Recently, some coin prices went up, but one that stood out is WEMIX. It went up by a huge 352% in one year. WEMIX is a project that mixes gaming and blockchain tech, and it has become a cool system. What is WEMIX and how high will the WEMIX price go in 2024? Let’s take a look at this in more detail.
WEMIX has been around in the crypto world since 2018. Over time, it has transformed into a platform that helps with DeFi protocols, NFTs, games, and decentralized applications (dApps). Let’s learn more about how this protocol works.
WEMIX serves as the native coin within the expansive WEMIX mega-ecosystem, functioning as a medium of exchange and the designated payment method for gas fees.
The issuance of WEMIX coins occurs at a rate of one coin per each subsequent block created. The Permanent Minting Reward (PMR) is then distributed proportionally, allocating 50% to Network Consensus Participants (NCP), 25% to the ecosystem fund, and the remaining 25% to maintenance purposes.
How does WEMIX Work?
WEMIX has done well in the gaming industry, featuring popular games such as CrypTornado, GalaxyTornado, and MIR4. The WEMIX coin plays a crucial role in the entire system.
It’s used for things like buying stuff in the games, making payments, managing the decentralized autonomous organization (DAO), staking, and linking different applications together.
Additionally, the value of the WEMIX coin is supported by the USDC stablecoin. This helps to keep the price stable and creates a reliable environment for decentralized applications (dApps).
Moreover, users who stake the WEMIX coin get the opportunity to participate in on-chain governance. This means they can influence the decisions and directions the project takes.
Many companies across various industries are trying to incorporate blockchain technology into their operations, and the gaming industry is no exception. WEMIX is actively working on creating a network and services that blend blockchain technology with essential gaming elements.
Wemix stands as the flagship blockchain gaming services arm of WEMADE, a subsidiary company known as Wemade Tree. It operates as a blockchain-based Global Gaming Platform, designed to host gaming decentralized applications (dApps).
On Wemix, users have access to wallets and a marketplace for various digital assets, including both fungible tokens and non-fungible tokens.
Unlike other blockchain gaming projects primarily centered around digital asset exchange, Wemix is driven by a vision to cultivate a blockchain gaming ecosystem that prioritizes users’ “experiential value” as its core focus.
The WEMIX3.0 mainnet represents a decentralized blockchain protocol that is characterized as “experience-based, platform-driven, and service-oriented.” This protocol serves as the backbone for a vast Web 3.0 ecosystem comprising various platforms.
Operating on a high-performance Ethereum Virtual Machine (EVM) compatible framework, the mainnet is fueled by the Stake-based Proof of Authority (SPoA) consensus mechanism.
What elements are found within the WEMIX Ecosystem?
WEMIX, along with its mega-ecosystem, comprises independently functional yet collectively aligned key platforms and components.
The ecosystem encompasses the following:
- WEMIX Play: It is a play-and-earn (P&E) gaming platform, hosting a myriad of multi-genre games worldwide. It integrates the “pay” segment into the global gamers’ experience cycle.
- NILE: A DAO-powered community platform designed for creating, facilitating, and managing projects through the Neith Protocol (a programmable smart contract mechanism). NILE innovates opportunities by harnessing collective potential.
- WEMIX.Fi: The official DeFi platform offering services like swap, staking, pool, borrow, bridge, and more.
- WEMIX$: The official stablecoin protocol with 100% collateralization of on-chain and off-chain secure assets like USDC and fiat currencies.
- WEMIX Wallet: The decentralized native wallet provides experience-centric services in managing funds and crypto-assets without custody. It is a non-custodial crypto wallet, granting users sole control over their private keys.
- WEMIX Explorer: Comprising the Macroscope and the Microscope, the WEMIX Explorer serves dual roles. The Macroscope collects data influencing the overall ecosystem growth, while the Microscope analyzes detailed transactions and block validations within the WEMIX blockchain network — essentially functioning as a blockchain explorer.
- Papyrus: A token-based communication tool connecting individuals with common interests based on the tokens and NFTs they hold.
- 40 WONDERS: Also known as Node Council Partners (NCP), 40 WONDERS is formed by technology sponsors and ecosystem sponsors representing the interests of the WEMIX community.
How has the WEMIX Price moved in recent months?
As of the latest data, the current price of the WEMIX Token stands at $ 3.01, accompanied by a 24-hour trading volume of $ 24.90M. The market capitalization of WEMIX Token is currently valued at $ 992.01M, representing a market dominance of 0.06%. Impressively, the WEMIX price has exhibited a noteworthy surge of 15.14% within the last 24 hours.
Examining historical data, WEMIX Token achieved its pinnacle on Nov 21, 2021, reaching an all-time high of $ 24.58. In contrast, the all-time low was observed on Jun 22, 2021, when it plummeted to $ 0.128398.
Since this historic low, the token experienced a cycle low at $ 0.130789, and the highest point since the last cycle low was $ 2.90, constituting the cycle high.
Presently, the prevailing sentiment in the WEMIX Token price prediction leans towards a bullish outlook. This is further supported by the Fear & Greed Index, which currently registers at 72, indicating a state of greed in the market.
In terms of token supply dynamics, the circulating supply of WEMIX Token presently stands at 329.70M out of a maximum supply of 1.02B. Notably, the current yearly supply inflation rate is 34.97%, resulting in the creation of 85.43M WEMIX within the last year.
Within the broader market context, WEMIX Token holds the remarkable position of being ranked #3 in both the Gaming and Metaverse sectors based on market capitalization.
How High Will The WEMIX Price Go In 2024?
Analyzing the performance metrics of WEMIX Coin over the last year presents a compelling narrative. The coin has demonstrated an impressive price surge, escalating by 352% during this period, surpassing 94% of the top 100 cryptocurrencies.
Notably, it has outperformed stalwarts like Bitcoin and Ethereum. Trading consistently above the 200-day simple moving average and boasting 17 green days in the last 30 days (57%), WEMIX Coin is currently positioned near its cycle high, indicating strong market momentum.
However, a prudent risk analysis suggests potential challenges ahead. The coin is deemed overbought, hinting at a potential correction in the near term. It has experienced a decline of -88% from its all-time high, signaling historical volatility.
While the market capitalization indicates medium liquidity, it’s essential to note that less than 32% of the total coin supply is currently in circulation, influencing price dynamics. Additionally, the yearly inflation rate stands at a significant 34.97%, which could impact long-term value.
Drawing insights from the past price trends of WEMIX Token and considering the BTC halving cycles, the projected minimum WEMIX Token price for 2024 is estimated to be around $ 2.41. Conversely, there is potential for the WEMIX Token to achieve a maximum value of $6.47 in the same year.
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