The Flow blockchain and the FLOW coin have been on something of a comeback, among the best performing cryptos as the market seeks to get back on its feet following the shock after the United States Securities and Exchange Commission (SEC) was taking legal action against the Coinbase and Binance crypto exchanges.
The crypto’s recent performance will have come as something of a relief for the coin’s investors, with FLOW having suffered considerable losses since reaching an all-time high in April 2023.
But what is FLOW? How does FLOW work? Let’s see what we can find out, and also take a look at some of the FLOW price predictions that were being made as of 22 June 2023.
When non-fungible tokens (NFTs) excited the cryptosphere and the world beyond that in late 2021 and early 2022, the consensus was that most of the rights to links to individual pieces of digital art would be on the Ethereum (ETH) blockchain. This concept also applied to The Metaverse, and the idea that people could interact via avatars in a massive virtual world.
However, the Flow blockchain aimed to provide an alternative. Arguing for quicker speeds and cheaper transactions than Ethereum, the platform, launched in early 2021, was designed to help people create their own systems.
Flow is the brainchild of Dapper Labs, the organization behind the pioneering CryptoKitties NFT collection, and is supported by the FLOW coin.
The Flow blockchain uses a Proof-of-Stake (PoS) consensus mechanism, meaning that people are chosen to add blocks to the blockchain based on how much FLOW they own.
Regarding the FLOW coin itself, it can also be staked in return for rewards, and people who hold it can vote on changes to the network. It can also be used as collateral for crypto loans and is used to pay for data storage and transaction fees on the blockchain.
FLOW can also be bought, sold, and traded on exchanges.
It’s now time to take a look at some of the FLOW price history . While we need to remind you that past performance should never be taken as an indicator of future results, knowing what the coin has done in the past can give us some very useful context when it comes to either making or interpreting a FLOW price prediction.
When FLOW first came onto the open market in January 2021, when it was worth about $8. As the market heated up from the so-called crypto winter of the previous few years, the price of FLOW shot up and it reached an all-time high of $46.16 on 5 April.
After that, though, it fell and not even the NFT boom of late 2021 could stop it from closing the year at $8.80.
If much of 2021 had been about FLOW’s frustrated promise, then 2022 was a year of misery for the coin. It sank to $1.22 on 19 June and, despite making something of a recovery over the following months, November’s collapse of the FTX exchange saw it close the year at a pretty paltry $0.6535, down more than 90% from a year earlier.
So far 2023 has, taken as a whole, been another year where things have not gone to plan.
Although FLOW initially climbed to $1.43 by 20 February, it was back down again after that, falling to a low of $0.4354 on 10 June, following the news that Crypto.com was suspending its American institutional operations following the news that the SEC was suing Binance and Coinbase.
Since then, it has made something of a recovery and, on 22 June, it was worth about $0.56. At that time, there were a little over one million FLOW in circulation out of a total supply of 1.4 million, giving it a market cap of $580 million and making it the 66th-largest crypto by that metric.
FLOW has had a bit of an up and down time over the last few weeks. On 5 June, before the SEC announced it was suing Binance, it stood at $0.7374, dropping more than 40% in five days.
Since then, it has recovered by nearly 30%, but it is still down nearly 25% from where it was before the crash.
With that all over and done with, let’s take a look at some of the FLOW price predictions that were being made as of 22 June 2023. It is vital that you understand that price forecasts, especially for a commodity as potentially volatile as cryptocurrency, are very often wrong.
Also, keep in mind that many long-term crypto price predictions are made using an algorithm, which means they can change at any time.
First, CoinCodex had a short-term FLOW price prediction that said the coin would trade at $0.5648 by June 27 before climbing to $0.8668 by 23 July. Despite that, the site’s technical analysis was neutral, with 16 indicators sending bullish signals and 14 making bearish ones.
As far as other sites making a FLOW price prediction for 2023 went, DigitalCoinPrice said that it expected the coin to recover past the dollar to trade at $1.16, while neither Bitnation nor PricePrediction.net were quite as bullish, forecasting FLOW to reach $0.83 and $0.57 respectively.
When it came to a FLOW price prediction for 2025, Bitnation was the most bullish site, saying the coin could be worth $1.95, while PricePrediction.net had it trading at $1.26. DigitalCoinPrice stood somewhere in the middle, arguing FLOW could be worth $1.91 in two years time.
Regarding a FLOW price prediction for 2030, PricePrediction.net threw caution to the wind and said it would be worth $9.16. DigitalCoinPrice had it at $5.71, while Bitnation argued for it trading at $4.74 at the start of the next decade.
It is hard to say. On one hand, the coin has been rather at the mercy of the market, although recent developments might give some people a cause for optimism.
Perhaps more importantly, in a world where Ethereum now operates on a Proof-of-Stake basis, it is hard to see why someone might want to take a risk on FLOW rather than ETH.
That said, crypto is nothing if not unpredictable, so we never know precisely what is around the corner. As always, you will have to do your own research before making a decision.
No one can really say for sure. While the price predictions are generally positive, price predictions are very often wrong. You should also remember that prices can, and do, go down as well as up.
Before you decide whether or not to invest in FLOW, you will need to do your own research, not only on FLOW but on other, similar, coins and tokens, like Ethereum. Most importantly, though, you will have to make sure you never invest more money than you can afford to lose.
On 22 June 2023, there were a little over one million FLOW in circulation out of a total supply of 1.4 million.
Although FLOW traded above $10 at one point in early 2021, the consensus appears to be that it will not do so again for a little while yet. PricePrediction.net had it reach double figures in 2031, while DigitalCoinPrice said it would happen in 2032.
People who hold FLOW can not only add blocks to the Flow blockchain, but can also vote on decisions on the future of the network.
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.