Since cryptocurrencies, including altcoins, have been on fire lately, investors are looking for the next coin with explosive potential. A sudden surge in any crypto is immediately noticed by investors keen to know their future prospects. This has been the case with Gyen (GYEN), which has been on the move for the last few days due to the announcement of its Coinbase listing. What is Gyen crypto's price prediction?
GYEN is a stablecoin that was launched by a subsidiary of Tokyo-based GMO Internet Group, which is listed on Tokyo Stock Exchange. GMO claims that Gyen is the world’s first regulated stablecoin. It's pegged to the Japanese yen and works on Ethereum network. It also claims to maintain 1:1 fiat currency reserve with independent monthly audits. Gyen allows people to trade across its issuer’s fast global network of partner exchanges.
GYEN price predictions
- Digital Coin Price sees GYEN rising to $0.0231 by the end of 2021, which implies gains of more than 50 percent from the current levels.
- Wallet Investor is bearish on GYEN and expects its price to drop by 44 percent in one year. It sees GYEN as a “bad long-term investment.”
- Gov Capital also forecasts GYEN to decline by nearly 45 percent within a year.
Most of the firms don’t see a significant upside in GYEN and there are chances of a downside. It might have shown over-exuberance to the Coinbase listing and might come down as the investor excitement dies down.
Is Gyen a good investment?
By definition, the value of a stablecoin is pegged to a stable currency, which doesn’t fluctuate much. If that turns out to be the case, there aren’t many chances of the crypto coin giving exponential returns in any case. Binance suspended trading in GYEN from its platform in May citing “large volatility” in its price.
It will be used within the GMO Internet Group’s subsidiary to enable fast and cheap payment transfers. There aren’t many use cases for the network or the coin, which could support a higher price in the future.
There are many altcoins available in the market that are trying to solve real-world issues and succeeding at it. Altcoins including Cardano, Solana, and Stellar have a good chance of making it to the top. There are meme-cryptos including Dogecoin, Shiba Inu, and Floki Inu that are rising due to pure speculative investor interest and backing from certain celebrities.
Unfortunately, Gyen doesn’t seem to belong to either of these groups. Therefore, it seems like a risky investment, especially at the current inflated prices. Long-term investors should ideally give it a pass.
Where to buy Gyen
Gyen is available on many crypto exchanges currently. After its recent listing on Coinbase, it remains the best exchange to buy crypto. Other major exchanges for Gyen trading are Gate.io, Liquid, and Uniswap.