Can Kusama reach $10000, $5000 and $1000
| Overall Outlook | Bearish |
| 1. Market's Wisdom | Neutral |
| 1a. Market Data | Partially Bullish |
| 1b. Technical Recommendation | Sell |
| 2. Crowd's Wisdom | Bearish |
| 2a. Social Media Buzz | Lower |
| 2b. Social Media Sentiment | Lower |
| Metric | Last 24 Hours | Trend |
|---|---|---|
| Net Social Media Sentiment | 4.2% | Lower |
Latest News
- Kusama Parachains recently had a problem where they stopped adding new blocks due to a dispute in a confirmed block. To address this, they issued a rollback, but it caused the chain to stop considering new parachain candidates. The chain can’t accept new candidates until a “force unfreeze” is approved to undo this freeze and allow block inclusion to continue.
Kusama: Buy or Sell, Crowd Poll (New)
Can Kusama reach $10000? Introduction to Kusama
Kusama, a blockchain platform closely aligned with Polkadot’s codebase, serves as a scalable and interoperable network for developers. It acts as a preliminary testing ground for developers before transitioning to Polkadot and is especially favorable for early-stage startups due to its lower deployment barriers. Utilizing a nominated proof-of-stake consensus and offering decentralized on-chain governance, Kusama promotes a sharded and open governance system, enhancing scalability.
Its native token, KSM, with 8,470,098 of its 9,651,217 total supply in circulation, allows holders to govern, stake for passive income, and pay transaction fees. However, despite a commendable +1003.0% growth since its 2020 launch, Kusama’s performance has waned recently, declining 60.2% in the past year and 16.0% in 2023. As an experimental blockchain facing stiff competition and lacking distinct features, its investment potential seems moderate.
Can Kusama reach $10000
To reach $10000, Kusama will have to rise more than 500 times. At $10000, Kusama’s Market cap will be $83 Billion, which is three times the Market Cap of XRP. Therefore, can Kusama reach this level? How quickly can it reach $10000?
Firstly, Kusama’s recent track record has been poor. While many cryptocurrencies gained this year, Kusama is still down over last year. Kusama had a great year in 2021 when most cryptocurrencies performed well due to the Covid-driven liquidity boom. Now, Shiba Inu too gained significantly that year. However, Shib continued to outperform Kusama after that, thanks to aggressive community and development efforts. Looking at the recent track record, it is unlikely Kusama will reach $10000.
On Google search, there are very few people searching for Kusama. Further, there is little activity on its main Twitter handle – a total of 5 posts this year. According to Santiment, Kusama is top-ranked in development activity. However, this does not dissuade investors as this development activity is tied to Polkadot. Many apps test live on Kusama before shifting to Polkadot.
Overall, Kusama is not well placed to reach $10000
Can Kusama reach $5000?
To reach $5000, Kusama will have to rise more than 250 times. At $5000, KSM’s Market cap will be $42 Billion, which is 1.5 times the Market Cap of XRP. Therefore, can Kusama reach this level? How quickly can it reach $5000?
As discussed earlier, Kusama being an experimental network of Polkadot does not attract the attention of investors. In fact, Polkadot itself is struggling to differentiate itself in the market. Let us look at Kusama vs. Polkadot vs. Tron
Tron which is an outperformer in the DeFi space has outperformed both DOT and KSM. While Polkadot could still evolve and become a better use case given its current market cap of $5 Billion, the same cannot be said of Kusama.
Looking at all the fundamentals which include use cases, investor interest, and growth expectations, we can say that KSM will not reach $5000.
Can Kusama reach $1000?
To reach $1000, the KSM token needs to grow by nearly 50 times. At $1000, KSM’s Market cap will be $8 Billion, which is higher than the Market Cap of Tron. Therefore, can Kusama reach this level? How quickly can it reach $1000?
The KSM token reached its all-time high price of $596 in May 2021 where it grew by nearly 8.76 times in just four months (i.e., from the lowest price of $68 in January 2021).
This is during the peak of COVID-driven liquidity. Given the analysis so far, the only way Kusama could reach $1000 is through another bout of significant increase in liquidity in the market. Given the current macro situation, it is unlikely such an excess will occur again in the next 3-5 years. The only way out for Kusama is to find ways to burn 50-75% of the Tokens. That action will hurt numerous investors and therefore unlikely to happen. Kusama is unlikely to reach $1000 either.
Also read: Threshold Price Prediction
~Charu Taneja
Note: Crowdwisdom360 collates Predictions and data from all over the net and has no in-house view on the likely trends in the Stocks or Crypto Coins. Please consult a registered investment advisor to guide you on your financial decisions.