DigiByte price prediction: Will it bite back?

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DigiByte achieved an all-time high last year, but has since struggled to sustain the momentum

Digibyte logo on an upward-pointing price graph                                 
Will DigiByte reach $1? – Photo: Shutterstock
                                

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It has been a bumpy ride for DigiByte, with the currency struggling to get past its launch price in the first three years. However, everything changed for the cryptocurrency last year, as it saw a bullish rally that resulted in a new all-time high.

DigiByte’s aim is to beat the blockchain trilemma and meet all three of the aims – scaleability, security and speed – that other blockchains have failed to achieve. Its three-layered blockchain is its recipe for success.

But the cryptocurrency’s breakout in 2021 has now turned into a bearish trend. Could a new update help DigiByte to claw back?

DigiByte price history

DigiByte was founded in 2013 and the genesis block was mined in January 2014. DigiByte did not see much price action in the first three years, staying below $0.0004.

It was in the summer of 2017 that the coin started a bullish trend and saw its first spike. It was announced on 23 May 2017 that DiguSign, a feature of DigiByte that securely stores any document on the blockchain, was a finalist in the Citi Tech for Integrity Challenge. The founder, Jared Tate, and the DigiByte team presented the concept of DiguSign at Citi Bank in Hong Kong that June.

On 15 May of that year, the price of DigiByte was at $0.0019, shooting to $0.0166 on 23 May. The price continued to climb the next month, hitting a peak of $0.06 on 8 June 2017. The bears pulled the price back down for the following months, but it was not long before the next rally.

At the end of December 2017, the price saw the start of an even stronger price climb, which reached a high of $0.13 on 7 January 2018 before it crashed to $0.02 the following month. This rise and fall reflected the wider cryptocurrency market at the time, when many coins, including Bitcoin, crashed.

However, BitDegree said the “main reason for this sudden rise in price” was due to the Abra wallet announcing it would start accepting DigiByte coin. Abra allows users to buy and sell more than 20 different coins as well as fiat currency, so this announcement was an important development for DigiByte.

Although the price did fall the following month, there was still some momentum for DigiByte in February 2018. DigiByte climbed back up to $0.04 on 17 February 2018 after it announced it was forming a partnership with Tom Cridland Public Relations to expand the exposure of the blockchain and its uses.

The next two years were uneventful for the DigiByte price, with the coin not surpassing $0.02 and falling to a low of $0.003 on 12 March 2020, which was just before it began to pick up. The price started climbing in May and reached a peak of $0.04 on 16 August 2020.

Rudy Bouwman, vice-chair of the DigiByte Foundation, told Decrypt that DigiByte had a strong community and enthusiasts. He said: “This growth should therefore not be a real surprise. DigiByte was expected to outperform the market. It’s long overdue.”

Although the rally was just beginning, founder Tate announced he was stepping down on 15 May 2020. He put this down to “greed” in the cryptocurrency community, saying that “90% of people care for cashing out when a coin moons”.

The bullish trend continued despite this, which was partly fuelled by the announcement in June 2020 that Binance would list the DGB coin. CoinTelegraph revealed that Tate did not want DGB on Binance because of the fees associated with the initial listing.

Although the timing of the Binance announcement in June, a month after Tate had left, can spark many theories, the departed founder in fact praised the listing, as Binance did not charge any fees.

The DGB price stayed around the $0.02 mark for the rest of 2020 but it began to rise at the beginning of 2021. It reached $0.08 on 19 February and continued rising over the following months.

In March 2021, an Ethereum-based DGB token launched, which enabled users to use the decentralised finance features of the blockchain. The ERC-20 token is called renDGB and equates to the same value as a DigiByte.

The momentum kept up in the following months, as DigiByte reached its all-time high of $0.18 on 1 May 2021. By the end of May, however, the price had fallen back down to $0.06.

Although the price has seen a few spikes since then, it has struggled to break its price records. It dropped to $0.03 in December and $0.02 in January 2022. By 6 May, it had fallen to $0.018.

According to its April update, DigiByte’s community, rather than its developers, appears to be pushing it forwards, such as the community member building a 2D game on the blockchain. While a community can spearhead a cryptocurrency, in DGB’s case this has led many to call it a dead coin. 

Recently, the team revealed it is inching closer to developing the 8.22 version of the platform. A blog post said: “Two major pull requests have been merged after thorough review and testing. Each day the team is getting closer.”

While the update has not gone live yet, the coin has seen a slight rise. At the time of writing, on 20 June 2022, DGB is hovering around the $0.009 mark and is up 5% in a recent seven-day peroid. 

DigiByte price predictions

The DigiByte price prediction consensus is for this steady rise to continue.

CryptoNewz argues that the DGB crypto is here to stay and will “bloom” in the crypto market. It said: “The gradual but steady rise in the DigiByte price may not have won it the topmost cryptocurrency award, but smart investors have learned to wait and watch for this asset to perform and work wonders on exchange.”

WalletInvestor’s DGB coin price prediction says it is an “awesome” long-term investment. Its DigiByte price prediction for 2022 predicts breaking the $0.02 barrier by the end of the year, but the site does not think DGB can reach $0.10.

CoinQuora has a more optimistic DigiByte price prediction. It says ongoing developments within the DGB ecosystem will lead to a bright future. The analysis suggests it could hit $0.10 this year and its DigiByte price prediction for 2025 forecasts an ambitious $10. 

PricePrediction.net, however, says the coin will not even reach $1 in the foreseeable future. Its DigiByte coin price prediction suggests an average value of $0.046 in 2025, and its DigiByte price prediction for 2030 forecasts an average price of $0.34.

FAQ

IsDigiByte a good investment?

It might be. DigiByte generated a lot of interest when it launched an ERC-20 token last year. After the launch of this token, the DGB price reached an all-time high of $0.18 on 1 May 2021. However, the price has since fallen and is currently around the $0.009 mark.

Remember, cryptocurrencies can be volatile so you should never invest more than you can afford to lose.

Will DigiByte reach $1?

It could. PricePrediction expects it to reach an average price of $0.34 in 2030, whereas CoinQuora has forecast a $10 price tag in 2025. Remember, predictions are often wrong, so you should always do your own research before investing.

Should I invest in DigiByte?

Investing is a personal choice, depending on your financial goals and amount of money you have to invest. It is important to do your own research and speak to people who know a lot about crypto.

Try and dig deeper than the word going around on social media platforms, as these are not always the most credible sources.

How to buy DigiByte

While DigiByte cannot be bought on Currency.com, there are over 90 different spot markets for the cryptocurrency, according to CoinMarketCap. These include three different pairings at Binance, and five pairs on the Bittrex exchange.

Investors should always ensure they conduct thorough due diligence before purchasing any DGB. 

Further reading

The material provided on this website is for information purposes only and should not be regarded as investment research or investment advice. Any opinion that may be provided on this page is a subjective point of view of the author and does not constitute a recommendation by Currency Com Bel LLC or its partners. We do not make any endorsements or warranty on the accuracy or completeness of the information that is provided on this page. By relying on the information on this page, you acknowledge that you are acting knowingly and independently and that you accept all the risks involved.
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