Following a recent surge in the past day, $MINA has caught the attention of the crypto community once again. So what’s the latest Mina Protocol price prediction being made as of 11 July 2023? Let’s ask the analysts.
What is MINA?
Consider having a library with thousands of books that you want to share. Instead of physically carrying the entire library, imagine having a special book called Mina that contains a compressed summary of all the books in the library. This magic book allows you to invite others to the library and provide them with a small proof that confirms if a specific book is present, without revealing any details about the book itself. With Mina, sharing the library becomes easier, privacy is maintained, and scalability is achieved by minimising the resources needed to access and validate the library’s contents.
In this analogy, the entire library refers to blockchains such as Bitcoin, Ethereum etc while each book in the library represents a transaction.
Joining blockchains often requires users to verify the entire transaction history of the network’s consensus, which can be a time-consuming and computationally intensive process. For example, Bitcoin’s size currently stands at 494 gigabytes, while Ethereum’s size is 1,081 gigabytes, and these figures will keep growing rapidly. As a result, this creates significant barriers to entry, hampers scalability, and raises concerns about decentralisation.
Previously known as Coda Protocol, Mina addresses these challenges by providing the ‘lightest’ blockchain. Its blockchain remains in a constant size of 22 kilobytes, thereby making it easy for anyone to sync and join the network. It is able to achieve this by using the Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge (zk-SNARKs).
Rather than each participant independently verifying past transactions, Mina Protocol facilitates collaboration within the network to generate proofs of transaction correctness (zk-SNARKs). These proofs are then shared across the network. As a result, end users no longer need to rely on intermediaries for accurate ledger information. Instead, they receive both the ledger’s state and a zk-SNARK, providing cryptographic assurance of the state’s accuracy.
There are three groups of participants that collaborate to generate Zk-proofs. They are:
Verifiers: They download and verify lightweight zk-SNARKs to ensure the validity of the blockchain’s state. They can request Merkle paths to specific parts of the state they care about.
Block Producers: They create new blocks and select transactions to include. They must include zk-SNARK proofs for previously added transactions to maintain blockchain succinctness.
Snarkers: They specialise in producing efficient zk-SNARK proofs for transaction verification. They post bids for their work and receive fees when their SNARKs are included in blocks.
Why did MINA coin crash?
The MINA coin price declined by more than 85% in 2022 following the heavy market correction after the 2021 bull run.
Its downward spiral was further amplified by the implosion of FTX exchange. These factors saw it close 2022 at $0.4339.
MINA crypto news
MINA is currently on an upward trajectory. It has gained 6% in the last 24 hours after the BTC/MINA pair went live on Upbit, Korea’s largest cryptocurrency exchange. Its trading volume has similarly shot up by 940% in the same timeframe, with more than $74,004,703 worth of MINA changing hands across exchanges.
Mina protocol has been proactive in terms of the ecosystem’s development. On 10 April, the Mina Foundation announced 14 zkApp and 12 Dev4Dev project proposals that received funding from zkIgnite Cohort 1.
MINA price history
MINA is the native cryptocurrency of Mina Protocol. It was introduced via an Initial Coin Offering (ICO) in April 2021 where early investors were able to purchase at $0.25 per token.
In May 2021, MINA price spiked to $9.90 before plummeting to a low of $2.76 shortly after listing on exchanges. By the end of the day, it closed at $3.45. Over the following months, Mina’s price continued to decline, reaching a low point of $1.06 on 12 July.
From August 2021 onwards, Mina’s price began exhibiting more significant fluctuations. It gradually increased throughout September, briefly peaking at $5.12 on 6 September. However, the price remained relatively volatile, fluctuating between $4 and $5 in the subsequent weeks.
November 2021 marked another significant surge for Mina, with the price reaching a high of $6.57 on 8 November. Afterward, the price fluctuated between $3 and $4 until the end of the year.
In early 2022, Mina experienced a drop below $3 and remained relatively stable, fluctuating between $1 and $2 until April. On 4 April, the price surged once again, reaching a high of $2.78. From April to June 2022, Mina’s price fluctuated between $0.60 and $0.85.
Throughout the following months, MINA’s price experienced various fluctuations but generally remained at relatively low levels, ranging from $0.40 to $0.80 from October 2022 till date.
Currently, MINA price stands at $0.47 – 95% down from its all time high but almost 2x of ICO price. Despite its bumpy ride on the chart, MINA remains popular among traders as is evidenced in the 241,481 watchlists which it is present in. These traders are particularly interested in its future price movement, especially because of its unique features which it widely touts as an improvement on Bitcoin and Ethereum. Will MINA measure up to expectations? And what is MINA coin price prediction for 2023, 2025 and beyond ?
Let’s find out what analysts think.
MINA price prediction round-up
Cryptonewsz’s predictions for the price of MINA in the coming years suggest a positive trajectory. In 2023, the projected range for MINA is between $0.58 and $1.2, with an average trading price of approximately $0.78. Moving into 2024, Mina is expected to experience significant growth, with a maximum price potential of $2.35. By 2025, the projected range for MINA is $1.55 to $3.
Looking further ahead, in 2026, MINA could potentially reach a maximum price of $3.90 and $4.15 a year later. The upward movement is expected to go into 2028, with an estimated price of $5 while in 2029, MINA price is expected to range between $4.80 to $6.10. Finally, in 2030, Mina has the potential to rally towards $7, but an average price of $6.1 and a bottom-out at $5.4 are also possible outcomes.
DigitalCoinPrice suggests a positive price outlook for MINA over the projected years. The average price, which serves as a key indicator, shows a consistent upward trend. In 2023, the MINA price is expected to be around $0.90, with a minimum price of $0.42 and a maximum price of $1.02. This indicates a potential increase from the current levels. Moving into 2024, it is projected to rise further to approximately $1.10. After some relative stability, MINA price is expected to reach $1.62 by 2025. In 2026 and 2027, the average price is expected to remain at approximately $2.10, indicating a period of consolidation. This suggests that the market may have reached a certain level of maturity and investors are maintaining confidence in Mina. Looking ahead, the average price is projected to reach $2.54 in 2028, $3.40 in 2029, and $4.78 in 2030. These figures suggest a consistent upward trajectory for Mina’s price. In 2031 and 2032, the average price is estimated to reach $6.66 and $9.04, respectively, indicating substantial growth potential for Mina.
Starting in 2023, PricePrediction’s average price of MINA is expected to hover around $0.53, reflecting a stable price range. The minimum price is estimated at $0.51, while the maximum price is anticipated to reach $0.59. Moving forward to 2024, the average price is projected to increase to approximately $0.75. This upward movement aligns with MINA coin’s potential for expansion, as indicated by the minimum price of $0.73 and the maximum price of $0.90.
In 2026, it is estimated to reach approximately $1.64, while in 2027, it may ascend to around $2.31. These figures indicate a period of steady growth and increasing confidence in the Mina project.
The forecast for 2029 places the average price at $5.16, highlighting a continued upward trend. By 2030, the average price is expected to reach $7.50.
Finally, MINA is projected to hit $11.01 in 2031 and $16.31 in 2032.
Starting from 2023, Bitnation predicts a MINA price of around $0.70. However, as we progress to 2024,it is projected to rise to approximately $1.16, reflecting a substantial percentage increase of about 66%. Looking ahead to 2030, MINA price is forecasted to be approximately $3.96. This positive trend continues, with a price projection of $4.42 in 2031, representing a percentage increase of approximately 12% from the 2030 forecast.
FAQs
How high can Mina crypto go?
PricePrediction is the most optimistic in its projections for MINA. It forecasts that MINA will reach $16.31 in 2032. It is however essential to bear in mind that this projection is only based on historical data and they are subject to market volatility and external factors. Investors should conduct thorough research before making decisions.
Can Mina Protocol reach $100?
Given Mina’s current price and the projected trajectory of its growth over the years, setting expectations at $100 may be overly optimistic. While it is not impossible for Mina to experience such substantial growth, it is essential to consider historical trends, market conditions, and other factors that can impact its price.
Is Mina a good investment?
Mina’s use case is quite unique in the industry. It has followed up on this with solid development efforts, listings and partnerships in the industry. Going by this, MINA can be said to have enormous growth potential. It is however important to apply proper risk management and conduct thorough research when deciding.
