Vulcan Forged (PYR) price prediction: Will it resume its rally?

Vulcan Forged (PYR) price prediction: Will it resume its rally?

Vulcan Forged is a game studio, non-fungible token (NFT) marketplace and decentralised application (dApps) incubator built on Ethereum, Polygon and Binance Smart Chain (BSC). The company, which boasts over 2,000 members, describes itself as a community-based project promoting the development of world-class blockchain games from incubation to crowdfunding.

The PYR token rallied to $49.73 on 26 November, a 84% increase from three days earlier when it was trading at $26.99 on 23 November. Shortly thereafter, the coin soared to an all-time high of $49.74 on 1 December.

What is a Vulcan Forged (PYR) coin? Let’s look at the project and the latest predictions for the price in 2022 and beyond.

Vulcan Forged offering: A virtually gas-free marketplace

Vulcan Forged started as a small digital art NFT platform in December 2020 but has since grown into a multi-dApp platform, game studio and launchpad for those who wish to propose an NFT game or dApp idea in exchange for grants, technical and marketing support.

The company is most well-known for virtually eliminating gas fees thanks to a partnership with the multi-chain scaling solution, Polygon (previously called the Matic Network).

As such, Vulcan Forged does not require users to pay gas fees for PYR transactions or for trading, buying and selling NFTs.

In fact, the company’s blockchain Elysium, which has been designed specifically for crypto gaming projects that mostly use NFTs, aims to become the world’s first fully carbon-neutral blockchain by planting trees on nearly 70,000 acres of land in an effort to neutralise carbon emissions from servers that consume energy to validate transactions.

The company also offers a blockchain-powered virtual world known as VulcanVerse which is set in the Greco-Roman era and features one-of-a-kind NFT-based creatures called Vulcanites. The virtual world is 3km x 3km and divided into four quadrants with a city centre called Vulcan City. In VulcanVerse, players can create their own community-led quests and adventures, forage for NFTs and battle with other Vulcanites.

What is a Vulcan Forged coin?

PYR is the native cryptographically secure token of the Vulcan Forged platform which has been designed to be used solely as an interoperable utility coin across different game environments. The primary use of PYR is as a form of currency within the marketplace but it is also a versatile coin in that it powers the entire Vulcan Forged dApp ecosystem and can be used as a cross-platform settlement, staking and gaming utility token.

READ  Will Blockchain Technology Unlock the Metaverse’s True Value?

PYR can be used in any or all of the following ways:

  • trading, buying or selling NFTs
  • staking PYR in order to upgrade their in-game land NFTs
  • contributing to liquidity pools on VulcanDEX in order to earn liquidity rewards and a share of the DEX transaction fees

For every PYR transaction, 10% will be sent to the reward pools for distribution to the ecosystem’s contributors.

The Vulcan Foundation will fund two PYR reward pools with an initial 10m tokens released over a twenty-four month period. As it pertains to both the LAVA and Staking pools:

  • 10% of every fee from all Vulcan Forged marketplace transactions will go into both pools
  • 10% of every fee taken from direct asset sales will go into both pools
  • 50% of every upgrade fee for land, Titan or Olympian NFTs will go into both pools
  • 10% of every prize pool and tournament setup fee on the company’s decentralised gaming platform, Frenzy will go into both pools

Vulcan Forged token price analysis: Technical view and latest news

The PYR coin started its journey in April 2021, and achieved an all-time high of $49.74 on 1 December 2021.

In the month before its all-time high, PYR’s price saw a strong rally, climbing from a low of $16.89 on 12 November to $29.88 just twelve days later on 23 November, and then to $43.28 on 29 November.

However, the price retreated to $27.51 on 4 December, dropping to as low as $20.98 on 6 December. This is somewhat of a sharp drop considering that the coin had hit its all-time high just 6 days earlier.

The PYR price then consolidated, trading within the $25 to $31 range until 14 December when it dropped to $18.29 – a day after it was revealed that over 4.5m PYR, amounting to $140m, was stolen by an unknown hacker.

The PYR price plummeted even further to $16.11 on 19 December despite a Crypto.com app listing just three days earlier.

As of 28 December, it was trading at around $17.99 and ranked 255 in the list of cryptocurrencies by market capitalisation at $356m, according to CoinMarketCap.

Vulcan Forged price drivers: Now operating on the Binance Smart Chain

In October this year, Vulcan Forged launched the first-ever decentralised exchange (DEX) purpose-built for gaming tokens. VulcanDEX allows users to trade any gaming token without the need to register. Users are also able to stake gaming tokens in order to facilitate exchanges on VulcanDEX and earn rewards in proportion to their share of specific liquidity pools.

READ  BAYC NFT Sells For 777 ETH - Zero To Hero NFT Grows 6,600% In Price Amid Crypto Slump

As a boost for the project, VulcanDEX passed an audit with Certik in September this year.

Last month, the company expanded to the Binance Smart Chain (BSC) as an additional network to be used for its marketplace NFT settlement fees and in-game transactions. While the PYR token already exists on both Ethereum and Polygon, enabling it on BSC opens the doors to a wider community.

It is worth noting the company has been adversely affected by the previously mentioned 13 December cyber-attack when an unknown hacker got a hold of the private keys of 148 wallets. In response, the company announced that it is planning to remove its semi-custodial solution from the entire vulcan forged ecosystem.

Vulcan Forged (PYR) price prediction: Buy, sell or hold?

Will Vulcan Forged go up or down? Technical analysis provided by CoinCodex showed that short-term sentiment on PYR was bearish, as of 28 December, with six indicators displaying bullish signals and 18 bearish.

The 3- to 100-day simple and exponential moving averages were giving ‘sell’ signals, while the 200-day SMA and EMA were bullish. The Hull moving average and the volume weighted moving average (VWMA) provided ‘sell’ signals, while the relative strength index (RSI) and the average directional index remained neutral.

The PYR/USD price could trade 12.53% up at $ 19.23 on 2 January 2022, according to CoinCodex.

In terms of a longer term PYR coin price prediction (as of 28 December), algorithm-based forecasting service WalletInvestor shared a positive view. Based on historical data, WalletInvestor sees the price rising to $61.855 by the end of December 2022, $149.198 by the end of December 2024 and hitting $192.815 by the end of 2025.

DigitalCoin supported the bullish PYR crypto price prediction, expecting the token to grow to $27.86 in December 2022, $33.79 in 2025 and hit $74.95 in 2028.

According to PricePrediction, the average price of PYR could reach $29.20 in 2022, $92.22 in 2025 and $645.26 in 2030.

Anndy Lian, chairman of BigONE Exchange and chief digital advisor for Mongolia’s national productivity agenda, told Capital.com:

“PYR’s price fell by more than 30% after the shocking cyber-attack on 13 December. I am not entirely sure about the refund process or how the ongoing investigations are panning out since the company did announce just a few days ago that they’re offering a $500,000 reward for any identity information which leads to the conviction of the hacker – but what I certain of is that this cyber-attack has taken a toll on vulcan forged. They will need to reassure their community going forward with enhanced safety measures”.

When looking for Vulcan Forged coin forecasts, bear in mind that analysts and algorithm-based predictions can be wrong. Their PYR projections are based on fundamental and technical studies of a cryptocurrency’s past performance. Past performance is no guarantee of future results.

READ  Is The Dogecoin Slump Just A 'Blip' Before A Rally? Here's What Experts Say

It’s essential to do your research and always remember your decision to trade depends on your attitude to risk, your expertise in the market, the spread of your investment portfolio and how comfortable you feel about losing money. You should never invest money that you cannot afford to lose.

 

Original Source: https://capital.com/vulcan-forged-pyr-price-prediction

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

Leave a Comment