Friday, June 9, 2023

Should You Hold NEO Tokens?


One of the most interesting aspects of the crypto market is that traders have a wide range of tokens to select from while trading. Aside from the top cryptocurrencies by market capitalization, a few small-cap coins are creating waves. Despite their lack of popularity, these coins have a lot of potential and can generate a lot of money.

Another consideration for traders when selecting these coins is their future potential. This is because coin-making waves may go through a bearish trend and then become stuck in it. This is why, if they want to invest in a new token in the long run, traders must select coins with the best potential. In this post, we’ll examine at NEO, its potential, and whether it’s a currency with a bright future.

Chinese developers founded NEO is a blockchain project in 2014. NEO is both a digital asset and a Dapp network. They named it Antshares first, before renaming it to NEO.

They dubbed it as the Chinese Ethereum by analysts because it met certain criteria for establishing smart economies. This was because one of its developers’ goals was to make it simple to deploy smart contracts on its blockchain.

GAS will be required for traders who wish to use the NEO blockchain. The GAS is the fuel that powers the NEO blockchain. On its network, NEO employs a proof-of-stake consensus process. This means that for every NEO a trader deposits in his wallet, he receives the same quantity of GAS to utilize on the network.

Traders can generate passive revenues as a result of this, therefore a gain in both tokens will benefit them. This is one of the main reasons why, from its inception, many traders have picked NEO. One thing to keep in mind is that traders can no longer create fresh NEO tokens. This is due to the fact that the developers distributed all of the tokens during their initial coin offering (ICO).

Volatility typically controls the NEO token, as it does other tokens on the market. The coin began the year trading at roughly $10 in the year 2020. Two months later, the currency was still trading at a low price of $4. In September, the token reached a new high, selling for $25. The month of December was another watershed moment for the token, as it ended the year at $14.

One remarkable observation made by traders is that most small-cap coins tend to follow the same trend line as Bitcoin. This suggests that the token price volatility in 2020 was a reflection of Bitcoin’s performance. The coronavirus pandemic, which afflicted Bitcoin and NEO, is a good illustration.

Some of the token’s best results have come as a result of significant blockchain advances. For example, once the rebranding of the token occurred in 2017, it reached a high of $196 in January 2018. The market has only corrected since then, and the token is now trading at $48.

Analysts estimate that in January 2022, the token will be able to duplicate the price of April and May 2021. During those times, the token was worth $130. This new forecast indicates that the token’s price will rise by 150 per cent from its current level. By 2025, investors expect the coin to be worth close to $200. This implies that the coin’s price would have to rise by more than 200 per cent from its current level.

NEO has been identified by analysts as a promising token. The majority of traders are also long-term investors who perceive it as a long-term investment.

It is not, however, a token that will be worth $1,000 in the next ten years. It will also be a game-changer if its developers are successful with the NEO 3.0 upgrade. This is due to the fact that they would be able to entice investors, which would shift the company’s entire outlook.

The dividends that traders can earn in GAS are another reason why NEO is worth owning. Traders might profit from the current NEO price by scooping up as much as they can. If the coin ultimately rises over that level, it will raise the price of GAS, offering them a higher return.

Even while Ethereum is still the preferred cryptocurrency for developers when establishing projects, NEO is quickly catching up.

According to the different price analyses presented above, one NEO token should be worth around $100. This indicates that the coin’s value might increase by as much as x2. As a result, NEO is an outstanding long-term investment. NEO has been able to establish an enabling environment for developers in addition to investors.

Even if you agree with the aforementioned viewpoint, you can still explore your choices and conduct research on the coin before deciding to invest.

Vincent Sanchez
Vincent Sanchez
Vincent Sanchez currently writes articles for Cryptoconstellation. He completed his Msc in finance and had a successful career as an accountant. Vincent enjoys travelling and working out.

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