Why is Olympus coin dropping?Olympus v2 (OHM) is the token that aims to serve as a true stablecoin, with its value based on usage rather than the price of a fiat currency. But what is the Olympus price prediction? Why is ohm price down?Let's read on.
Before we do that, though, we need to examine the Olympus price history. While prior performance is no indicator of future results, it is worth noting what a coin has done in the past and the principles that explain the origin of the coin. This can help bring some context to an OHM price prediction.
From the Olympus whitepaper
The whitepaper describes Olympus as an innovation in the way people interact with financial protocols.
The document states: “It is our belief that Olympus is solving the problem of creating a new currency through internal coordination between different stakeholders within the protocol, without resorting to any policy enforced by a central entity.
“At its core, this is an example of a prisoner’s dilemma. A prisoner’s dilemma is a situation where an individual’s self-interest is in conflict with a common goal, leading to the players within the game not cooperating despite it being in their best interests to cooperate.
“In the case of currency, it is in each individual’s best interest to use the most liquid, most widely used and stable currencies. In crypto, the assets that best meet these requirements have been dollar-denominated stablecoins. The ‘common goal’ here is to remove reliance on centralised fiat currency and to maintain the individual’s purchasing power.”
Olympus price history
Olympus (OHM) originally came onto the market in the spring of 2021, at a time when the cryptocurrency market was booming. At the start of play on 1 April that year, it traded at $522.79 and, although it initially went down to close the day at $365.21, it soon started moving up again and broke the $1,000 mark intraday on 11 April, before going down to trade at around $900 for a week or so.
There was then more activity and it went back above $1,000 on 21 April 2021, enjoying a bull run that saw it reach an intraday high of $1,479.41 on 24 April.
It was then time for the price to float down. This was not an unusual thing to happen to a new cryptocurrency, but events in mid-May, such as the great crypto day crash of 19 May 2021, saw it fall to spend much of June and July bouncing between $200 and $500, although the coin did see a short-lived run above the $500 mark at the end of July.
Things went back down in August but in September and October the price blossomed, going up to a periodic high of $1,344.26 on 14 October 2021. In mid-October 2021, Olympus v2 was launched, “strongly prioritising decentralisation and immutability.”
The price of OHM then fell once more, before going on another run above $1,000 between 23 October and 5 November 2021.
While November 2021 was mainly a month of decline, this was interrupted by a freakish spike on 16 November, when the coin reached an all-time high of $3,209.43, pretty much out of the blue.
The Olympus v2 migration introduced new features, such as on-chain governance and auto-staking for bonds. V1 remains trading at a higher price than v2, but both have declined sharply.
The Olympus v2 price continued to drop and closed the year at $300.64. The token closed the month of January 2022 at $61.55, ending February at $41.29, closing March at $33.92 and April at $19.91. Following multiple market-wide crashes, the token met an all-time low of $12.17 on 18 June 2022. Since then, the token has regained some momentum.
As of 8 August 2022, OHM v2 was trading at $13.79. At that time, it had a market cap of about $23m, making it the 2,921st largest cryptocurrency by that metric.
Olympus price prediction
With that all done and dusted, let’s take a look at the Olympus coin price prediction. Keep in mind that forecasts, especially those that look into the distant future, are often wrong. You must also remember that longer-term crypto predictions are often made using algorithms, which can change at a moment’s notice.
Gov Capital makes an Olympus v2 price prediction for 2022 that suggests the coin will continue its descent, and be worth nothing in the near future.
DigitalCoinPrice suggests the OHM coin’s average price in 2022 should be $17.52, rising to $20.44 in 2023 but falling slightly to $19.03 in 2024. The site’s Olympus v2 price prediction for 2025 is $25.81.
The site also suggests that the coin could be worth $25.46 in 2026, $32.12 in 2027, $44.49 in 2028 and $56.24 in 2029. The site’s Olympus v2 price prediction for 2030 is $61.68.
CoinCodex states: “Based on data from August 08, 2022, the general Olympus v2 price prediction sentiment is bearish, with 3 technical analysis indicators signalling bullish signals, and 23 signaling bearish signals.”
Is Olympus a good investment?
It can be argued, at least by proponents of ‘buying the dip’, that now might be a good time to invest in OHM. However, considering the recent performance of the coin, it could also be argued that it has the potential to be listed as a deadcoin. The price of Olympus has fallen a long way below where it was when it launched in 2021.
Remember, cryptocurrencies can be highly volatile and prices can go down as well as up. You will need to do your own research and never invest more than you can afford to lose.
Will Olympus go up?
Supporters of buying during the dip might well tell you that cryptos such as Olympus, which has lost value since it launched in April 2021, are worth looking into. On the other hand, the coin has been in a bearish place for a little while now.
Regardless, always remember that cryptocurrencies can be highly volatile and that prices can go down as well as up. Do your own research before investing, and never put in more money than you can afford to lose.
Closing thoughts
Firstly, we are still not sure of the identities of the people behind the Olympus DAO. While there is nothing necessarily wrong with people using pseudonyms in crypto – there has not been any damage done to Bitcoin as the result of its owner using a pseudonym, after all – there will still be some investors who might be interested in the concept behind the cryptocurrency, but be put off by what they might see as a lack of transparency.
Secondly, it is worth noting that, while we can see Olympus as a kind of pioneer, that does not mean that the concept behind OHM will necessarily take off.
Even if it does, it is also entirely possible that another DAO or network with a different crypto might come along and steal Olympus’s thunder. Let’s not forget that most of the things Ethereum does were originally done by the NXT blockchain protocol. Today, Ether is the second biggest crypto out there while NXT merely serves as a footnote.
Hope this article can provide you with a better understanding about Olympus price prediction. Why is ohm price down? You must have found the answer now.
