Ocean Protocol (OCEAN) combined datasets with the Ethereum (ETH) blockchain to create a single market. Developers can tokenize their own datasets and trade on the Ocean Protocol marketplace.
But OCEAN, the native cryptocurrency and unit of exchange, succumbed to the 2022 bear market, despite its obvious usefulness.
What is Ocean Protocol?
At its core, blockchain technology is used to store data. Ocean Protocol has exploited this and created an investable data market. Developers and businesses can create their own datasets and monetize them.
Each dataset uploaded by the developer is represented by its own data token, which uses the ERC-20 standard.
His CoinMarketCap page explained, “This essentially allows third parties to perform operations on the data without ever leaving the publisher’s secure enclave.”
These tokens and datasets are then displayed on the Ocean Protocol marketplace, where investors can purchase and trade them.
Ocean Protocol hopes these tools can spur the long-term growth of an “open, permissionless data economy.”
There are 15 people on Ocean Protocol’s core team who have expertise in blockchain, artificial intelligence, and business, according to its CoinMarketCap page.
Bruce Pon is the founder of the protocol. In addition to advising the protocol, he is the CEO of BigChainDB, a blockchain-as-a-service company.
OCEAN is the utility and governance token of the data platform. It is used as a unit of exchange on the protocol marketplace.
Data token prices are based on an automated market making (AMM) pool with the OCEAN token, “which adjusts the price of the data token as it is bought and sold based on the supply and demand”.
The cryptocurrency can also be locked and turned into eOCEAN tokens, allowing holders to vote in its Decentralized Autonomous Organization (DAO).
Ocean Protocol opted for a DAO in order to have a decentralized system to decide on the distribution of resources in the projects of the platform.
Its whitepaper stated, “OCEAN holders are encouraged to work to learn more about each team and project proposal, then use OceanDAO to vote for the most promising teams/projects.”
OCEAN price history
OCEAN was launched on May 6, 2019 at $0.03 and its price has remained roughly stable for its first year. It took until 2020 for OCEAN to start making significant gains. It managed to reach a high of $0.75 on August 18, 2020.
Despite a slight correction, OCEAN continued this momentum throughout 2020 and the following year, when it experienced its biggest breakout.
The data cryptocurrency rallied in the broader bull market in early 2021. It soared to $1.33 on Feb. 21, after the community voted to list OCEAN on the decentralized finance lending protocol (DeFi) Cream Finance.
OCEAN then hit its all-time high of $1.94 on April 10. This was after the close of the DAO vote on the funding proposals.
After a major correction, the data token moved closer to that mark again in December following its listing on Thai cryptocurrency exchange Bitkub. It hit a high of $1.43 on Dec. 1, before succumbing to the bear market.
OCEAN’s value plummeted throughout 2022, especially during the crypto crash in May, when it fell below the $0.20 barrier.
At the time of writing, on October 20, OCEAN had fallen to $0.16. However, it has increased by 16% in the last seven days.
Ocean Protocol Price Prediction
Since October 20, CoinCodex The OCEAN Price Prediction indicated that there was neutral sentiment with 17 bullish technical indicators and 11 signaling “sell”. Meanwhile, the fear and greed index showed “extreme fear”.
The site’s Ocean Protocol price prediction for 2022 suggested it would have climbed 4% to $0.17 on October 19.
Meanwhile, Crypto AMB said it could have averaged $0.42 this year and $2.39 in 2025. Its Ocean Protocol price forecast for 2030 called for an optimistic new high of $8.54.
A more guarded forecast was provided by Price predictionwho suggested that it could have climbed to $0.17 this year and $0.51 in 2025. At the start of the next decade, the ocean protocol coin price prediction gave an average value of $3.09 .
In the same way, TechNewsLeader stated that the data token would have reached a maximum price of $0.28 in one year. Its Ocean Protocol price prediction for 2025 estimated that it had climbed to $0.74.
When reviewing an Ocean Protocol crypto price prediction, it is important to keep in mind that cryptocurrency markets remain extremely volatile, making it difficult to accurately predict the price of cryptocurrency. a coin or token in a few hours, and even more difficult to give long-term estimates. . As such, algorithm-based analysts and forecasters can and do get it wrong in their predictions.
If you are considering investing in cryptocurrency tokens, we recommend that you always do your own research. Read the latest market trends, news, technical and fundamental analysis and expert opinions before making any investment decisions. Keep in mind that past performance does not guarantee future returns. And never trade with money you can’t afford to lose.
Is the Ocean Protocol a good investment?
Ocean Protocol creates a data marketplace by tokenizing datasets via ERC-20 tokens. However, its utility and governance token has fallen since its all-time high in April 2021.
In volatile cryptocurrency markets, it’s important to do your own research on a coin or token to determine if it’s a good fit for your investment portfolio. Whether the Ocean Protocol token is a suitable investment for you depends on your risk tolerance and the amount you intend to invest, among other factors. Keep in mind that past performance does not guarantee future returns. And never invest money you can’t afford to lose.
Will ocean protocol increase or decrease?
As of October 20, the OCEAN price forecast was showing mixed signals. CoinCodex said there was neutral sentiment as AMB Crypto expected strong gains.
In volatile cryptocurrency markets, it’s important to do your own research on a coin or token to determine if it’s a good fit for your investment portfolio. Whether the OCEAN token is a suitable investment for you depends on your risk tolerance and the amount you intend to invest, among other factors. Keep in mind that past performance does not guarantee future returns. And never invest money you can’t afford to lose.
Should I invest in Ocean Protocol?
Whether you should invest in OCEAN is a question you will have to answer for yourself. Before doing so, however, you should do your own research and never invest more money than you can afford to lose, as prices can go down as well as up.
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