kusama is an innovative crypto project. It has also attracted more than $1.5 billion in funds from top investors. Currently, KSM tokens are selling for a high price. However, will the trend continue for the rest of 2022?
Let’s find out in our exclusive Kusama 2022 price analysis.
What is Kusama?
Kusama is a test environment for the Polkadot protocol. Developers can program their apps and run them on Kusama to test for performance and reliability.
You can think of it as a mock system to run apps that will be released on Polkadot. It allows developers to experiment and test their features without any risks. With Kusama, programmers can identify bugs and errors by running their apps on the platform. It has similar functions to Polkadot and helps in the development of quality financial apps. Coincidentally, Kusama was founded by Polkadot’s founder!
What is the KSM Token?
KSM is the native token for the Kusama platform. It allows token holders to have a say in the governance of the platform. They can have the right to vote on planned updates of the platform.
Additionally, KSM tokens are the mode of payment for fees on Kusama. Token holders can also stake their tokens to improve the security of the platform and earn rewards.
Staking refers to putting your coins in a fund to earn a small commission.
KSM Price Analysis for 2022
KSM tokens are currently selling for $172, according to data from CoinGecko and the coin has increased in value by 0.2% in the last 24 hours.
But first, how did KSM perform in 2021?
KSM was priced at $100 at the beginning of 2021. By May, KSM had reached $407, recording a massive increase in value. It reached an all-time high of $621.71 on May 18. By September, the token declined in price to reach $331. Unfortunately, KSM fell to $280 on December 31.
Unsurprisingly, KSM didn’t have a great start to 2022 and the token dipped by 38.7% in the last 30 days. However, the yearly performance is encouraging and shows a growth of 61.5%.
As per Wallet Investor, KSM is an “awesome” option to put your money for one year. The token could surge in value and reach a price of $399 by May. By September, KSM could be selling for $407. And when the year ends, the price of the token could stand at 424. Wallet Investor predicts the maximum price to be $517, while the lowest is $341.
PricePrediction predicts an average price of $246 for KSM in 2022. The highest it could climb to is $281, while the minimum is $238.
Digitalcoin shares a similar prediction, they predict that the coin could be selling for $258 in May 2022. By September, the price of the token could be $233. In December, Digitalcoin predicts that KSM may trend on exchanges at $218. However, the coin can surge to $274 at the beginning of the next year.
Kusama’s popularity is expected to increase in the coming days. The platform will be a great help for businesses looking to create a presence on Polkadot and KSM could increase in value in 2022 fueled by mass adoption. Fortunately, crypto prices are also recovering slowly and can impact KSM similarly.
Kusama is a great way for developers to test their apps for the Polkadot network. It has attracted huge funds and interest from brands worldwide. As a result, the KSM token could have a good year in 2022 and increase in value. However, crypto prices can be volatile and change without notice. So, you need to research the market thoroughly before making your investment.