Pangolin Price Prediction | Is Pangolin a good investment?

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Pangolin is one of many DEX tokens – Photo: Shutterstock

It is one of many cryptos linked to decentralized exchanges (DEX), but what is pangolin (PNG)?

Let’s take a look and see what we can find out about PNG, which is based on the Avalanche (AVAX) blockchain, and also look at some of the pangolin price predictions that were made on October 6, 2022.

AVAX/USD Price Chart

The pangolin explained

One of the most important concepts in cryptocurrency, and by extension blockchain technology as a whole, is that of decentralized finance (DeFi).

As many people do not have access to traditional banking services, but can log in, the promise of DeFi is to access what could be described as traditional financial services that are not beholden to centralized banks and institutions. . Indeed, decentralization is fundamental in the world of crypto, where the idea that the lack of a single authority is a key selling point for many coin, token, and blockchain networks.

Another crucial concept in the world of cryptocurrency is that of exchange. A crypto cannot be considered valuable if it cannot be bought, sold, or traded – and an exchange is a key driver of crypto trading.

However, there are two different types of crypto exchange. First, there is the centralized exchange (CEX). They are the big players in the world of exchanges, with sites such as Binance (BNB) and Coinbase (COIN) leading the way.

The problem with CEXs is that there is some concern about their very centralization. Some decentralization die-hards believe that subjecting exchanges to a centralized authority goes against the very ethics of cryptocurrency, when the fact remains that people can only trade cryptos listed by the CEX.

An alternative to this comes in the form of the DEX. A decentralized exchange allows people to list whatever they want and buy at whatever price they want in a peer-to-peer network. These systems use smart contracts, computer programs that run automatically when certain conditions are met, and pools of cash to operate. Although they can be quite complex, their proponents claim that their flexibility and lack of decentralization make them a useful solution.

One of the many decentralized exchanges is Pangolin. Launched in 2021, this network allows people to buy, sell and trade their cryptos. The system uses an Automated Market Mark (AMM), similar to Uniswap (UNI) DEX to help run itself.

The platform was founded by Ava Labs, the organization behind the Avalanche blockchain (AVAX) and is itself based on Avalanche, although it also works with tokens based on the Ethereum (ETH) blockchain. ).

It should be emphasized that the control of the exchange has been returned to the community, which means that there is no overall owner of the system. While this fits with the concept of decentralization, it can be off-putting to a potential investor who wants someone they can hold accountable.

Each blockchain-based network must have its own cryptocurrency, and the Pangolin exchange has the pangolin token, also known by its pseudonym PNG. This crypto is used to provide liquidity and also gives holders the right to vote on decisions regarding matters affecting the future of the network.

It is important to note at this point that because it is based on the Avalanche blockchain, the pangolin cryptocurrency is a token, rather than a coin. You may see references to such things as a pangolin coin price prediction, but these are wrong.

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Pangolin Price History

Price history in PNGPNG price history from launch to today – Credit: CoinMarketCap

Now let’s take a look at the price history in PNG. While past performance should never be taken as an indicator of future results, knowing what the token has done in the past can help us by giving us very useful context if we want to either interpret a pangolin price prediction or create one ourselves. .

When the pangolin hit the open market in 2021, it opened at $2.26 on April 27. At the time, the market was still experiencing a boom period, so it was perhaps not much of a surprise that the price of the token soared above $4.20 in early May.

After that, however, the market went lower, with PSG breaking below the $1 level in the summer to hit a low of $0.82 on July 20. This slowdown was followed by a recovery, with the pangolin surging over the following weeks to hit a record high of $4.99 on August 25. This top could not last and the price crashed, closing the year at $0.7221.

2022 has been a bad year for crypto so far and the pangolin has not escaped the worst. The token’s price fell, with a low point in May when the UST stablecoin broke away from the US dollar and the associated cryptocurrency LUNA crashed, leaving PNG to fall to $0.04797 on May 12. After that, things got even worse following the cancellation of withdrawals on crypto lending platform Celsius (CEL), and PNG fell to an all-time low of $0.02964 on June 14.

After that, there was some recovery, with the new that a version of PNG, called PSB, would run on the Flare blockchain and the token’s Coinbase SEO helping it to trade at around $0.11 on October 6, 2022.

At the time of writing, there are 128,758,710 PNGs in circulation out of a total supply of 230 million. This gave the token a market capitalization of around $14 million, making it the 685th largest crypto by this metric.

Pangolin Price Prediction Roundup

With all of that done, let’s take a look at some of the pangolin price predictions that have been made as of October 6, 2022. It’s important to remember that price predictions, especially for something so potentially volatile than cryptocurrency, very often end up wrong. Also, many long-term crypto price predictions are made using an algorithm, which means they can change at any time.

At the time of writing, CoinCodex had made a short-term pangolin price prediction for 2022 that the token could have reached $0.125099 on October 11 and $0.130241 on November 5. Fittingly, the site’s technical analysis suggested a bullish outlook, with 19 indicators sending positive signals versus six giving bearish signals.

Next, CoinArbitrageBot was very optimistic when it came to making a price prediction in PNG. The site suggested that the token could have climbed to $1.00236 this year and $1.78 in 2023. The following year, predictions said the pangolin could have been worth $2.88. The site’s pangolin price forecast for 2025 indicated that it could have climbed to $4.67. How seriously you take this particular price prediction will depend on whether, after making sure to do your own research, you think PNG can climb around 800% by the end of this year and over 4,000 % over a small over three years.

Meanwhile, DigitalCoinPrice had a crypto pangolin price prediction that claimed that PNG could have traded at $0.12 this year, $0.25 next year, and $0.35 the year after. By 2025, according to the site, the token could have reached $0.45, but dropped to $0.39 in 2026. In 2027, however, the forecaster suggested that it could have risen back to $0.54, rise to $0.77 in 2028 and could have ended the decade at $1.09. The site’s pangolin price forecast for 2030 suggested it could have reached $1.53 and then climbed to $2.09 in 2031.

To finish, PortfolioInvestor made a much more pessimistic and bearish PNG price prediction. This suggested the token was in for a tough 12 months. The site said the price of the pangolin could have fallen to just $0.00752 by October 6, 2023.

When reviewing a PNG token price prediction, it is important to keep in mind that cryptocurrency markets remain extremely volatile, making it difficult to accurately predict what the price will be. 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.

FAQs

Is the pangolin a good investment?

It’s hard to say. Much will depend on how many people accept it as a result of its Coinbase listing, as well as how the PSB token develops.

Remember that you should always do your own thorough research before investing. Whether the pangolin token is a suitable investment for you depends on your risk tolerance and the amount you intend to invest. Keep in mind that even high market cap cryptocurrencies have proven vulnerable to bear markets. Investors should therefore be prepared to take losses and never buy more than they can afford to lose.

Will the pangolin go up or down?

It’s hard to say. While sites like DigitalCoinPrice are optimistic about the pangolin’s chances, people like PortfolioInvestor are much darker. It is important to remember that price predictions very often turn out to be wrong and prices can go down as well as up.

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. PNG 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 the pangolin?

Pangolin is a token used to power a decentralized exchange, so any decision you make will depend on how much research you do on this particular industry.

Ultimately, whether you should invest in pangolin is a question you’ll 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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