Moonbeam (GLMR) price prediction: What is Moonbeam?

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Moonbeam is designed to build a bridge between Ethereum and Polkadot. Can it support growth?

Rendering of the Moonbeam logo on a physical coin                                 
Can Moonbeam truly shine? – Photo: Shutterstock
                                

Contents

Moonbeam’s bridge-building capabilities suggest it might have the potential to be the hot new crypto in 2022.

So what is Moonbeam (GLMR)? How does Moonbeam work? What is Moonbeam used for? And what is the Moonbeam price prediction? Let’s take a look…

Moonbeam explained

Moonbeam is a crypto token based on the Polkadot blockchain. Polkadot allows users to create their own blockchains, called parachains, which are linked to Polkadot’s main relay chain. The idea behind Moonbeam is that, while it operates on Polkadot, it is able to connect to and interact with the Ethereum blockchain.

This means developers can create their own software that is compatible with Ethereum, allowing them to use features such as the Ethereum Virtual Machine. This is a program that acts as a massive decentralised computer and helps run the blockchain and execute smart contracts – computer programs that automatically trigger outcomes when certain conditions are met.

In effect, the Moonbeam program serves as a type of bridge, allowing people to operate on both Ethereum and Polkadot. The idea is that, as time goes on, more people will want to take advantage of features that exist on more than one blockchain, creating things on one platform and then using them on another.

Moonbeam (GLMR) is the native token of Moonbeam. It helps to power smart contracts on the network, helps decentralised apps (dApps) perform and keeps the system secure. It is also used to pay transaction fees on the network, and to pay people who run the system’s nodes. Holders are also able to vote on proposals relating to the governance of the network.

Moonbeam price history

Moonbeam price history
Moonbeam price history – Credit: Currency.com

GLMR is a new coin, even if it has had a lot of attention from investors. While Moonbeam’s price history is a relatively short one, it is still worth taking a look at – though past performance is no indicator of future results, it could potentially give us some clues when it comes to making a Moonbeam price forecast. 

The token was first traded in early 2022 and, at the start of 11 January, the price was $11.00. It then, suddenly and freakishly, spiked dramatically, shooting up by not far off 4,000% to hit $437.07. Just as quickly and dramatically, the price fell down, and it closed the day at $11.91. 

The first few trading days of any cryptocurrency that is not a stablecoin can be pretty volatile, and GLMR, also known as “glimmer”, certainly fits the bill. As well as the 11 January super-spike, there was a drop to below $10, with Moonbeam hitting $8.40 on 12 January before rebounding to $15.88 the next day, and then floating downwards once more.

On 17 January 2022 it was trading at around the $10 mark and continued its downward trajectory well into the following month. By 25 February, having taken a hit when the market was shaken by Russia’s invasion of Ukraine, the coin was trading at around $2.34. There was some recovery in early March, though, and by 7 March 2022 it was trading at around $2.60.

The next three weeks saw more overall growth and, on 28 March 2022, it was back above $3, while on 4 April it reached a high of $5.94. The price was then shaken by the announcement that China was banning crypto and, on 11 April, it fell to a low of $3.40, before making something of a recovery to stand at around $4.15 on 19 April 2022, peaking at $4.45 the next day.

After that, though, the cryptomarket fell and by 6 May 2022, it was trading at $2.35. Things got even worse when the TerraUSD stablecoin became depegged and its associated LUNA cryptocurrency collapsed, and on 12 May GLMR was down to an all-time low of $1.05. Things then improved a little, and on 20 May 2022 it was worth about $1.17.

By 30 May, it had recovered further to $1.42, but by 1 June 2022 it was back down to $1.29. There were more losses in June, as the cancellation of withdrawals on the Celsius crypto lending platform confirmed a bear market and it dropped to a low of $0.555 on 18 June. While there was an initial recovery to $0.7922 on 26 June, things fell back down by the middle of the following month. On 14 July 2022, GLMR was worth about $0.5915. 

At that time, it had a market capitalisation of a little under $195m, making it the 126th largest crypto by that metric. CoinMarketCap reported that there were 329,635,432 GLMR in circulation, out of a total supply of just over one billion.

Moonbeam (GLMR) price prediction

Because Moonbeam is relatively new, there is less information on which people can base their GLMR price prediction. Similarly, because it is so new, there are not many price forecasts out there.

Always remember that cryptocurrencies are highly volatile and forecasts are frequently wrong, especially in the long term. Longer-term crypto price predictions are often made using an algorithm that can change at any moment.

That said, CryptoPredictions.com has a Moonbeam price prediction for 2022 that sees it trading at an average price of $0.952 by the end of the year, before closing next year at about $1.75. It should then close 2025 at around $2.36, before climbing to just under $2.55 at the end of 2026. 

DigitalCoinPrice, meanwhile, makes a Moonbeam coin price prediction which sees GLMR reaching $0.80 in 2022 and $0.87 in 2023. The site has a Moonbeam price prediction for 2025 which sees an upturn to $1.16. However, the growth will stop and a price drop will take place in 2026, it suggests, when the coin could, if the forecast is accurate, go down to $1.06.

In 2027, though, DigitalCoinPrice believes GLMR will undergo a resurgence and shoot up to $1.38, before moving up further to reach $1.92 the following year. In 2029, the site says, Moonbeam will undergo further growth and rise to $2.43. The site makes a Moonbeam price prediction for 2030 of $2.73, before it then hits $3.10 in 2031.

By comparison, CoinArbitrageBot is very bullish, forecasting that GLMR can reach $3.34 in 2022 before it hits about $5.95 next year. In 2024, it thinks Moonbeam can get to just under $9.63 while the site gives a Moonbeam price prediction for 2025 of between $15.57 and $15.58.

Finally, WalletInvestor is rather more bearish, suggesting that GLMR will drop to $0.113 by July 2023. 

Final thoughts

An initial coin offering (ICO) for GLMR in September 2021 raised $30.5m. The system was founded by Derek Yoo, CEO of the blockchain infrastructure company PureStake.

GLMR is not being traded as freely as its developers would like. The people behind the coin say that will not happen until there have been some Polkadot parachain auctions, although when this will be is unclear. As of 14 July 2022, the token is not available on Coinbase but can be traded on Binance, KuCoin, Kraken and others as pairs of GLMR/USDT, GLMR/BUSD, GLMR/BTC and more.

Since GLMR is still in its infancy, you need to be careful. Plenty of cryptos have had interesting early weeks but then dropped down, never to recover.

There is also the fact that other systems and cryptos do what Moonbeam does, meaning that it could be one of those, rather than Moonbeam, that becomes the go-to crypto for cross-blockchain development. We simply cannot be certain as to what might happen in the future. 

FAQs

As of 14 July 2022, there were 329,635,432 GLMR in circulation, out of a total supply of just over one billion.

It might be. Although we are still in the early stages of the token, the signs are encouraging and the few predictions that exist are bullish. It also appears to be legitimate, having been set up by respectable people in the crypto sphere.

However, you still have to be careful. There have been plenty of cryptos that looked promising and ultimately crashed, so you will have to do your own research. Remember that prices can go down as well as up, and never invest more money than you can afford to lose.

It might. The forecasts look encouraging. On the other hand, forecasts are often wrong and it can be difficult to know what will happen when a cryptocurrency is so new.

Remember that cryptos can be incredibly volatile, and that prices can go down as well as up. You will need to do your own research and never invest more money than you can afford to lose.

This is a question that only you can answer. Before you do that – and you may have to be patient and wait until it is listed on exchanges – you will need to do your own research and remember prices can go down as well as up.

Regardless, you should never invest more money in any crypto than you can afford to lose. 

Further reading

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