Arweave price prediction: What is Arweave (AR)?
Arweave promises to hold on to your data, but can it keep its price?
Arweave is the system that takes the unglamorous subject of data storage and turns it into something worthy of Web3. So what is Arweave (AR)? What is Arweave used for? How does Arweave work? What is the Arweave price prediction?
Sooner or later, storage becomes an issue for users of technology. Eventually, everyone will run out of space on their device. There are some potential solutions, such as external storage drives, which can be expensive and even then, provide only a limited amount of extra space. Cloud technology has become increasingly popular over the past 10 years or so, but that comes with its own problems: Worries, for example, about security and centralisation of data and, quite often, personal information.
One of the drivers behind both cryptocurrency and blockchain technology as a whole is the idea that people should be able to keep their transactions private. It then follows that people might well want to keep their documents and files safe and secure without having to worry about who can access them while, at the same time, not having to worry about deleting them in order to make space. The Arweave Network is designed to be a solution to the problem.
The system is based on the idea that, for a small fee, you can store your data privately and permanently. In order to do that, it uses something called a blockweave which, Arweave says, solves the problems that traditional blockchains face, needing additional protocols built on top to store data. Data is stored in blocks which are linked to a number of previous blocks and, in order for new blocks to come onto the system, a miner must prove they can access a random byte from a previous block. The data’s miner has to deliver the data containing the selected byte, and they have to prove that the data is in the right place in the blockweave.
The Arweave coin, AR, which is the native token of the Arweave system, is used to pay miners, who use a method called proof-of-access to add new blocks to the weave. AR can also be bought, sold and traded. People who use the Arweave permaweb pay $0.005 to store one megabyte of data for 200 years.
Arweave was founded in 2017 by British computer science students Sam Williams and Will Jones, and was originally called Archain before it was rebranded in 2018. At that time, the system’s mainnet went live. However, the AR coin was not widely traded until 2020.
Arweave price history
Now, let’s take a look at the Arweave price history. While past performance is no guarantee of future results, knowing what the coin has done in the past can give us some context when it comes to both making and interpreting an Arweave price prediction.
Arweave came onto the open market in May 2020 and, at that time, it was worth around $0.70. It went up slowly, breaking through $1 in June and even topping $7 in August before settling down to close the year at $2.63. People who had invested in AR were in for a pleasant surprise over the next few months, as the cryptocurrency market was hit by a boom and Arweave was caught up in the action. On 24 February, it broke through $10 and, on April 1, it hit a periodic high of $34.23. There were then peaks and troughs, but the price of AR stayed above $20 with occasional forays above $30 for the next six weeks or so. Everything changed on 19 May, when the Great Crypto Day Crash saw the coin’s value plummet by almost half from an intraday high of $22.99 to an intraday low of $12.07. There was a little bit of a recovery but, for the next two months or so, the coin was in the doldrums along with the cryptocurrency market, with the nadir coming when it hit an intraday low of $7.11 on 21 July.
After the slump came the recovery, and August was a positive time for AR investors as the coin not only matched but smashed the highs it had enjoyed earlier in the year, closing the month at $65.84. The bull run was not over, and it peaked on 10 September when it reached an intraday high of $74.03.
After a stratospheric rise, it was perhaps inevitable that the coin would end up dipping and the rest of September saw a slow decline, with the coin finishing off at $43.38. October was a bit more encouraging, with a closing price of $54.82, before Arweave exploded in the early November bull market, reaching an all-time high of $90.94 on 5 November. Things went downhill after that as the market reacted to the worries about the Omicron variant of Covid-19, closing the month at $59.31, up 8% month-on-month, but down more than 34% from the highs it enjoyed in early November. There were more peaks and troughs in December and it closed the year down slightly at $58.92.
January looked encouraging at the start, with the coin reaching $68.63 but then the crypto market entered a bearish phase and the coin closed the month at $39.09. February was another poor month for crypto, with the market hit by global uncertainty over the Russian invasion of Ukraine and it closed the month at $31.92 despite it getting some media attention when it announced it had stored five million documents from the war-torn country.
On 1 March it was down further, trading at around $30.90. At that time, there were just under 33.4 million AR in circulation out of a total supply of just over 63.19 million. This gave Arweave a market cap of just over $1bn, making it the 80th-largest cryptocurrency by that metric.
Arweave price forecast
Let’s take a look at the Arweave price prediction. Cryptocurrencies can be very volatile, which means that crypto forecasts can very often be wrong. But TechNewsLeader has an AR price prediction that suggests the coin should reach $40.24 in 2022 before moving up to $59.03 in 2023 before hitting $84.12 in 2024. The site has an Arweave price prediction for 2025 that says the coin will break the $100 barrier that year, with AR reaching $122.22 before rising to $175.88 in 2026. In 2027, AR should reach $265.65 before it reaches $389.74 the following year and $555.42 in 2029. The coin should start the next decade at $838.85 and top $1,000 in 2031, reaching $1,207.04.
Gov.Capital has an Arweave price prediction for 2022 that sees the coin break through $100 as soon as late August, with AR closing the year at an average of around $138.13. On 1 March 2023, it says, the coin will reach around $166.70 while, a year after that, it should stand at about $371.49. In 2025, the coin will start the year at $591.65 before hitting $643.56 on 1 March and closing up at $921.61. On 1 March 2026, AR will be at an average of just under $982.96, before topping $1,000 in the middle of that month and closing the year at $1,317.98. The coin should then move to trade at around $1,387.03 in 2027, it predicts.
TradingBeasts argues that the bears should come to the market in 2022. It makes an AR coin price prediction that sees the crypto close the year down from current levels at $29.38. There should be some recovery in 2023, with the coin’s average price coming in at $29.47 in March, while a year from then it should have dipped again to just under $26.60. In March 2025, AR should be worth around $26.81 but, by the end of the year, the coin will be worth more than it is now, coming in at $36.57.
Finally, DigitalCoinPrice says that Arweave should reach $40.66 this year before moving to $50.93 in 2023, $55.77 in 2024 and $72.23 in 2025. The market is then expected to contract, falling to $58.72 in 2026. There will be a recovery in 2027 and AR should be worth $85.23 before it breaks through $100 to stand at $104.50 in 2028 before it closes the decade at $128.09. The site makes an Arweave price prediction for 2030 that says the coin should reach $145.98 that year before it moves to $168.47 in 2031.
Arweave is as likely to be hit by market forces as pretty much any other cryptocurrency, meaning it can be extremely volatile.
Second, while the Arweave system does something that is very useful and could end up being of interest to the historians of tomorrow, there is nothing to suggest that other people could not follow suit, creating something that leaves Arweave in the dust. Keep in mind that just because Arweave is a pioneer, it may not always stay at the top of the data storage and archiving tree when it comes to blockchain technology. Either way, you will need to be careful, like you hopefully would when investing in any crypto, and do your own research.
How many Arweave are there?
As of 1 March 2022, there are just under 33.4 million AR in circulation out of a total supply of just over 63.19 million.
Is Arweave a good investment?
It might be. The coin is in a much healthier place than it was a year ago, although it has experienced a great many ups and downs over the last 12 months. Nevertheless, before you buy AR, you will need to do your own research and and remember to never invest more money than you can afford to lose.
Will Arweave go up?
It might. The coin’s forecasts are ultimately positive, but we need to point out that predictions are very often wrong. Do not forget, either, that cryptocurrency can be very volatile and that prices can go down as well as up.
Should I invest in Arweave?
This is a question that only you can answer. Before you do so, please remember to do your own research, remember prices can go down as well as up, and never invest more money than you can afford to lose.