Nexo Price Prediction 2024: NEXO Celebrates Sixth Birthday, Announces $12 Million Airdrop

Key Takeaways

• NEXO has just launched a $12 million airdrop to celebrate its sixth anniversary.
• The airdrop will be running until July 6, 2024.
• One NEXO price prediction says it can reach $4.69 next year.

To mark its sixth anniversary, Nexo has launched its most ambitious airdrop worth around $12 million. This campaign invites participants to accumulate points on the Nexo platform by engaging in various activities such as topping up funds, earning interest, utilizing crypto-backed credit, and trading spot and futures. The airdrop started on May 8, 2024, and will be running until July 6, 2024.

To sweeten the deal, participants can use a range of point multipliers to boost their accumulation efforts. These include general boosts available to all users, a special 5x surge for newcomers, and additional multipliers based on Nexo Loyalty tier status.

Participants can pursue rewards until the final moments of the airdrop.

Nexo did not respond to a request for comment

But what is Nexo? How does Nexo work? Let’s take a look and see what we can find out, and also examine some of the Nexo price predictions that were being made as of May 9, 2024.

Nexo Price Prediction 

Let’s examine some of the Nexo price predictions being made on May 9, 2024. 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, which means they can change at any time.

First, CoinCodex  had a short-term Nexo price prediction that said the crypto would have a fairly successful month or so, hitting $1.27 by May 14 and reaching $1.42 on June 8. The site’s technical analysis was neutral, with 13 indicators sending bullish signals and 16 making bearish ones. 

Nexo Price Prediction for 2024

When it came to a Nexo price forecast, Bitnation  said it would reach $3.46 in 2024. PricePrediction.net  thought it would be worth $1.83 while DigitalCoinPrice  said it would trade at $2.72 this year.

Nexo Price Prediction for 2025

PricePrediction.net said the token could trade at $2.69 in 2025, while DigitalCoinPrice had it at $3.22 that year. Bitnation was even more bullish, saying that the crypto could reach $4.69 next year.

Nexo Price Prediction for 2030

Looking at a more long-term Nexo price prediction, DigitalCoinPrice said Nexo could reach $9.27 in 2030. Meanwhile, Bitnation’s forecast was $10.87. PricePrediction.net, on the other hand, was incredibly optimistic. It said Nexo would reach $16.39 at the start of the next decade.

Google Gemini Price Prediction for Nexo (as of May 9)

Google’s Gemini platform gave the following price prediction for Nexo on May 9. Please remember that the exact price prediction of an asset or cryptocurrency in the future is nearly impossible to achieve. Additionally, artificial intelligence price predictions are predicated on past performances and are in no way entirely accurate.

Short Term (Next Three Months):

• Expected Price: $1.24

Factors to consider:

• Overall cryptocurrency market trends.
• News and developments related to Nexo.
• Regulations and legal environment surrounding cryptocurrency.

Medium Term (Next Six Months):

• Expected Price: Not Available

Factors to consider:

• Overall market trends: The general sentiment of the cryptocurrency market can have a big impact on the price of Nexo. If the market is bullish, Nexo is more likely to go up. Conversely, if the market is bearish, Nexo is more likely to go down.
• Regulation: Government regulation of cryptocurrency could also affect the price of Nexo. If regulations become more stringent, it could discourage people from investing in Nexo, which could drive the price down.
• Adoption: The wider adoption of Nexo by businesses and individuals could also increase its price. If more people start using Nexo for its lending and borrowing services, it could become more valuable.
• Nexo-specific developments: Any new developments or partnerships related to Nexo could also affect its price. For example, if Nexo launches a new product or service that is well-received, it could cause the price to go up.

Long Term (Next Five Years):

• Expected Price: $5.82

Factors to consider:

• Overall market trends: If the cryptocurrency market experiences a bull run, Nexo’s price is likely to rise. Conversely, a bear market could cause the price to fall.
• Adoption of Nexo’s platform: Increased use of Nexo’s lending and earning products could drive demand for the token and increase its price.
• Regulations: Government regulations could impact the cryptocurrency market as a whole, and Nexo specifically.
• Competition: New crypto lending platforms could emerge and compete with Nexo.

Recent Updates from Nexo

Nexo announced  that, to celebrate its sixth anniversary, it is launching its most expansive airdrop yet, “The Hunt for $12M in NEXO”. Engaging in activities such as top-ups, interest earning, crypto-backed credit, and spot and futures trading on the Nexo platform earns participants points.

NEXO Price History

Let’s now take a look at the Nexo price history . While past performance should never be taken 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 NEXO price prediction. 

Nexo first came onto the open market in the second quarter of 2018 and was worth about $0.33. It soon dropped and, over the next two and a half years or so, it mostly hovered between $0.01 and $0.10.

Things started to improve in early 2021. The crypto market flourished and Nexo responded, breaking past the dollar in early February on its way to a periodic high of $4.05 on 12 May. 

The market slipped down over the following few months, but it made a resurgence in August. This sent Nexo back over $2.

November was another busy time for the token. It responded to a growing interest in crypto spurred by Bitcoin (BTC) reaching record levels, and NEXO enjoyed an all-time high of $4.63 on 16 November 2021, before sliding down to close the year at $2.39.

Things initially looked upbeat for Nexo in 2022. Although the market was sluggish in the first few months of the year, the news that Binance (BNB) would list the token saw it reach $3.40 on 29 April. After that, though, a series of market crashes saw it plummet to $0.5595 on 18 June.

There was something of a recovery, with NEXO climbing above the dollar briefly in August. It fell back down and closed the year at $0.6556. This meant it lost more than 70% over the course of 2022. 

Nexo in 2023 and 2024

So far, 2023 has proven to be something of a disappointment for Nexo. It rallied at the start of the year, reaching $0.8927 on 2 February in spite of the charges against its founder. However, the collapse of the Silvergate bank saw it drop to $0.562 on 10 March.

The crypto recovered to above $0.75 later in the month but the news that the SEC was to sue Binance and Coinbase shook it. As a result, it dropped to $0.5864 on 15 June.

The token recovered somewhat, reaching a high of $0.6765 on July 30. Although it spent most of July and a good chunk of August above $60, dark times were ahead. On August 17, the market crashed following the news that Elon Musk’s SpaceX had sold millions of dollars worth of Bitcoin (BTC) and NEXO fell, too. By September 13, it was worth $0.5252. The token rallied at the end of the year, closing 2023 at $0.848, an annual increase of around 30%. This meant Nexo had underperformed against a crypto market which more than doubled over the course of the year.

There was a further upturn in the new year and, on May 9, 2024, NEXO was worth about $1.23.

At that time, there were 560.0 million NEXO in circulation, out of a total supply of one billion.  This gave the token a market cap of about $691.0 million, making it the 110th largest crypto by that metric. 

Nexo Price Analysis

The price of NEXO has been in an uptrend since October 19, 2023, when it established a bottom at $0.50. On March 16, it reached its yearly high of $1.60, breaking past the horizontal resistance of $1. 

We saw a downturn that retested the broken resistance of $1 for support on May 1. It bounced, and it is now at its current level. This could have been its fourth wave out of a larger five-wave uptrend, meaning it should have one more higher high ahead before this uptrend ends. 

In this bullish scenario, NEXO could head towards $2 in its fifth wave. However, no bullish signs confirm this, other than the previous wave structure. This is why a breakout above $1.40 could provide a hint but a rise above $1.50 would give a clear confirmation. 

Alternatively, if the price falls below $1 that could mean more downside for NEXO. It could drop to $0.80. 

Is Nexo a Good Investment?

It is hard to say. On one hand, Nexo no longer has money laundering charges hovering over it. On the other hand, the SEC still says it is an unregistered security. It remains to be seen whether the crypto can emerge from the other side of regulation intact.

There is also some question as to how it can fit in the ever-growing DeFi space. As always with cryptocurrency, you will need to do your own research. 

Will Nexo go up or down?

No one can really say for sure right now. While the price forecasts are largely optimistic, price predictions are very often wrong. You should also remember that prices can, and do, go down as well as up. 

Should I invest in Nexo?

Before you decide whether or not to invest in Nexo, you will have to do your own research, not only on NEXO but on other, similar coins and tokens, such as KAVA and AAVE. 

This is, ultimately, a decision you will have to make for yourself. Just make absolutely sure that you never invest more money than you can afford to lose.

Who is the Founder of Nexo?

Nexo was founded in 2018 by Antoni Trenchev, Kosta Kantchev and Kalin Metodiev.

Who Owns the Most Nexo (NEXO) Tokens?

On May 9, 2024, one wallet held 22.22% of NEXO’ supply.

Richest NEXO Wallet Addresses

As of May 9, 2024, the five wallets with the most Nexo tokens were

• 0x8fd589aa8bfa402156a6d1ad323fec0ecee50d9d. This wallet held 222,169,283 NEXO, or 22.22% of the supply.
• 0x1111111111111111111111111111111111111111. This wallet held 208,333,332 NEXO, or 20.83% of the supply.
• 0x1c433cbf4777e1f0dce0374d79aaa8ecdc76b497. This wallet held 114,800,950 NEXO, or 11.48% of the supply.
• 0x9099ffbbe0f127741d58760fbaf644def3cccd07. This wallet held 100,000,000 NEXO, or 10.00% of the supply.
• 0x2222222222222222222222222222222222222222. This wallet held 98,437,500 NEXO, or 9.84% of the supply.

Fact Box

From the Whitepaper

In its technical documentation, or whitepaper , Nexo claims to be a pioneer of quick crypto lending. It says: “Nexo delivers the World’s First Instant Crypto-backed Loans, thus resolving a crucial inefficiency for the crypto world. Up to this very moment, no alternatives existed for digital asset owners to enjoy their crypto wealth except selling them. 

“The innovative model of Nexo brings to the crypto community the best of both worlds – retaining 100% ownership of their digital assets while having immediate access to cash. The Instant Cryptobacked Loans are an automatic, flexible and cost-efficient way of obtaining liquidity that is secured by the value of the client’s digital assets. The whole process is completed in just a few simple clicks.”

Nexo (NEXO) Explained

One of the most important parts of the overall crypto world is decentralized finance (DeFi). The idea that people should be able to get access to financial services without having to rely on traditional, centralized, banks is key to the whole concept of blockchain-based finance. 

Nexo  is a DeFi platform, founded by former Bulgarian member of parliament Antoni Trenchev in 2018. People can deposit cryptocurrencies as collateral and, in return, receive a loan in either stablecoins or fiat currency. 

The NEXO crypto token supports the Nexo platform.

How Nexo Works

If someone deposits crypto in their Nexo wallet, they can be paid interest in NEXO. If they choose to receive the system’s native token, they can get a higher rate of interest. NEXO holders can withdraw their money from the platform without incurring a charge. Also, holders can earn dividends from the company’s profits.

People can also buy, sell, and trade NEXO on exchanges. 

Because NEXO is based on the Ethereum (ETH) blockchain it is, technically speaking, a token, rather than a coin. You might see references to such things as a Nexo coin price prediction, but these are wrong. 

Nexo Attention Tracker

Here is a chart for the Nexo Google search volume for the past 90 days. This represents how many times the term “Nexo” has been Googled over the previous 90 days. 

FAQs 

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.

About the Author

Peter Henn

Peter Henn has been a journalist since 2005. In that time, he has written for a variety of publishers including the Mail on Sunday and the Daily Express. He has previously covered the world of cryptocurrency for Currency.com and Capital.com, and has also written for ECigIntelligence.com and CBD-Intel.com. A graduate of the University of Liverpool, he is based in the United Kingdom. His hobbies include music, horse racing and performance art.

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