Key Takeaways
After reaching an all-time high in August 2023, FLEX has collapsed. The token’s problems were exacerbated by both the CoinFLEX exchange and OPNX closing , leaving it moribund.
Weirdly, though, the crypto has seen signs of an afterlife in 2024 so far, despite its woes. Since the start of the year, FLEX has nearly quadrupled. On February 22 2024, it was worth about $1.88.
Frontier did not immediately respond to a request for comment.
But what is FLEX ? How does FLEX work? Let’s see what we can find out, and also take a look at some of the FLEX Price Predictions that were being made as of February 22 2024.
Let’s take a look at some of the FLEX price predictions that were being made as of February 22 2024. It is important to remember that price forecasts, especially for something as potentially volatile as crypto, very often end up being wrong.
Also, keep in mind that many longer-term crypto price predictions are made using an algorithm, which means that they can change at a moment’s notice.
2024 | 2025 | 2030 | |
---|---|---|---|
Prediction #1 | $3.48 | $4.68 | $13.43 |
Prediction #2 | $2.62 | $3.70 | $22.59 |
Prediction #3 | $4.71 | $6.59 | $16.01 |
First, CoinCodex had a short-term FLEX precise prediction that said it would be worth $0.2392 by February 27. The site said that the token would then climb to $0.2672 by October 29.
The site’s technical analysis was highly bearish, with 25 indicators making encouraging signals compared to just six making bullish ones.
DigitalCoinPrice said FLEX would get to $3.48 this year, while PricePrediction.net had it coming in at $5.89. Bitnation had it worth $4.71 in 2024.
Moving on, Bitnation said FLEX it would reach $6.59 in 2025, while DigitalCoinPrice said it would be worth $4.69. PricePrediction.net’s FLEX price prediction said it would be worth $3.70 next year.
Looking at a more long-term FLEX price prediction, PricePrediction.net was the most optimistic, saying it would trade at $22.59 in 2030. Bitnation thought it would be worth $16.01 and DigitalCoinPrice said it would hit $13.43 at the start of the next decade.
The closure of OPNX puts the future of FLEX in doubt. However, the crypto was able to spike on February 22 2024.
Let’s now take a look at some of the highlights and lowlights of the FLEX price history . While we should never take past performance as an indicator of future results, knowing what the token has done can help give us some very useful context when it comes to either making or interpreting a FLEX price prediction.
When FLEX first came onto the open market in February 2020, it was worth about $0.25. Barring a spike to around $2.50 in September, it stayed there throughout the year.
The crypto market picked up pace in early 2021, but it was not until the summer of that year that things really heated up for FLEX. It broke past the dollar in August and continued its upward momentum to reach an all-time high of $7.20 on December 1.
By the end of the year, it was worth $5.92.
In 2022, FLEX suffered, as did most other cryptocurrencies, and a series of market crashes saw the price collapse. After CoinFLEX announced it was pausing its withdrawals in June, the value of FLEX dropped down below $1 and, following the collapse of the FTX exchange in November, it closed the year at $0.055, an annual loss of more than 99%.
2023 ended up being a strange year for FLEX. The news about OPNX launching helped it to reach highs of about $2.90 in March. It went down after that, dropping below the dollar in May.
At a time when most coins and tokens fell following the United States Securities and Exchange Commission (SEC) suing the Binance and Coinbase exchanges, FLEX enjoyed a very productive June. Its price increased steadily, until it closed the month at $3.98.
July saw more growth as the market celebrated following a court ruling that Ripple’s XRP was not a security when it was sold on exchanges. On August 9, it reached an all-time high of $8.16.
Disaster soon struck. Elon Musk’s SpaceX sold millions of dollars worth of Bitcoin (BTC). By September 29 2023, FLEX was worth $0.50. By the end of the year, FLEX was worth $0.4725. Despite the crypto’s troubles, it had managed to gain more than 750% over the course of 2023.
Despite ONPX announcing its closure in February, Flex was worth about $1.88 on February 22 2024, with the token spiking.
At that time, there were 98.6 million FLEX in circulation, representing the total supply. This gave the token a market cap of about $185 million, making it the 277th-largest crypto by that metric.
It is difficult to tell. FLEX is, at present, a store of value, but it has experienced a recent spike, meaning someone, somewhere, is interested in it.
As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in FLEX.
No one can really tell right now. While the FLEX 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 FLEX, you will have to do your own research, not only on FLEX, but on other, related, coins and tokens such as Uniswap (UNI) or Binance (BNB). Either way, you will also need to make sure that you never invest more money than you can afford to lose.
In its technical documentation, or whitepaper , FLEX says that it was originally designed to power the CoinFLEX exchange.
It says: “All discounted fees will require payment in FLEX. Rebates will also be made in FLEX.”
The FLEX cryptocurrency was originally used to support the CoinFLEX crypto exchange. When CoinFLEX flirted with bankruptcy in 2022, it was restructured and reborn as OPNX .
Former CoinFLEX bosses Mark Lamb and Sudhu Arumugam, along with Kyle Davies and Su Zhu from the now-defunct Three Arrows Capital crypto hedge fund, ran OPNX.
OPNX was an exchange based on the Ethereum (ETH) blockchain which is designed to help people trade in bankruptcy claims. These claims are tokenized, or put on the blockchain. People could buy and sell them in the hope of making a profit.
The FLEX crypto token supported OPNX.
OPNX took bankruptcy claims and turned the money that people were owed by defunct companies – mainly based in the realm of blockchain finance – and turned them into tokens.
The idea was that, if someone had crypto in an organization or exchange that is going through bankruptcy proceedings, they could tokenize their holdings and trade them.
OPNX also served as a regular crypto exchange, allowing people to trade coins and tokens.
FLEX was used to grant people discounts on OPNX trading fees. It could also be exchanged for the OX token, which gives holders the right to vote on changes to OPNX. However, people can still buy, sell, and trade the token on exchanges.
Because FLEX is based on Ethereum it is, technically speaking, a token, rather than a coin. You might see references to such things as a FLEX coin price prediction, but these are wrong.
Here is a chart for the FLEX crypto Google search volume for the past 90 days. This represents how many times the term “FLEX crypto” has been Googled over the previous 90 days.
It might do. Bitnation says it can get there in 2027, PricePrediction.net in 2028, but DigitalCoinPrice does not see it happening by 2030. Keep in mind that Flex’s highest ever price is $8.16, which it reached in August 2023 and that FLEX’s future is, at present, uncertain.
People can buy, sell, and trade FLEX on crypto exchanges. Since the closure of OPNX, it is a store of value.
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.