StormX price prediction: What is StormX (STMX)?
Can StormX come out the other side of the crypto market’s bear run?
StormX is the platform that allows people to earn cryptocurrency while they shop, giving people who otherwise might not get involved with crypto the chance to dip their toes in the market.
But what is StormX (STMX)? How does StormX work? What is StormX used for? What is the StormX coin price prediction? Let’s take a look.
The problem with some cryptocurrencies is that it can be hard to find a real-world use for them. They can be staked on their native system, and they can be traded for both crypto and fiat currencies, but in terms of actually buying things in the real world, they are often not that useful.
Furthermore, the process of getting hold of cryptocurrency can be intimidating. You have to sign up to an exchange and, in many cases, you will also have to go through some quite complex and time-consuming checks. This could put off someone who was interested in investing in crypto but was not sure where to start.
StormX aims to solve that particular problem. StormX is a web- and mobile-based application that aims to let people earn crypto while they shop. The idea is that people use the StormX app to buy things through its partners using traditional fiat currency and in return, they get cashback rewards in the form of crypto.
While STMX is the native token of StormX, what makes StormX notable is that it does not necessarily give people cashback in STMX. Instead, the system’s users have the opportunity to earn other cryptos, such as Bitcoin, Ether and the DAI stablecoin, as a reward for using the app, which is based on the Ethereum blockchain.
The STMX coin itself is used for staking and governance of the StormX platform. In order for StormX to work properly, users have to connect their app to their crypto wallet. Doing so gives people the chance to earn larger rewards. Holders can stake the coin on the network in return for rewards paid in STMX, while they are also able to vote on proposals relating to how the platform develops.
Confusingly, STMX is referred to in its whitepaper by its pre-launch ticker, STORM. There is a coin with the STORM ticker, but that is Storm Token, an Avalanche-based yield token. It is important not to confuse the two.
StormX was founded in 2015 by Seattle-based entrepreneurs Simon Yu and Calvin Hsieh, but the coin did not enter into open trading until late 2017. At present, Yu serves as the platform’s CEO, while Hsieh is the CTO. According to the app’s website, there are currently 21 people in the StormX team. The token underwent an initial coin offering (ICO) in 2017, raising $30.72m.
From the StormX whitepaper
The whitepaper states: “StormX started by taking a different approach to the digital advertising marketplace and creating an advertising marketplace that rewards the engagers of gamified advertisements with cryptocurrency through the android mobile application, Storm Play.”
The document goes on to explain: “This unique approach to the advertising marketplace helped develop the idea behind a much larger opportunity to extend this network of potential Storm Players into a marketplace with more earning opportunities consisting of a wide variety of gamified micro-tasks.”
STMX price history
Before we look at an STMX price prediction, we should look at the StormX price history. While past performance is never any indicator of future results, knowing how the coin has behaved can help us gain some insight when it comes to examining a StormX price prediction.
StormX first came onto the open market in late 2017 and, on 22 December that year, it stood at about $0.023. Late 2017 and early 2018 saw the cryptocurrency market turn bullish, and STMX was no exception. The coin hit $0.2466 on 9 January 2018, which still serves as an all-time high for the crypto.
Its price soon dwindled, however, and by the last few months of the year, it was trading at between $0.002 and $0.003. The coin slipped further in 2019 and 2020. On 13 March 2020, at a time when markets across the globe dipped as people prepared for lockdowns relating to the Covid-19 pandemic, the coin reached its all-time low of $0.0005756. There was some recovery, but it was not until 2021 that things started to kick off again.
The first few months of 2021 were a boom time for crypto and STMX responded well. The coin really entered its own bull run in March, starting off at $0.009035 and closing the month at $0.06629, a rise of more than 630%. The good times were not quite over, however, and STMX reached a peak of $0.1069 intraday on 5 April 2021.
After the rise came a downturn and, following the great crypto day crash of 19 May 2021, STMX spent much of the summer below $0.02. However, things got better at the end of June and throughout August, and on 4 September 2021 it experienced an intraday high of $0.05766.
This rise was followed by a settling down of price, and not even a mini-bull run for the crypto market in late October and early November could move it from a position in the low $0.03’s. A potential plus side to this was that, when the market shrunk in late November and December as concerns about the Omicron variant of Covid-19 started to spread, there was less of an impact, although the coin still fell.
Early 2022 has so far seen an underwhelming performance by the coin, with STMX continuing on a downward trajectory that not even a partnership with the online poker-related platform PokerGo could rescue it from. The descent continued until 22 February, when it hit 12-month lows of $0.01165.
There was initially some recovery from that price point and by 3 April 2022, the token was trading at a new three-month high of $0.02738. Since then, however, the price has receded. Hitting lows of $0.01344 on 1 May, the coin continued on a general downtrend into June as well, hitting lows of $0.005502 on 18 June representing a new 14-month low.
As of 1 July 2022, the token is currently trading at $0.007429. The token has a market cap of roughly $74m, making it the 280th largest crypto by that metric. At the same time, there were 10 billion STMX in circulation, with no more coins left to come onto the open market, according to CoinMarketCap.
The coin has risen in value by 1,200% since its lowest recorded price, which was around two years ago. However, the coin price has sunk by 24% over the course of the past 30 days and is down over 95% from its all-time high.
StormX price forecast
Do remember, before we continue, that long-term crypto price forecasts are often wrong. We should also point out that longer-term cryptocurrency price predictions are often made using algorithms, which can change at a moment’s notice and do not factor in all market conditions.
That said, CryptoCurrencyPricePrediction has a StormX price prediction for 2022 which sees it hit $0.0142 in August. The site makes an STMX coin price prediction that suggests the coin will be trading at $0.0211 this time next year.
UpToBrain has an STMX price prediction which sees the coin reach $0.2556 in 2022, before moving up to $0.50 in 2023. The coin will then hit the $1 mark in 2024, it believes, while the site’s StormX price prediction for 2025 is $2. The forecast remains very bullish, reaching $3 in 2026. This makes it pretty much the most positive of our selected forecasts for StormX.
Meanwhile, TechNewsLeader is also positive in its outlook, but more cautious than UpToBrain. It says that StormX could reach a maximum value of $0.013 in 2022 before moving up to an average of $0.018 in 2023 and around $0.024 in 2024. The site forecasts a general year-on-year upward trajectory with a StormX price prediction for 2030 of $0.23.
Finally, DigitalCoinPrice’s forecast for STMX is even more cautious in the long term but provides bullish short-term projections. The site suggests that the coin could reach $0.00961 in August, representing an upswing of 30%. DigitalCoinPrice also predicts a general year-on-year uptrend, hitting an average of $0.0336 in 2030.
StormX is one of many coins that experienced its all-time high during the crypto boom of late 2017 and early 2018. There would have to be near-exponential growth from its current position for it to reach that level again. That is not to say that won’t happen, but you should keep that in mind.
Also, you should be aware that the StormX platform does give its users crypto in cashback, but since other, more popular cryptocurrencies are available through the scheme, that does not mean that a larger uptake of StormX would necessarily lead to an increase in the token’s popularity, even if the system offers users a debit card.
Thirdly, the cryptocurrency market is experiencing a bearish phase at the moment, so while there may be growth in the future, it is best to play safe and act as though that return to higher prices is not going to happen straight away. As ever, it pays to be cautious.
As of 1 July 2022, there were 10 billion STMX coins, the crypto’s total supply, in circulation.
It might be. The forecasts are generally positive, although we do need to point out that forecasts can often be wrong. You will need to do your own research, remember prices can go down as well as up, and never invest more money than you can afford to lose.
It can do, although by how much and when that will happen is a matter of conjecture. Let’s also note that the crypto market has been rather bearish of late, so it could be some time before a turnaround happens. Remember cryptocurrencies are highly volatile, so prices can go down as well as up very quickly.
This is entirely a matter for you to decide. You will need to do your own research, remember prices can go down as well as up, and never invest more money than you can afford to lose.