Prometeus price prediction: A resurrection for PROM
Prometeus is rallying again after a tough start to 2022 for the data token
With on-chain information publicly visible, data is undeniably linked to the cryptocurrency industry. The decentralisation priorities that accompany blockchain technology have provided an opportunity to rethink our relationship with data.
Prometeus is building a platform where users are liberated from the grasp of big tech companies. Users can control its visibility and even profit from their information.
The PROM token is the vessel for this, yet its value has been depreciating. A recent surge is leading to some to make ambitious forecasts. But what will that mean for the Prometeus price prediction? Read on to discover more.
What is Prometeus?
Data and a censor-free world are the core principles of the Prometeus Network. The decentralised platform describes itself as a “data brokerage” that gives control back to the users.
“Prometeus Labs Ventures stands for freedom of expression and the right for private data exchange,” states the network’s website. “We build and invest in highest calibre blockchain projects to create an ecosystem that helps bridge gaps between social interactions, privacy, and data exchange.”
The network is using a peer-to-peer approach that allows users to profit from their data. This aligns with its goal to enable people to socialise and exchange ideas without concern about security or privacy.
Based in Dubai, Prometeus Labs does not have a chief executive. However, it has the chief operating officer Iva Wisher, who was also the co-owner of the crypto gaming studio Antler Interactive. Meanwhile, Vladislavs Semjonovs is the chief business development officer and previously worked as a writer for cryptocurrency publications.
The PROM coin
The Prometeus token PROM was built to finance the platform and empower its users. Investors could earn tokens from participating in the numerous decentralised applications (DApps) that Prometeus is hosting. For example, those who wanted to sell data could earn PROM.
Other DApps that implemented the Ethereum and Binance Smart Chain token included the social network Ignite and information exchange Stoa. However, since launching in 2020, the DApps’ websites have been taken down.
Two other DApps have launched recently on Prometeus, which marks the network’s venture into more mainstream crypto products. Prosper is a prediction market where users can earn from correctly forecasting events and Realis Network is a mobile game platform.
Both of these new DApps have their own token, which has left uncertainty for PROM’s utility.
Before moving on to a PROM price prediction, let’s first take a look at its recent price history.
PROM's price history
PROM went live on 17 July 2019 with an opening price of $0.36, but it did not see much action for the first two years. It fluctuated between $0.10 and $0.40 in its first year with it experiencing a slight pick up to the $2 mark in September 2020.
However, the PROM coin price saw its first major breakout in 2021, along with the wider bullish market. The data token was listed on UniSwap on the 4 February. It then laid out clear plans for its future in a blog post, which named PROM as a significant utility token for all its ambitions. By 19 February, the cryptocurrency reached a high of $29.31.
While the price settled for the following month, PROM soon skyrocketed to its all-time high of $106.12 on 30 April. When discussing the reason behind this rally, Kryptomoney said: “Although PROM recently announced some latest partnerships and network updates, this latest rally seems to be technically backed with few fundamentals. Technically, PROM made a strong breakout from a two-month-long consolidation.”
After the price crashed back to reality, it fluctuated above the $10 mark for the next few months. Prometeus saw another bullish trend start in August after vesting vouchers were announced for the cryptocurrency. Investors could purchase locked-up tokens for a fixed price of $10. PROM reached a peak of $34.37 on 3 September.
The data token eventually fell victim to the bear market, which saw its value decline for the rest of the year and into 2022. Even as Coinbase Custody added support for the token on 28 April 2022, PROM could only muster a high of $9.29 that day.
After falling below $5 during May’s crypto crash, Prometeus is currently showing signs of a resurrection. At the time of writing, on 29 June, it was hovering around the $7.18 mark and was up 100% compared with the previous seven days.
Prometeus price prediction
PROM’s all-time high of $106.12 might prove difficult to beat, especially as it is currently down more than 90% from this price record. But some of those making a Prometeus token price prediction have not ruled it out.
PricePrediction suggests the data-focused cryptocurrency will average out at $3.81 this year, before climbing to $12.13 in 2025. Its Prometeus price prediction for 2030 thinks it will reach $80.10 and reach $116.38 the following year.
The Prometeus price prediction for 2025 from TechNewsLeader expects it to jump even further to $17.39. By the beginning of the next decade, PROM is thought to surpass $100.
DigitalCoinPrice is not as optimistic with its Prometeus crypto price prediction. The site anticipates PROM to average out at $9.30 this year and only $13.74 in 2025. In 2030, a maximum price of $40.02 is thought achievable.
Gov Capital gives one of the most bullish forecasts. Its Prometeus price prediction for 2022 thinks it can hit $28 in a year. In five years’ time, PROM is anticipated to rocket to a fraction over $200.
Prometeus is a network that prioritises users’ data privacy and access to free speech. It has launched multiple products to achieve this with PROM being the network’s main utility token.
Most online forecasters anticipate the data-focused token to surge. Gov Capital is the most optimistic with it suggesting Prometeus may hit $200 in five years’ time. But price predictions are often wrong and this target is not guaranteed, which means you should carry out your own thorough research before investing.
There is a circulating supply of 16.45 million PROM tokens, according to CoinMarketCap.
It could be. Prometeus is looking to transform online socialisation by prioritising data privacy. But the token is stuck in a bearish trend and is only just showing signs of recovery. With its volatile nature, investors should be wary not to purchase more than they can afford to lose.