Hector DAO price prediction: Is Hector DAO a good investment?
Hector DAO is a reserve currency protocol built on the Fantom blockchain. What’s the future of the HEC coin?
- From the Hector Finance whitepaper
- Hector DAO price history
- Hector DAO price forecast
- Final remarks
Hector DAO is a coin that aims to be stable but is not a stablecoin. It started as a fork of the Olympus cryptocurrency, has some big ambitions and has already got itself a decent number of devotees. What is the Hector DAO price prediction? Before looking at the future of Hector DAO, let’s take a look at the foundations the protocol is built upon and the coin’s price history.
From the Hector Finance whitepaper
The whitepaper states: “Hector is a decentralised asset-backed reserve currency based on the Fantom Opera Chain and a ‘spoon’ (a fork which innovates beyond being a copy, as well as preferring cooperation over competition) of Olympus. Hector is backed by an increasing pool of DAI, USDC, FTM and other assets.”
The document goes on to explain: “As the protocol builds more liquidity and reserves, the backing per Hector token (HEC) increases, creating a steadily rising price floor at which HEC is backed.”
One of the main focuses of the project is to make the HEC token deflationary. If this is achieved, it will be a powerful tool in the project’s development.
Hector DAO price history
Let’s take a look at the Hector DAO price history. While past performance is no measure of future results, especially in a coin with as short a history as HEC’s, knowing how it has behaved during its time in circulation can help us understand an HEC price prediction.
When the coin launched at the start of 4 November 2021, it was $17.01. However, the coin got a lot of people interested in its first hours of trading and it closed the day at $74.42, a rise of more than 300% in the space of mere hours. As is often the case with new cryptos, though, there was a lot of volatility and it was back down to $25 in an intraday low on 8 November.
The volatility then worked for investors; HEC broke through the $100 barrier on 12 November and bested $200 just two days later. The token was coming in at the end of a crypto mini-boom, and it reached its all-time high when it was valued at $357.49 intraday on 21 November. The coin then dropped down somewhat and closed the month at $216.75.
The world, and the cryptocurrency market, was now in the grip of a slump caused, at least in part, by concerns about the Omicron variant of Covid-19. By the middle of the month, HEC was back down under $100, and it closed the year at $59.92.
Ultimately, early January was characterised by something of a fightback and, as of the afternoon on 12 January, HEC was trading at around $78. However, by the end of January, the coin was trading at lows of $19.46, despite announcing numerous expansion plans, including Digifinex Exchange and MEXC. Worse news was to come, and by the end of February, the coin was trading at lows of $14.14.
However, more positive news was to emerge in the following weeks. On 10 March, Hector Finance announced the following:
Despite trading at lows of $11.60 on 10 March, more positive price movements came within a few days and, on 19 March, the coin was trading at a more impressive high of $21.91. On the 29 March, Hector DAO tweeted the following:
This new architecture will peg TOR to the US Dollar, guaranteed by a Layer 2 mechanism that has a $100m Hector DAO treasury and HEC/TOR liquidity module.
In the following weeks, a price surge brought the value of the coin up to highs of $26.55 on 21 April. However, since then there has been a steep correction, exacerbated by a market-wide crash in May, which saw $1.5trn wiped from the overall crypto market. Even heavyweight BTC lost more than 25% over a seven-day period, while HEC sunk by almost 65% over the same period, down to lows of $6.11.
The token made some headway towards the end of the month and closed on 31 May at $8.36. However, another market-wide flash crash over the mid-June period saw further lows of $6.82. However, the token gained plenty of traction in the market in the following weeks and by 18 July and at the time of writing, the token was trading at $16.63.
At this time, the self-reported amount of Hector DAO coins in circulation was 2,459,451.85 which, if accurate, would have given it a market cap of around $40m, making it the 3,054th-largest crypto by that metric.
Hector DAO price forecast
One thing to note is that price forecasts are very often wrong. Longer-term crypto price predictions are often made using an algorithm, which means that they can change at any time. This means that you will need to take caution when considering any Hector DAO price prediction, especially since this is such a new crypto token.
PricePrediction.net has a Hector DAO price prediction for 2022 that sees it reach a price of $23.08 in August and $25.47 towards the end of this year. The same site predicts the coin will reach an average of $36.66 in 2023, $50.25 in 2024 and $75.17 in 2025.
Going forward, the site says that HEC will be around $106.08 in 2026 and $151.17 a year after that. In 2029, the site’s forecast is that Hector DAO can get to $309.96, with a rise to $454.72 in 2030 and further growth to $641.60 in 2031.
DigitalCoinPrice predicts that HEC will get to $23.72 in August 2022, and forecasts an average of $23.42 in December 2022. The site makes a Hector DAO price prediction for 2025 that sees the coin start the year at around $33.83 and close it at $38.57. The same site thinks HEC should reach an average of $28.98 in 2026, and $41.17 in 2027, which represents a significant increase, before hitting $51.87 the following year. The site suggests the coin should be worth around $77.71 in 2030.
TechNewsLeader thinks that: “We may expect an average price of $25.23. If everything goes smoothly, we predicted the maximum price of Hector DAO could be up to $28.82 in 2022. Of course, there are chances that the market will dump after a long bull run and It is normal for the cryptocurrency market.” The Hector DAO price prediction for 2030 is an impressive average of $477.23.
Finally, WalletInvestor makes a bearish Hector DAO coin price prediction. The site says that, as of 18 July 2023, the Hector DAO cryptocurrency’s price will have contracted significantly, dropping down to $3.06.
Before we finish, there are a few things to note. First, the Hector DAO token has only been, as of the time of writing, live and able to be traded on the open markets for around six months. It is entirely possible that the coin has yet to find its base for trading. This means that we should be extra cautious when considering the Hector DAO crypto price prediction because there is not much history to base things on.
Second, while the team behind the token wants to set up such features as an NFT-based game, a training centre, a cross-blockchain project, a stablecoin and a payment system, there is no firm information about when these projects will come to life. If and when they do, this could prove to be a boost to the token’s value.
On the other hand, if they are stuck in developmental limbo for some time, this could see more investors selling their HEC and fewer people buying it, driving the price down. Finally, we do need to point out that the people behind Hector DAO all use pseudonyms which could, potentially, put people off investing in the project.
Possibly. It has done well since its release, and staking, bonding and rebasing were critical to Hector’s success in the fourth quarter of 2021. However, to maintain market dominance in a rapidly developing industry, the successful delivery of new upgrades and projects will be critical for the token’s long-term success and therefore you will need to be careful. It is a newer crypto, so we still do not know exactly how it will behave. Before you invest, you must do your own research into any Hector DAO crypto price prediction. Remember prices can go down as well as up and never invest more money than you can afford to lose.
It might do. Most of the predictions are bullish, although we do need to heed the potential warnings made by WalletInvestor. Either way, you will need to be careful and note that cryptos, especially newer ones, can be extremely volatile.
This is a question that only you can answer. Before you get involved, you must do your own research, remember prices can go down as well as up, and never invest more money than you can afford to lose.