The Kin price has fluctuated a lot since the digital asset on the Ethereum blockchain came into the market in late 2017. However, it is important to point out that, like with most other blockchain digital assets, the Kin token price has a positive correlation with that of Bitcoin.
That means that when the price of Bitcoin goes up, the Kin price usually follows it, and when the Bitcoin price drops, the Kin token loses value as well.
Around the time of the Kin Initial Coin Offering (ICO) was taking place, in September 2017, the prices of almost all crypto assets were generally up. Indeed, the positive energy from crypto investors during the time provided the initial Kin token price push.
Everyone was optimistic and hopeful that the crypto market was looking at an even better future. Startups and projects were selling tokens left, right and center to raise funds, and HODLing was the spirit of the time.
However, that was to go on for only a short time. The highest crypto prices were recorded in December of 2017 and January of 2018.
And of course, the Kin token was among those that rode on the tide. After a short drop from the ICO price of about $0.00011 to $0.00007, the Kin price shot up to about $0.00145 in January of 2019.
Then the crypto winter set in.
All crypto assets began losing value. The ICO tap dried up, partly due to more scrutiny by regulators. And the Kin price followed the industry market trend.
The recovery has been long coming. The Kin price has remained below $0.000025 for much of 2019 and going into 2020.
The Kin token has never traded above the dollar since the initial coin offering in September 2017. And this is not because the token is a poor performer.
It is expected that given the high number of Kin tokens that will be in circulation, the price for each would low. In total, there will be 10 trillion Kin tokens. Already close to 3 trillion have been released.
Meanwhile, the market capitalization has moved from about $7 million to about $1 billion and then dropped back down to about $ 4 million.
So what if the prediction going forward? How high can the kin price go?
In the short term, the Kin price will likely continue to mirror that of Bitcoin and other cryptocurrencies. As we usher in the year 2020, we seem to be entering into another crypto summer. And the Kin price might be on the verge of testing its new highs.
However, we should also be aware that the ongoing litigation between the Kin Foundation and the US’ Security Exchange Commission (SEC) in the US court might affect the Kin price in one way or another.
If the court ends up ruling in favor of the Kin Foundation, then we are likely to see an even bigger Kin price rally.
However, if the case goes the other way, then crypto investors might be demoralized to buy more of the token, and that might, of course, force the price to remain where it is or go even lower.
In the long term, however, the Kin price will most likely go up mainly depending on its adoption as a utility token for Kik and other applications. Indeed, by focusing on the price, we might be missing the bigger picture.
This is especially given that the Kin token was not designed to be an investment tool for speculation purposes.
Nobody knows for a certainty what the future holds. Perhaps we should just wait and see where next the Kin cryptocurrency price goes.
You can buy and sell the Kin token on over ten exchanges, including HitBTC, Yobit and Bitforex. The number of places where you can buy and sell the tokens might increase with time as the token gets more applications.