Since the beginning of 2022, a bear market come upon the stock and crypto markets. Bitcoin crashed more than 50% from it’s all time high and other cryptocurrencies saw even a 90% drop from their all time high – or even more.
Despite the bear market, there are still some cryptocurrencies that thrive – even when everything else crumbles near them. And Wirex Token might be the next cryptocurrency to do so.
What is Wirex Token (WXT)
Wirex token is the Wirex app’s utility token. Wirex app powers an amazing cryptocurrency debit card – where you could also get a small bit of a cashback. Unlike their competitors, you don’t need to block your WXT for a large period of time in order to obtain benefits. Having an Elite Membership on Wirex app makes you eligible to get 12% APR on your staked Wirex token. And, the cashback offered to you when using the Wirex debit card will be offered in WXT. The utility of Wirex token was pretty low, until recently – when the tipping point for Wirex took place.
The WXT tipping point
Major cryptocurrencies like BNB, ETH and AVAX saw a massive increase in price after many DeFi protocols and projects started to be born on their EVM compatible chains. Adding DeFi to an already existing cryptocurrency with lower utility improved the price of the cryptocurrnecy, the community and the overall sentiment about the project. And this is just the beginning for WXT.
On 7 December 2021, Wirex published a new whitepaper & Nereus protocol plans. WXT Price at that point: $0.0041
But Nereus was made live in February 24th, 2022. WXT Price at that point: $0.0036
Wirex also announced the launch of it’s own algorithmic stablecoin – NXUSD. As per the CEO’s description, NXUSD is
NXUSD is an ERC-20 standard token on the Avalanche blockchain sitting at the forefront of innovation in the DeFi 2.0 era. Following recent market changes, Nereus has ensured that NXUSD is fully collateralized, which uses the tokens WBTC, WETH, AVAX, DAI as collateral to mint NXUSD and maintain its price.
These news were made live 6 days ago, and the current WXT price is now $0.01247
Adding DeFi to Wirex ecosystem was the best decision that the Wirex team had. WXT price increased more than 250% – in a period when BTC and ETH were crashing hard.
Below is the current WXT performance:
As you may see, the token price increased 110% from what it was 1 year ago, but it also had a dip where you could have bought it around $0.004 and get a 250% YTD profit. But we don’t believe this is the end of Wirex’s crushing performance. Actually, this is only the start of it.
Wirex Token (WXT) Price Prediction – How much can the WXT price increase In 2022?
Firstly, let’s analyze some of the TradingView traders, which made a technical analysis on the WXT price prediction.
1. OpenBlock posted a chart on June 2nd, 2022. He claimed WXT price should increase in the next following days, and he was right. You can see below how he accurately predicted a 20% increase in price, claiming that
After a clean bounce off the fibs, we can see an increasing buying pressure. Therefore, the chances of a re-test of the top of the range become very high.
2. TradingShoy analyzed the WXT price on a large spectrum. As he noticed, WXT price has been on rise since March 15 and even more this week. During this period, it broke the 1D MA50 line, the 1D MA200 line and had a crushing performance In his graph, we can see that the expected WXT price based on his predictions could be as up as $0.042. But that would take some time.
3) NaveenDsouza also noticed the latest WXT uptrend in price. In his post, he claims a head and shoulder pattern is forming on WXT, and there may be some good profits to be made.
4) AmarPearson also show us that WXT is one of the best performing assets of 2022. There’s a resistance at $0.014 – but if that’s broke, we might see some fireworks for the WXT price.
5) Finally, a more old research by Cryptolistica shows that WXT long term price predictions can be made. They don’t mention what TA or FA analysis was made on it, but they claim the WXT price can even reach $0.20 given a long enough timeframe. We’ve seen it going from $0.006 to $0.04 – but this might only be the start for WXT.
What can you do with WXT token? What is the WXT token utility?
To understood more about this, we had to read the Wirex whitepaper. So, we’ve made a small list with all of the things you can use WXT token on:
- Discount on Fees – You can get up to a 100% discount on Wirex Fees (depends on the number of WXT held), for the following: exchange fees, monthly management fees, bank transfer fees, Top up via credit or debit card, ATM fees, token hosting fees, blockchain transfer fees. You need 500,000 WXT for a 100% fee discount, 100,000 WXT for a 50% fee discount or a 50,000 WXT for a 25% fee discount.
- Cashback based on the number of WXT that you have – 0.75% for 50,000 WXT, 1% for 100,000 WXT, 1.50% for 500,000 WXT.
- Dedicated support line
- Concierge service
- Airport lounge access
- Access to new features earlier than normal users
- Multiple IBANs per legal entity ( For business)
- No transaction limit ( For business)
- Unlimited users per organisation ( For Business)
- DeFi ecosystem – Most importantly, you can use the WXT token in their DeFi ecosystem, which is among the fastest growing ones in 2022.
What would be a decent WXT price prediction for 2022?
We’ve read a lot about this, and based on everyone’s opinions, the current market, the WXT token evolution – we believe that the WXT token has a chance to reach at least $0.05 in 2022, a 400% increase from here .
In the case in which the market recovers, the WXT price prediction would be $0.12 at least, which is currently almost 1000% from the price. This is not so much given the fact that cryptocurrencies like BNB and ETH spiked over 2000% in price after DeFi became a major factor on their blockchains.
Can WXT price reach $1 ?
Wirex token has a 10 billion supply, which means that they would have a 10 billion market cap if the price would reach $1. This would be similar to CRO reaching $0.50, which happen in the past.
There are many terms however that influence such a price:
– A growing, with good APR DeFi ecosystem
– More utility for Wirex token
– A good bull market
– A bigger userbase on Wirex ecosystem – Wirex declared they have around 2 Million users a few months ago. Crypto.com have around 50 million users.
There’s a small possibility for the Wirex token to reach $1, but this would take a lot of time.
Based on the estimations, here are the following price prediction for WXT.
– WXT price prediction for 2022: $0.08- $0.12
– WXT price prediction for 2023: $0.08 – $0.24
– WXT price prediction for 2024: $0.2 -$0.8
– WXT price prediction for 2025:$0.7- $1 +
This is not a financial advice, the following prices above are pure speculations made by our team and you should not take financial advice from strangers. You can also read our Wirex card review, which would help you better understand the Wirex ecosystem.
We’ve also made a Wirex vs Crypto.com comparison, which you’re more than free to check it out.
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