Pangolin is one of many DEX tokens – Photo: Shutterstock
It’s one of many cryptos associated with decentralized exchanges (DEXs), but what is it? pangolin (PNG)?
Let’s take a look at what we can find out about PNG powered by the Avalanche (AVAX) blockchain and also examine some of the Pangolin price predictions made on October 6, 2022.
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Pangolin explained
One of the most important concepts in cryptocurrency, and therefore in blockchain technology as a whole, is that of decentralized finance (DeFi).
As there are many people who do not have access to traditional banking but can get online, the promise of DeFi offers access to what could be termed traditional financial services that are committed to non-centralized banks and institutions. Indeed, decentralization is fundamental to the world of crypto, where the idea of the lack of a single authority is a major selling point for many coins, tokens, and blockchain networks.
Another crucial concept in the cryptocurrency world is that of the stock exchange. A crypto has no value if it cannot be bought, sold, or traded — and an exchange is a key driver of crypto trading.
However, there are two different types of crypto exchanges. First, there is the Centralized Exchange (CEX). These are the big players in the exchange world, with sites like Binance (BNB) and Coinbase (COIN) leading the way.
The thing about CEXs is that there are some concerns about their centralization. Some die-hard decentralization experts believe that subjecting trading to a central authority, while the fact remains that people can only trade the cryptos that the CEX lists, goes against the cryptocurrency ethos.
The DEX offers an alternative. A decentralized exchange allows people to list what they want and buy it at the price they want on a peer-to-peer network. These systems use smart contracts, computer programs that run automatically when certain conditions are met, and pools of liquidity to work. Although they can be quite complex, proponents claim that their flexibility and lack of decentralization make them a viable solution.
One of the many decentralized exchanges out there is Pangolin. Launched in 2021, this network allows people to buy, sell and trade their cryptos. The system uses an Automated Market Make (AMM) similar to the Uniswap (UNI) DEX to operate itself.
Founded by Ava Labs, the organization behind the Avalanche (AVAX) blockchain, the platform is itself based on Avalanche, but also works with tokens based on the Ethereum (ETH) blockchain.
It should be noted that control of the exchange has been returned to the community, meaning there is no overall person responsible for the system. While this fits the concept of decentralization, it could be off-putting to a potential investor who wants someone to hold accountable.
Each blockchain-based network must have its own cryptocurrency, and the Pangolin exchange has the Pangolin token, also known by its ticker handle of PNG. This crypto is used to provide liquidity and it also gives holders the right to vote on decisions on matters affecting the future of the network.
It is important to note at this point that the Pangolin cryptocurrency is more of a token than a coin as it is based on the Avalanche blockchain. You may see references to such things as a pangolin coin price prediction, but these are incorrect.
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Pangolin price history
PNG price history from launch to date – Credit: CoinMarketCap
Now let’s take a look at PNG’s price history. While past performance should never be taken as an indicator of future results, knowing what the token has done in the past can help us by providing us with a very useful context when interpreting either a Pangolin price prediction or want to create your own.
When Pangolin first went public in 2021, it opened at $2.26 on April 27th. At the time, the market was still booming, so it might not come as a huge surprise when the token’s price shot above $4.20 in early May.
After that, however, the market declined, with PSG falling below $1 by the summer to a low of $0.82 on July 20th. This downturn was followed by a rebound as Pangolin surged in the weeks that followed, reaching an all-time high of $4.99 on August 25th. This high could not last and the price collapsed again to close the year at $0.7221.
So far, 2022 has been a bad year for crypto and Pangolin has not escaped the worst. The token’s price has fallen, with a bottom in May when the UST stablecoin depegged from the US dollar and its associated LUNA cryptocurrency collapsed, sending PNG down to $0.04797 on May 12. After that, things got even worse following the cancellation of withdrawals on crypto lending platform Celsius (CEL), and PNG fell to an all-time low of $0.02964 on June 14.
There was some recovery after that, with news that a PNG version called PSB would be running on the Flare blockchain, and the token’s Coinbase listing helped it trade at around $0.11 on October 6, 2022 .
At the time of writing, 128,758,710 PNGs were in circulation out of a total supply of 230 million. This gave the token a market cap of around $14 million, making it the 685th largest crypto by this metric.
Pangolin Price Prediction Summary
With that all over and done, let’s take a look at some of the pangolin price predictions made on October 6th, 2022. It’s important to remember that price predictions, especially for something as potentially volatile as cryptocurrency, very often end up being wrong. Also, many long-term crypto price predictions are made using an algorithm, which means they are subject to change at any time.
At the time of writing, CoinCodex had provided a short-term pangolin price prediction for 2022, stating that the token could have reached $0.125099 on October 11 and $0.130241 on November 5. Fittingly, the site’s technical analysis suggested a bullish outlook, with 19 indicators sending positive signals versus six bearish ones.
Next, CoinArbitrageBot was very bullish when it came to making a PNG price prediction. The website suggested that the token could have surged to $1.00236 this year and $1.78 in 2023. The following year, according to the forecast, pangolin could have been worth $2.88. The website’s pangolin price prediction for 2025 outlined that it could have gone up to $4.67. How seriously you take this particular price prediction depends on whether, based on your own research, you believe that PNG can grow by around 800% by the end of this year and more than 4,000% over the course of three years.
Meanwhile, DigitalCoinPrice had a Pangolin crypto price prediction that argued that PNG could have traded at $0.12 this year, $0.25 next year, and $0.35 the year after. By 2025, according to the site, the token could have grown to $0.45, but then dropped to $0.39 in 2026. By 2027, the forecaster said, it could have recovered to $0.54, rise to $0.77 by 2028 and close out the decade at $1.09. The site’s pangolin price prediction for 2030 suggested it could reach $1.53 and then rally to $2.09 in 2031.
Finally, WalletInvestor made a far more bearish and bearish PNG price prediction. It indicated that the token had a tough 12 months ahead of it. The website said that by October 6, 2023, the pangolin price could have fallen to as little as $0.00752.
When looking at a PNG token price prediction, it’s important to remember that cryptocurrency markets remain extremely volatile, making it difficult to accurately predict the price of a coin or token in a matter of hours, and even more difficult to provide long-term estimates. Therefore, analysts and algorithm-based forecasters can and will get their predictions wrong.
If you are considering investing in cryptocurrency tokens, we recommend that you always do your own research. View the latest market trends, news, technical and fundamental analysis and expert opinion before making an investment decision. Remember that past performance is no guarantee of future returns. And never trade with money you cannot afford to lose.
frequently asked Questions
Is pangolin a good investment?
It’s difficult to say. A lot will depend on how many people claim it based on its Coinbase listing and how the PSB token performs.
Remember that you should always do your own thorough research before making any investment. Whether the Pangolin token is a suitable investment for you depends on your risk tolerance and how much you want to invest. Keep in mind that even large cap cryptocurrencies have proven susceptible to bear markets. So investors should be prepared to take losses and never buy more than they can afford to lose.
Will pangolin rise or fall?
It’s difficult to say. While sites like DigitalCoinPrice are optimistic about Pangolin’s chances, sites like WalletInvestor are far more bleak. It is important to remember that price predictions very often turn out to be wrong and that prices can go down as well as up.
In volatile cryptocurrency markets, it’s important to do your own research on a coin or token to determine if it’s a good fit for your investment portfolio. Whether PNG is a suitable investment for you depends, among other things, on your risk appetite and the level of your investment intentions. Remember that past performance is no guarantee of future returns. And never invest money that you cannot afford to lose.
Should I Invest in Pangolin?
Pangolin is a token used to run a decentralized exchange, so every decision you make will depend on how much research you do in that particular sector.
Ultimately, whether you should invest in pangolin is a question you must answer for yourself. Before doing so, however, you must do your own research and never invest more money than you can afford to lose, as prices can go down as well as up.
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