Sylo price prediction: What is SYLO?

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Can SYLO continue to outperform the market?

SYLO logo                                 
Sylo aims to bring decentralisation to mobile phones – Photo: Sylo.io
                                

Contents

Sylo is a token that has outperformed the market so far this year. What is SYLO? Let’s see what we can find out, and also examine SYLO price predictions.

Sylo explained

One of the crucial ideas behind the blockchain is that of users’ independence and privacy. The idea that people should not have to worry about centralised organisations knowing what they are doing has helped create the world of blockchain technology, cryptocurrency and the – depending on who you ask – either upcoming or ongoing change to Web 3.0.

Linked in with this is decentralised finance (DeFi), which is, ultimately, the idea that you should not have to have a bank account to access financial services. Again, the concept seems to be that people should be able to carry out their business without having to worry about who knows what they are doing.

If we combine these principles with the fact that, at present, an ever-growing amount of online activity takes places on people’s mobile phones, then there is the potential for something which brings forward decentralisation on mobiles. Sylo is one such platform.

The system’s whitepaper says that the issues are that mobile phones were designed “with centralisation in mind”, and that most decentralisation protocols only really work for computers. It argues that, while peer-to-peer (P2P) systems could potentially solve this problem, the inherent centralisation of mobiles makes this difficult, to the extent that P2P solutions on mobile phones do not, ultimately, work as well as centralised ones. 

The whitepaper says: “We launched the Sylo Network to solve these problems and bring private, decentralised communication to mobile devices. To do this, we decentralise the data, opting to let our users own their own data, without the need to create permanent storage off-device.

“Instead of holding group data on a server, Sylo replicates group data across the devices that are part of that group. All communication is performed as P2P communication, with Sylo Nodes acting as routers on the network and delivering packets asynchronously.”

The idea is that Sylo helps people to transfer money, both in terms of crypto and fiat, as simply as sending a message on their phones. The system uses a series of computers, known as nodes, which give users the ability to have their wallet addresses communicate with each other.

The whitepaper says: “The Sylo Network provides a reliable, decentralised service layer for communications applications. Services are provided by Sylo Nodes and paid for using Sylo Tickets, an off-chain, trustless payment method powered by blockchain technology.”

Every blockchain-based network needs its own native token, and Sylo has the Sylo token, which takes the ticker name of SYLO. This token is used to assign work to nodes, with the amount of work they get based on the amount of SYLO that they stake in the system. Payments in the system also use the token, which is based on the Ethereum blockchain.

It is important to note at this stage that, because it is based on Ethereum, SYLO is a token rather than a coin. You might see references to such things as a Sylo coin price prediction, but those are, strictly speaking, not correct. 

Sylo was founded in 2019, with the Sylo token coming onto the open market the following year. It was set up by Dorian Johannink, who had previously worked as the director of a digital communication agency, and Ben Jordan, who had a background in brand management and efficiency solution consultancy for multinationals.

Johannink and Jordan head a five-strong board, which also includes Brian Russell, the founder and CEO of Zephyr Technologies; Aaron McDonald, the Centrality Blockchain venture studio founder and CEO;  and entrepreneur Robin Johannink. 

Sylo price history

Now, let’s cast our eyes on Sylo’s price history. While past performance should never be taken as an indicator of future results, knowing what the token has done in the past can give us some much-needed context when it comes to either making or interpreting a Sylo price prediction.

When Sylo first came onto the open market in June 2020, it was worth about $0.004. Although there was some initial price growth to around $0.007, it sank down and, on 31 January 2021, it fell to an all-time low of $0.0007858. It was able to make a recovery due to factors both macro and micro. On one hand, it was around this time that the market entered a notably bullish phase, as American Covid-19 stimulus cheques found their way into the world of crypto.

On the other hand, at the start of March, Sylo’s wallet started offering people the chance to earn money by holding Tezos (XTZ), which brought a growing interest in the system. This triggered a lengthy bull run and, on 11 May 2021, Sylo reached an all-time high of $0.01491. The great crypto day crash of 19 May 2021, however, sent both Sylo and the cryptocurrency market as a whole, into a downward spiral.

The recovery did not come until August, with a growing interest in non-fungible tokens (NFTs). SYLO was able to cash in on this trend, which culminated in a high of $0.009219 on 6 September 2021.

Although the token subsequently fell, in November, as Bitcoin hit an all-time high and gave the market a boost, SYLO reached a high of $0.008139. But fears about the Omicron variant of Covid-19 then took hold, and it sank to a low of $0.003131 on 30 December 2021, though it closed the year at $0.006381.

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

SYLO has so far outperformed the market in 2022. This was not immediately apparent, as it dropped to a low of $0.003386 on 24 January. The news that Sylo was upgrading its nodes led to an upturn in price, with a high of $0.007621 on 7 February 2022, but Russia’s invasion of Ukraine on 24 February caused the price to drop to $0.00357.

There was some recovery in March, but in April China’s crypto ban caused the price to slip away to a monthly close of $0.003722. The depegging of the UST stablecoin and the collapse of the associated LUNA cryptocurrency sent the market into a crisis and, on 12 May 2022, SYLO fell to $0.002246. However, in July, the news that Sylo was to be listed on the Coinbase exchange saw it shoot to a high of $0.006698.

The price has since dropped somewhat, with SYLO opening on 1 August at $0.004032. As of 8 August 2022, the token is trading at $0.004799, up nearly 25% in a recent 24-hour trading window.

However, when we see that the crypto market as a whole is down by around 50% since 1 January 2022, that would mean that SYLO had outperformed the market by a considerable amount.

At that point, there were 2.43 billion SYLO in circulation out of a total supply of 10 billion. This gave it a market capitalisation of about $12m, making it the 758th largest crypto by that metric.

Sylo price prediction

With that all said and done, let’s take a look at the Sylo price prediction. It is very important to note that price forecasts, especially when they are for something as volatile as cryptocurrency, are very often wrong. It is also worth remembering that long-term price forecasts are often made using an algorithm, which means that they can change at any time.

First, CryptoPredictions makes a Sylo price prediction for 2022 which sees the token close the year at $0.005861 before it drops to $0.005727 in December 2023. A year from then, SYLO should be back up to $0.007400, while in August 2025 it could trade at $0.008392.

Next, Gov Capital has a Sylo crypto price prediction which suggests that the token should close 2022 at around $0.00369 before moving to $0.01054 on 8 August 2023. A year from then, SYLO should be worth $0.0193.

The site then makes a Sylo price prediction for 2025 which sees the token start the year at around $0.02053 before it is predicted to trade at $0.0282 on 8 August before it closes the year at $0.0296. On 8 August 2026, it could stand at $0.0386 before it potentially hits $0.0499 12 months later.

Meanwhile, PricePrediction makes a pretty upbeat price forecast for Sylo. The site suggests that the token can hit $0.005 this year, $0.008 next year and $0.011 the year after that. By 2025, SYLO should be worth about $0.017. The site has a Sylo price prediction for 2030 that sees it trade at somewhere in the region of $0.11, before it potentially reaches $0.16 in 2031.

Finally, WalletInvestor is pretty bearish when it comes to making a Sylo token price prediction, saying that it could drop to $0.0016 by August 2023.

Final thoughts

Before we finish, some final points. Firstly, while there will be some people who consider the service offered by the Sylo platform to be undeniably useful, it might still be considered as being rather niche by some.

Secondly, Sylo has a tendency to perform pretty erratically, with the coin shooting up quickly and then dipping down again. This has happened a few times during its two years or so on the open market, so if you want a token that is relatively steady, Sylo may not be for you.

Finally, it is worth noting that, while Sylo aims to grow decentralisation, there are some crypto enthusiasts who might actually be put off by it having named founders and a board, thus stopping the token from having as many investors as it might do.

As always with crypto, it is important to act with due care and caution when it comes to investing in SYLO.

FAQs

How many Sylo are there?

On 8 August 2022, there were 2.43 billion SYLO in circulation out of a total supply of 10 billion.

Is Sylo a good investment?

It might be. The token does have a fair amount of potential, and it has gone up year-on-year. That said, it has shown some pretty intense volatility before and, with crypto in a bear market, there is always the possibility that recent performance might just be a spike.

As ever with crypto, you will need to do your own research before you invest in Sylo.

Will Sylo go up?

It could do. That said, cryptocurrencies can be incredibly volatile and prices can go down just as easily as they can go up.

Should I invest in Sylo?

This is a question that you will have to answer for yourself. Before you do so, you will need 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.

Further reading

The material provided on this website is for information purposes only and should not be regarded as investment research or investment advice. Any opinion that may be provided on this page is a subjective point of view of the author and does not constitute a recommendation by Currency Com Bel LLC or its partners. We do not make any endorsements or warranty on the accuracy or completeness of the information that is provided on this page. By relying on the information on this page, you acknowledge that you are acting knowingly and independently and that you accept all the risks involved.
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