Boba Network price prediction: The $1.5bn crypto platform
Boba, a layer two protocol, raised $45m during a Series A funding round in April 2022
- What is Boba Network (Boba)?
- Founder: Alan Chiu
- Boba Network: What’s on the cards for BOBA?
- Boba Network price prediction: Will the protocol explode?
Boba Network, a layer two Ethereum scaling and augmenting solution, has gained significant market traction off the back of a successful funding round that saw the protocol raise $45m (£34.5m), according to an announcement on Boba’s blog. Notable investors involved in the funding round included crypto exchanges, such as Crypto.com, as well as private investors including Tony Robbins and Paris Hilton. The funding round brings the valuation of the crypto to an impressive $1.5bn.
In the statement, Boba Network founder and CEO Alan Chiu said “This fundraise is about building a broad-based alliance to build the Boba ecosystem. Having so many amazing investors demonstrate their confidence in our vision and technology reinforces our belief that what we’re building is important and necessary. Hybrid Compute will scale Web 3.0 development, enabling builders to deliver innovative products with greater functionality.”
Built by the Enya team (another crypto venture of Chiu) as core contributors to the OMG Foundation, Boba develops scaling solutions that reduce gas fees, improve transaction throughput and enhance smart contract capabilities on Ethereum.
According to Boba, the crypto “aspires to be the People’s [layer two] L2 that puts users and developers first. The goal is to build a pragmatic L2 that is the first step towards opening Ethereum to the next billion users”.
In response to Boba’s recent $45m investment round, Bobby Bao, managing director of Crypto.com, said: “Layer two innovations are among the most exciting products being developed in the crypto space today, none more so than Boba Network. Boba is developing industry-leading solutions such as Hybrid Compute to scale Web 3.0, so we’re thrilled to be on board.”
Despite remaining well below record-highs achieved upon the token’s launch in November 2021, the protocol has performed well recently. According to Coin Gecko, the project has gained nearly 28% in the 14 days leading up to 8 April 2022 and 53.3% in the 30 days leading up to 8 April 2022.
But how might this information, particularly the news of $45m fundraising round, affect a Boba Network price prediction?
Before looking at forecasts, let’s first take an overview of the network’s token.
What is Boba Network (Boba)?
Boba Network, as outlined in its official documents, has a variety of key features. Users can fast exit, meaning they can receive their money back in minutes compared with the hours or even days it can take on layer one blockchains. Users can also benefit from low transaction costs and easy non-fungible token bridging, where users can mint and sell between layer two and layer one.
The project’s Hybrid Compute protocol allows developers to execute off-chain computations, making it possible for them to leverage more advanced algorithms than would be possible on-chain.
The project also has the added benefit, due to the fact it is built on Ethereum, of having high security.
Boba, the token of Boba Network, is a governance token that can be used by holders to vote in the decentralised autonomous organisation known as the Boba DAO. The token can also be used to stake to earn rewards.
According to network’s website, each Boba holder will get one vote for every token they stake. Token holders can submit proposals, vote and delegate votes for proposals on the DAO. The Boba token allocation is as follows: 42% to the treasury, 28% to OMG token holders, 10% to strategic investors and 20% to current and future teams.
Founder: Alan Chiu
According to LinkedIn, Chiu, who is based in Palo Alto, California, studied for bachelor of applied science (BASc) in electrical and computer engineering at the University of British Columbia. After completing this, he studied for a master of science (MS) in management at the Stanford University Graduate School of Business from 2010 to 2011.
He has worked extensively in a range of capacities, from software development to investor and founder. Key positions include partner at early stage investment firm XSeed Capital in San Francisco and is co-president at alumni network Stanford Angels and Entrepreneurs. In 2018, Chiu also founded Enya.ai – a software development company focused on creating Ethereum scaling solutions – and serves as its CEO.
While the project certainly appears to be impressive, how does this information impact a Boba Network price prediction? Before looking at forecasts, let's look at the token’s recent performance.
Boba Network: What’s on the cards for BOBA?
According to data on CoinMarketCap, Boba immediately rose upon launch from its opening price (and the daily low) of $4.30 on 21 November 2021 to its all-time high of $7.99 on 25 November 2021. The token subsequently dropped to a daily low of $2.58 by 10 December 2021.
Despite rising to an intraday high of $4.23 on 23 December, the token experienced a gradual downward trend soon after, falling to a low of $2.80 on 15 January 2022, before falling further to $1.44 by 14 February. The token hit its all-time low of $1.01 on 7 March 2022.
Since then, the token has risen, however, increasing to an intraday high of $1.92 on 6 April 2022.
The token currently stands at $1.70 as of 8 April 2022, down 78% compared with the all-time high that the token reached in late November last year, just days after its launch.
There is a circulating supply of 158,960,846.86 Boba tokens and a total supply of 500 million Boba tokens. The protocol has a market cap of $270.265m.
How does this information impact a Boba price prediction?
Boba Network price prediction: Will the protocol explode?
Price predictions are undoubtedly important when it comes to attempting to gauge whether a crypto is a good proposition. However, it is critical to keep in mind that price predictions, especially long-term ones, can invariably be wrong. While the inherent volatility of the market is one reason for thius, there are also many variables, both crypto-related as well as to do with macro events, that could impact the future price of the token.
With this in mind, let’s look at the Boba coin price prediction of three online forecasters.
In a very pessimistic forecast, Gov Capital predicts that Boba would be worth zero in a year’s time.
On the other hand, DigitalCoinPrice, offers a slightly more bearish outlook, suggesting the Boba Network price prediction for 2022 could average at $2.11. The platform goes on to outline the Boba Network price prediction for 2023 could be $2.31. The website’s Boba Network price prediction for 2025 stands at $3.03, while the website’s Boba price prediction for 2030 is $7.40.
PricePrediction predicts the coin will average $1.67 by 2022, before rising to an average price of $5.65 by 2025. The platform’s Boba price prediction for 2030 stands at an impressive $39.51.
Finally,in a bearish forecast, the outlook from WalletInvestor is that the token could go down to $0.269 in a year’s time.
How many Boba Network are there?
There is a circulating supply of 158,960,846.86 Boba tokens and a total supply of 500 million Boba. The protocol has a market cap of $270.265m.
Is Boba Network a good investment?
Potentially. It has garnered significant attention as evidenced by its successful funding round and impressive $1.5bn valuation. Saying this, the token’s performance has not been particularly impressive, and price predictions are mixed in regard to the Boba price.
Always remember, if you do choose to invest in it, that crypto is highly volatile and can go down as well as up.
Will Boba Network go up?
Some price prediction forecasters suggest the token will go up while others think it will go down. However, always remember that forecasts, especially long-term ones, can often be wrong.
Should I invest in Boba Network?
Investing is a highly personal endeavour, dependent on your individual investment goals. It is important that you do your own research and keep up-to-date on any developments in the Boba Network ecoystem. Whether you decide to trade or not is down to your attitude to risk, your market expertise, the spread of your investment portfolio and how you feel about losing money