Firo price prediction: Privacy coin surges
FIRO is rallying after a difficult 2022 and it has left forecasters divided
FIRO has positioned itself as a privacy coin prioritising a research-based approach to achieving its anonymous mission. Traders can make transactions without any details being publicly available.
The cryptocurrency has recently started surging, but not all forecasters think it can sustain these gains. But what does this mean for a Firo crypto price prediction? Let’s find out more.
What is Firo?
After Bitcoin was founded in 2013, there was a flurry of coins prioritising consumer privacy. While Bitcoin’s transparency has been praised, investors were looking to make transactions without it being publicly available on the blockchain.
Firo, previously known as Zcoin, was one of those initial privacy coins. It was also the first cryptocurrency to implement the Zerocoin protocol, a prevalent technology used by private coins.
Firo transitioned to its own Lelantus protocol that is delivering its anonymous mission. This burns coins and redeems them later to ensure there is no transaction history. It also uses “flexible” wallet addresses that anonymise all transaction amounts.
Based in Thailand, Poramin Insom is the founder of this privacy coin and previously graduated from Johns Hopkins University with a master of science degree in information security. As well as Firo, he co-founded Satang, a digital exchange for Thai users.
FIRO’s past performance
Firo launched under the name Zcoin on 6 October at $0.36. Yet, less than six months after going live, in February 2017, it was vulnerable to a major hack. Attackers minted 370,000 Zcoins and sold them for 400 BTC.
However, the cryptocurrency’s price did not suffer too badly. In fact, it climbed past $5 the following month and above $20 briefly in June.
Zcoin saw its largest surge later that year when it rocketed to its all-time high of $169.99 on 26 December. This came after the cryptocurrency completed a hard fork and set up a new pool for miners.
After a correction period, it rebounded in April 2018. Another mining pool was added for miners to reap rewards from. Zcoin was also listed on the EdgeSecure wallet. The cryptocurrency came close to the $50 at the end of that month, before eventually continuing its bearish trend.
Despite a few peaks and troughs, Zcoin has been stuck in this downward trend since and unable to return to previous highs. Even its rebrand to Firo in October 2020 did not appear to make a difference to its price.
Firo did see a slight surge in April 2021 when it came to close to $15 in the middle of that month. The upward trend corresponded with a rise in its mining hashrate. But after it ran a competition in May, when Firo surpassed $20, it crashed back to $5.
The privacy coin has been depreciating since then and fell to $1 after the crypto crash in June 2022. It has recently shown signs of recovery, the reason behind which is unclear, but correlates with a breakout of other privacy coins like Dash.
At the time of writing, on 15 July, FIRO was trading at $6.77 and was up 366% on the previous seven-day period.
Firo price prediction
Not everyone making a FIRO coin price prediction thinks it can keep this momentum going in the short-term. CoinJournal noted that key indicators including the relative strength index (RSI) and the MACD had jumped. It concluded: “These gains are not sustainable, especially in the current macro environment. As such, there is a likelihood that the coin will have a major pullback in the near term.”
However, those making a long-term FIRO token price prediction are bullish over its future. DigitalCoinPrice expects it to jump from $8.95 in 2022 to $12.73 in 2025. The forecaster’s Firo price prediction for 2030 is $31.31.
A similar forecast is given by PricePrediction which outlines an average of $1.86 this year. Yet, its Firo price prediction for 2025 forecasts it to reach $5.43 that year and jump to $34.18 by the next decade.
TechNewsLeader is the most bullish over its long-term potential. Its Firo price prediction for 2022 suggests it will fall to $3.28 in a year, but rocket to $65.20 in 10 years’ time.
What is Firo?
Firo is privacy coin that originally launched in 2016 under the name Zcoin. Through its Lelantus protocol, it is allowing investors to make private, decentralised transactions.
How many Firo are there?
There is, according to CoinMarketCap, a circulating supply of 11.27 million FIRO and a maximum supply of 21,400,000.
How and where to buy FIRO?
CoinMarketCap has listed 44 markets for investors to trade Firo. This includes a USDT pair at Binance and a BTC pair with Huobi Global.
How to mine FIRO?
There are eight different pools for miners to obtain FIRO. Miners should read Firo’s guide on how to mine FIRO and ensure they understand the risks before mining.