quite taken off as well as its founders might have hoped.
The news that, somewhat unusually for a Proof-of-Work based crypto, the SEC considers it to be an unregistered security also adds an element of uncertainty, while the news that eToro delisted it has not been good news for the coin.
However, the coin has performed well in the past, even rising above $1,000 during the 2017/18 cryptobubble. As always, you will need to do your own research.
Will Dash go up or down?
No one can really tell. While CaptainAltCoin thinks it will become worthless by 2028, other sites are more optimistic. Remember, though, that crypto predictions are very often wrong, and that prices can, and do, go down as well as up.
Should I invest in Dash?
Before you decide whether or not to invest in DASH, you will need to do your own research, not only on the coin but on other, similar, cryptos, like Bitcoin and Litecoin (LTC). Even more importantly, you must make sure you never invest more money than you can afford to lose.
FAQs
How many DASH are there?
On 16 June 2023, there were 11.3 million DASH in circulation, representing the total supply.
Will DASH reach $100?
It could do. DigitalCoinPrice says it will reach three figures as soon as 2025, while CoinPriceForecast thinks it will happen in early 2032. It is worth noting that it has traded at $100 before, most recently in April 2022.
What is DASH used for?
DASH is used to reward miners and masternode operators on the Dash blockchain and can also be bought, sold, and traded on exchanges.
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
