Moon Beam (GLMR) is part of a system that aims to build a bridge between blockchains. Let’s find out more and also take a look at some of the moonbeam price predictions that were made on September 12, 2022.
Blockchain is perhaps the most important concept in the world of cryptocurrency. Cryptos exist, almost always, to help power blockchains or blockchain-based networks. This leads to a particular problem. As each blockchain is in itself independent, it means that, very often, it is difficult to work on a blockchain before transferring it to another.
The Moon Beam protocol aims to solve this particular problem. The idea is that although Moonbeam is based on the Polkadot (DOT) blockchain, it is indeed able to bridge to the Ethereum (ETH) blockchain.
This means that developers can build their own software on Polkadot, through Moonbeam, which will be compatible with Ethereum, allowing them to use features like the Ethereum Virtual Machine (EVM). It is a program that acts as a massive decentralized computer and helps run the blockchain and execute smart contracts, computer programs designed to run automatically once certain conditions are met.
Each blockchain-based network must have its own native token, and Moonbeam has the conveniently named Moonbeam token, also known by its pseudonym, GLMR. Like the system website says, “As a decentralized smart contract platform, Moonbeam needs the Glimmer token to function. This token is core to Moonbeam’s design and cannot be removed without sacrificing core functionality. Some of the uses of the Glimmer token on Moonbeam include supporting smart contract execution gas metering, incentivizing collectors, and powering the mechanisms around creating a decentralized node infrastructure on which the platform can operate, facilitating on-chain governance mechanism, including proposing referendums, electing board members, voting, etc. and pay network transaction fees.
The token aims to have an inflation rate of 5%. A total of 80% of network fees are burned, in an effort to contain inflation, while the remaining 20% is returned to the platform’s treasury.
The Moonbeam system was founded in 2021 by Derek Yothe CEO of public blockchain infrastructure platform PureStake, with GLMR in the open market in early 2022.
Because GLMR is based on the Polkadot blockchain, it is a token rather than a coin. You might see references to things like a Moonbeam coin price prediction, but these are, technically speaking, wrong.
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Moonbeam Price History
before watching GLMR Price Historywhile past performance should never be taken as an indicator of future results, knowing what the token has done in the past can help give us potentially very useful context if we want to either interpret a Moonbeam price prediction or make one our own.
When Moonbeam hit the open market on January 11, 2022, it was worth $11. It soon rose to an all-time high of $29.84, although it closed the same day at $11.91. The price continued to decline over the following weeks, hitting a low of $1.89 following Russia’s February 24 invasion of Ukraine. Although there was a rally just over a month later, with the token peaking at $5.94 on April 4, market conditions caused it to fall back.
In May, the depegging of the stablecoin UST and the collapse of the related cryptocurrency LUNA caused the GLMR to drop to a low of $1.05. There were more losses in June as the reversal of withdrawals on crypto lending platform Celsius (CEL) confirmed a bear market, and GLMR fell to a low of $0.555.
The token improved after that, rising above $0.70 in mid-August for a few days, before things went down again, with the moonbeam falling to an all-time low of $0.472 on September 7. A slight recovery meant that on September 12, 2022, it was trading at around $0.62. At that time, there were nearly 385 million GLMRs in circulation out of a total supply of just over a billion. This gave the token a market capitalization of around $238 million, making it the 135th largest cryptocurrency by this metric.
Moonbeam Price Prediction
Before looking at some of the Moonbeam price predictions that were made on September 12, 2022, it is important to understand that price predictions, especially when dealing with something as potentially volatile as crypto- currency, very often end up being wrong. Long-term crypto price predictions are also often made using an algorithm, which means they can change at any time.
PricePrediction.net had a Moonbeam crypto price prediction that suggested the token could trade at $0.93 this year, $1.35 next year, and $1.93 the year after. By 2025, according to the site, GLMR could be worth $2.83, before potentially reaching $4.28 in 2026, $6.28 in 2027, and $9.21 in 2028. Predictions indicated that the token could close out the decade after breaking the $10 barrier to trade at potential. $13.64. The site then made a Moonbeam price prediction for 2030 of $19.63, before suggesting that it could trade at around $29.08 in 2031.
CoinArbitrageBot had a very optimistic Moonbeam price prediction for 2022, suggesting that the token could reach a fraction of a cent below $3.31 by the end of the year, before trading at a potential price of $5.89 in 2023. By 2024, according to the site, GLMR could be worth $9.53, before possibly reaching $15.42 in 2025. How much you trust this particular prediction will depend on your belief, after doing your research, that the price of moonbeam could increase by around 450% by the end of the year.
CryptoPredictions.com made a GLMR price prediction which argued that the token could breach the dollar barrier by the end of the year, reaching just under $1.06 by December 2022. By September 2023 , the site suggested that moonbeam could be worth around $1.68, dropping to a fraction of a cent below $2.10 12 months later. The site then did a Moonbeam price prediction for 2025 which saw the token potentially open the year at just under $2.20, possibly reaching $2.36 in September and ending 2025 between $2.41. and $2.42. The prediction claimed that the token could reach $2.55 in September of the following year before closing 2026 at $2.59.
To finish, PortfolioInvestor had a much more bearish forecast for GLMR, stating that the token could drop significantly over the next 12 months, falling to $0.05027 by September 12, 2023.
When reviewing a GLMR 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. Never trade with money you can’t afford to lose
Is Moonbeam a good investment?
It’s hard to say at this point. Keep in mind that the token is, at the time of writing, less than a week away from marking its all-time low. Much will depend on how the cryptocurrency market in general behaves in the future.
Remember that you should always do your own thorough research before investing. Even high market cap cryptocurrencies have proven vulnerable to current bear markets. Investors should therefore never buy more than they can afford to lose and be prepared to incur losses.
Will the moonbeam rise or fall?
It’s hard to say. While sites like CoinArbitrageBot are very optimistic about the future, sites like WalletInvestor take a much grimmer note. It is important to remember that price predictions very often turn out to be wrong.
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 GLMR is the right 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. Never invest money that you cannot afford to lose.
Should I invest in Moonbeam?
This 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 will go down as well as up.