At a time when the crypto market was living in fear of regulators after the US Securities and Exchange Commission sued the Binance and Coinbase exchanges, Federal Reserve chairman Jerome Powell saying that he considered stablecoins to be money will have come as a bit of relief.
The news was especially good for one particular token. Crypto platform iFinex is the parent company of both the Bitfinex exchange and the Tether (USDT) stablecoin and, with USDT seemingly get the approval of the authorities, things looked good for Unus Sed Leo, a token linked to Bitfinex.
But what is Unus Sed Leo (LEO)? How does Unus Sed Leo work? Let’s see what we can find out, and also examine some of the Unus Sed Leo price predictions that were being made as of 23 June 2023.
The LEO token was founded in an attempt to solve one particular problem. In 2016, the Bitfinex exchange suffered a hack which saw Bitcoin (BTC) worth more than $67 million at the time, stolen. As a result, it lost the trust of investors, so the platform needed to do something.
Unus Sed Leo was an attempt to make things up to people who had lost out in the hack. Holders of LEO are eligible for discounts on Bitfinex, including money off trading fees and withdrawals and deposits.
LEO is, ultimately, designed to be destroyed. The idea is that iFinex will, over time, spent 27% of its gross revenues on buying back the token at the prevailing market rate.
It’s worth noting that, because Unus Sed Leo is based on the Ethereum (ETH) and EOS blockchains, it is a token, not a coin. You might see references to such things as a Unus Sed Leo coin price prediction, but these are wrong.
Let’s now take a look at some of the highlights and lowlights of the Unus Sed Leo price history . While past performance should never be taken as an indicator of future results, knowing what the coin has done can help give us some very useful context when it comes to either making or interpreting a Unus Sed Leo price prediction.
When LEO first came onto the open market in May 2019, it was worth about $1.09. The crypto hovered around the dollar for the next 18 months or so, but things woke up in 2021. It was then that the crypto market went through a bull run and LEO reached a periodic high of $3.89 on 12 May. The token dropped over the summer, sinking to below $2.10 in late June, but there was a recovery at the end of the year and it closed 2021 at $3.76.
Initially, 2022 looked like it would be a very good year for Unus Sed Leo, as it skyrocketed at the start of the year when the US Department of Justice announced it had recovered funds stolen in the 2016 hack, reaching an all-time high of $8.04.
When a series of crashes shook the market, LEO was able to fight against the bears better than most, with it closing the year at $3.61. While this represented a loss of 4%, crypto as a whole was down by more than 60% over the course of 2022, making Unus Sed Leo a notable high performer in a very bad year for blockchain-based finance.
So far, LEO has had a pretty poor 2023. The token has, albeit with plenty of peaks and troughs, gone down over the year, reaching a low of $3.47 in the wake of 10 June’s announcement that Crypto.com was suspending its US institutional operations.
Since then, it has made something of a comeback and, on 23 June, it was worth about $3.90. At that time, there were 930 million LEO in circulation out of a total supply of 985 million. This gave the token a market cap of around $4 billion, making it the 20th largest crypto by that metric.
LEO has had something of a bumpy ride over the last few weeks. Before the SEC announced it was suing Binance on 5 June it was worth about $3.59. Although it dropped by 10 June, the five-day loss of about 3% was far less damaging than the one other cryptos suffered. Not only has it recovered by 12% since then, it is up more than 8% since before the market tanked.
With that all out of the way, let’s take a look at some of the Unus Sed Leo price predictions that were being made as of 23 June 2023. 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.
First, CoinCodex had a short-term Unus Sed Leo price prediction that said things would get worse over the next few weeks. It said LEO would trade at $3.81 on 28 June before it fell further to $3.57 on 24 July. The site’s technical analysis was, perhaps surprisingly, incredibly bullish, with 26 indicators sending encouraging signals and just four making bearish ones.
Regarding other Unus Sed Leo price predictions for 2023, PricePrediction.net said that it would trade at $4.53, while Bitnation said it would reach $5.76 and DigitalCoinPrice argued that it would reach $8.13, a new all-time high.
Moving onto a Unus Sed Leo price prediction for 2025, DigitalCoinPrice claimed that it could reach double figures that year, trading at $13.27, while Bitnation said it would get slightly higher at $13.45. PricePrediction.net was a little more cautious, saying it would be worth about $9.46 in two years time.
In terms of a more long-term Unus Sed Leo price prediction for 2030, PricePrediction.net was the most positive, arguing it could get to $61.26, with DigitalCoinPrice arguing for $39.45 and Bitnation suggesting a LEO price prediction of $32.67.
It is hard to say. One thing that we do need to point out is that, in 2022, LEO outperformed the market whereas, so far this year, it has underperformed. The token also does not have that much in terms of utility, although the buy back program that iFinex is carrying out has served, at least in theory, to keep the price high.
As always, you will need to do your own research before deciding whether or not to invest in Unus Sed Leo.
No one can really tell right now. Although most of the Unus Sed Leo price predictions are optimistic, at least in the long run, 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 Unus Sed Leo, you will need to do your own research, not only on LEO but on other related coins and tokens. More importantly, you should make it absolutely essential that you never invest more money than you can afford to lose.
On 23 June 2023, there were 930 million LEO in circulation out of a total supply of 985 million.
It might do, but if it does it won’t happen for a while yet. PricePrediction.net says it could happen in 2031 but is more likely to happen in 2032. It is worth pointing out that LEO is yet to trade at $10, with an all-time high of $8.04 coming in early 2022.
LEO is used to give people discounts on fees on the Bitfinex exchange.
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.