Will EGLD Reach $10000, $1000?
|Current Market Cap||$654.7 M||Steady|
|Trading Volume||$13.9 M||Steady|
|Metric||Last 24 Hours||Trend|
|Net Social Media Sentiment||14.8%||Higher|
Will EGLD reach $10000, $1000? What is MultiversX and EGLD
MultiversX is a blockchain protocol designed to optimize transaction speeds and serve as a foundational technology for decentralized finance, fintech, and the Internet of Things. Leveraging its proprietary Adaptive State Sharding method, it combines three sharding techniques, enabling swift transaction processing of up to 5400 transactions per second at a mere $0.001 cost per transaction. This approach ensures scalability and supports an increasing volume of applications and transactions. Developers on the platform are incentivized, earning 30% of smart contract fees as royalties. Furthermore, the platform’s cross-chain interoperability feature facilitates seamless interactions between different blockchain networks.
The native EGLD token, central to MultiversX, offers diverse utilities, from staking for network validation rewards and transaction fee payments to voting on platform modifications and serving as a recognized payment mode on accepting platforms.
Will EGLD Reach $1000?
To reach $1,000, the EGLD token must grow by nearly 30 times. At 30x, EGLD’s market cap would be about $21 Billion. At $21B, EGLD would rank 7th on Market Cap, just above Dogecoin.
Past Performance: EGLD has risen nearly 80% since its launch in 2020. The EGLD token reached its all-time high price of $470 in November 2021, growing by nearly 6.35 times in just four months (i.e., from the lowest price of $74 in July 2021). Over the last 12 months, EGLD is down 50%. The data seems to suggest that EGLD could come closer to $1000 in case of 1-2 excess liquidity events like COVID 2019.
Benchmark Comparison: Let us look at Dogecoin which today has a market cap of $10B. Dogecoin rose from a $700M Market Cap to $10B in a matter of months, thanks to Elon Musk’s canvassing of the Coin. Doge is down 7% over the year. Dogecoin Trading volumes ranged above $500 M when it was at the same market cap as EGLD. That is 50x EGLD’s trading volume in August 2023.
Overall, the data seems to suggest the following
- EGLD’s recent performances or even its performance since launch do not suggest it is a highly differentiated coin that attracts the interest of investors. That makes the task tougher for it to reach $1000. It is not impossible though
- EGLD will need multiple excess liquidity events OR some major innovations to move faster to that goal.
Overall, it appears EGLD has a moderate chance of reaching $1000.
Will EGLD Reach $10000?
EGLD is unlikely to reach $10000 anytime soon. At $10000, EGLD’s market cap would be close to Ethereum’s market cap and it is likely to take an infinite period to reach that level. MultiversX will need significant innovations that drive its popularity to much higher levels than now. For example, awareness levels of EGLD in 2023 are less than half of what Ethereum was in 2016. No doubt that Ethereum operated in a less competitive environment at that period but category awareness was also quite low then. The level of competitiveness and awareness in 2023 and going forward makes the job of Multiversx that much tougher now.
Also Read: GateToken Price Prediction
Note: Crowdwisdom360 collates Predictions and data from all over the net and has no in-house view on the likely trends in the Index or Individual Stocks. Please consult a registered investment advisor to guide you on your financial decisions.