A Closer Look at NEO: History, Price Predictions, and Functionality
Crypto News – Despite its name, NEO stands as one of the enduring figures in the blockchain world. Established in 2014 and later rebranded to its current name in 2017, NEO has quietly served its investors without creating major headlines. However, it recently faced a downward trend following the market crash in June 2023.
In October, NEO made waves by announcing the launch of a new sidechain. This announcement coincided with a broader market upswing, which also elevated NEO’s value.
As we explore NEO’s background and functionality, we’ll delve into some of the NEO Price Predictions made as of November 2, 2023.
NEO Coin Price Prediction
It’s important to note that cryptocurrency price predictions, particularly for volatile assets like NEO, are often subject to inaccuracies. Additionally, long-term predictions are algorithm-based and can change over time.
CoinCodex‘s short-term NEO price prediction on November 2, 2023, suggested a price of $10.51 by November 7 and $10.54 by December 2. The site’s technical analysis displayed neutrality, with 21 indicators indicating bullish signals and 12 indicating bearish ones.
NEO Price Prediction for 2023
- CaptainAltCoin anticipated NEO to close the year at $7.23.
- PricePrediction.net foresaw it trading at $9.86 by the end of the year.
- DigitalCoinPrice predicted a value of $20.24 by the end of 2023.
NEO Price Prediction for 2025
- DigitalCoinPrice projected NEO to reach $33.34 in 2025.
- PricePrediction.net estimated it at $20.23.
- CaptainAltCoin took a more cautious approach, suggesting a trade value of $18.76 in two years.
NEO Price Prediction for 2030
- Looking further into the future, PricePrediction.net suggested NEO could reach $140.18 by 2030.
- DigitalCoinPrice envisioned it at $102.54.
- CaptainAltCoin proposed a trading value of $46.90 at the beginning of the next decade.
Recent Updates from NEO
On October 27, 2023, NEO made a significant announcement about the launch of a sidechain compatible with the Ethereum Virtual Machine. In a blog post, NEO stated, “This significant announcement opens a new chapter for Neo, empowering users, developers, and stakeholders with unparalleled possibilities and launching a new wave of innovation that will shape the Web3 landscape.”
NEO Price History
A look at NEO’s price history can provide context, although past performance should not be relied upon as an indicator of future results. NEO emerged in 2014 and was rebranded as NEO in 2017 when it was valued at about $0.10. In the same year, during a cryptocurrency market bubble, NEO reached an all-time high of $196.85.
Following the bubble’s burst, NEO mostly traded around $10 for the next three years. In early 2021, during a bullish cycle in the crypto market, NEO performed well, trading over $100 in May. However, the market subsequently declined, and NEO closed the year at $25.74.
The year 2022 proved challenging for the crypto sector, and NEO was not immune to market crashes. It closed the year at $6.12, marking a loss of over 75% within 12 months.
In 2023, NEO experienced some fluctuations. It reached a high of $15.57 on February 21 but later dropped to a low of $7.07 on June 10, coinciding with Crypto.com’s suspension of its American institutional operations. However, NEO saw a recovery, reaching $10.68 on July 1. By October 19, it was valued at $6.50, but it rebounded to around $10 on November 2, 2023.
At that time, approximately 70.5 million NEO were in circulation out of a total supply of 100 million, giving the coin a market cap of around $704 million, making it the 62nd-largest cryptocurrency by market capitalization.
NEO Price Analysis
NEO had maintained a support level of around $6 since December 2022. A recent upturn could potentially signal the beginning of a new bull cycle, but it needs to surpass the $16 mark for confirmation.
Is NEO a Good Investment?
Determining whether NEO is a good investment is a complex decision. NEO is often described as a stalwart in the crypto world—solid, stable, dependable, and well-established. However, it has not been known for groundbreaking developments. Potential investors should explore what NEO can do to stand out and attract new customers. If it manages to do so, it could potentially reach new heights and gain prominence. As with any investment in the crypto space, thorough research is essential before making a decision.
Will NEO go up or down?
The direction of NEO’s price remains uncertain. While NEO crypto price predictions appear positive, it’s important to remember that these predictions are frequently inaccurate, and prices can both rise and fall.
Should I invest in NEO?
Before considering an investment in NEO, extensive research is necessary, not only on NEO itself but also on other similar cryptocurrencies and tokens, such as Litecoin (LTC) or Ethereum Classic (ETC). Additionally, investors should never allocate more funds than they can afford to lose.
Founders of NEO
NEO was founded by Chinese crypto entrepreneurs Da Hongfei and Erik Zhang. Da is the founder of the Onchain blockchain company, while Zhang serves as Onchain’s CTO.
Largest NEO Wallet Addresses on November 2, 2023
On November 2, 2023, one wallet held 37.77% of NEO’s supply. The top five NEO wallet addresses were:
- ANeo2toNeo3MigrationAddressxwPB2Hz: Held 37,768,679 NEO or 37.77% of the supply.
- AQVh2pG732YvtNaxEGkQUei3YA4cvo7d2i: Held 27,800,304 NEO or 27.8% of the supply.
- Ae2d6qj91YL3LVUMkza7WQsaTYjzjHm4z1: Held 9,762,322 NEO or 9.76% of the supply.
- AZhafj46oNu6gn5CxRkdWVb7cDQF6okkL6: Held 4,790,101 NEO or 4.79% of the supply.
- AYSQMLw3PpFuKGarsUWesfmgRjkSQ6cxkt: Held 4,653,705 NEO or 4.65% of the supply.
From the Whitepaper
In NEO’s technical documentation or whitepaper, it is described as “a distributed network which utilizes blockchain technology and digital identity to digitize assets and automate the management of digital assets using smart contracts. NEO network has two tokens, NEO representing the right to manage the Neo blockchain and GAS representing the right to use the Neo Blockchain.”
NEO Explained
The NEO platform, founded in China in 2014 under the name AntShares, is one of many crypto blockchains. Its purpose is to host a variety of decentralized applications (dApps) that operate using smart contracts—computer programs that automatically execute once specific conditions are met. NEO is supported by two native tokens: the NEO coin and the GAS token.
How NEO Works
NEO employs a Proof-of-Stake (PoS) consensus mechanism, where individuals are chosen to add blocks to the blockchain and verify transactions based on the amount of NEO they hold. NEO coin holders can vote on network changes, while GAS, as the name suggests, pays for transactions on the blockchain. NEO can also be bought, sold, and traded on various cryptocurrency exchanges.
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