Dragonchain (DRGN) Price Prediction 2020-2025 - Should You Buy It Now?

Apr 30, 2020 0
Dragonchain (DRGN) Price Prediction 2020-2025 - Should You Buy It Now?

Dragonchain is a blockchain-based ecosystem that allows developers to create their decentralized applications on top of it. So functionality-wise it's quite alright to compare Dragonchain with Ethereum, EOS, and other similar projects although there are several differences in place. For example, unlike Ethereum, this network is partly public. There is a portion of data that is not available for a public eye. Another serious difference from the main Dragonchain rivals Ethereum is that the developers choosing Dragonchain can use any code they like (Python, Java, C++, etc) while the Ethereum opportunities are limited to the use of the Solidity programming language.

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The platform secures the business data and regulates access to it in accordance with the needs of its users. The users of Dragonchain are free to create their own smart contracts or they may opt to use already written smart contracts. The latter can be found in the library. Besides the functionality associated with DApps and smart contracts, the users can run nodes and participate in voting to influence the further development of the project. The open-source code is kept in constant development by the Dragonchain Foundation.

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The consensus in the Dragonchain network is achieved via the Dragon Net algorithm. The independent nodes operated by the Dragonchain users and third-party partners participate in the validation of the network activity. The most sensitive information is validated on the separate private node operated by the core team members. Nodes contain different portions of the entire Dragonchain traffic. This innovative approach sets the potential for limitless scalability. The developers of the applications are free to choose if the data associated with their products will be kept openly or privately.

The ecosystem token called Dragon (DRGN) is used as fuel. It is listed on a number of cryptocurrency exchanges including KuCoin, IDEX, Gate.io, Bittrex, Fatbtc, Bancor Network, Tidex, and several others. Some refer to DRGN as a kind of a license to intellectual property stored on the blockchain.

  1. Dragonchain History
  2. DRGN Past Performance
  3. Price Prediction

“This groundbreaking partnership bridges the digital divide in inner-cities. Dragonchain provides real enterprise business solutions. Combined with our unique high-performance edge computing, storage, and security technology, we are creating an exclusive capability.”

Jeremy Diamond, MetroEDGE COO

Dragonchain History

The Dragonchain platform was initialized in 2014. At that time it was known as the Disney Private Blockchain Platform. The company has the main office in Seattle, WA, the USA. In 2016 the source code was made available for the public. The Dragonchain Foundation is headed by Joe Roets who created this foundation. As a result of a DRGN token sale conducted in 2017, the company has raised around $13 million.

Dragonchain can boast several successful use cases. For example, Dragon Factor identity service provides the authentication tools to the users of the Centricity company that works with dozens of thousands of farms as a supply chain management link. Charity and donations management company M2030 is using Dragonchain services to raise money to fight malaria. Other charity organizations are partners of Dragonchain, too. Moreover, there's a Learning Management System (or Dragonchain Academy) developed by Dragonchain. Besides these use cases, the company created several other services that were used during the testing period of the platform.

DRGN Past Performance

At the moment of writing this article (February 25, 2020), the price of DRGN slightly surpasses $0.06. The market capitalization of the currency is $14,463,431 (the source is CoinMarketCap). When DRGN was released to the market in December 2017 its price was $0.26. In the course of just two weeks, it crossed the mark of $1. It took somewhat about one month for DRGN to reach an all-time high price of $5.12 for 1 Dragon. The capitalization at that point was equal to $1,133,257,628.

January 2018

After the peak moment of $5 for 1 Dragon, the price started to decline and by March it dropped to less than one dollar. At the end of the month, it reached the value close to today's price of DRGN token (roughly $0.06). Another growth of price took place in the second half of April when the value has risen to almost $1.5 for 1 DRGN. However, in May the positive trend hasn't continued and the price began to decrease again. By the end of the year, DRGN traded at the $0.08 - $1 level. The market capitalization of Dragon at that time was fluctuating around $22 million.

December 2018

April of 2019 was a short period of DRGN trading for around $1 but the price failed to persist and slid down again. In May the market cap started at times to drop below the mark of $20 million. During the next months, the market capitalization was moving both up and down in relation to the level of $20 million. Most of the period of September 2019 — January 2020 the market cap of Dragon was below $10 million and the situation began to improve in February.

Winter 2020

It's not hard to see that after the fast growth and decline of the price at the very beginning the rest of the journey wasn't very rewarding for the investors. Most cryptocurrencies experience a significant increase in price after listing on the popular exchanges. That's exactly what happened to DRGN in December 2017 — January 2018. The coin went through a series of listings: in December alone Dragon was listed on IDEX, Fatbtc, and KuCoin. The next month DRGN was made available for trading on Gate.io and Bancor Network. So it appears that at the start Dragons became available both for those who rely on decentralized exchanges and those who prefer the advantages of centralized ones. Of course, this effect couldn't last forever.

ATH

Moreover, there was another circumstance that only worsened the situation for DRGN. The euphoria provoked by the crypto market bull run of late 2017 — early 2018 has finished abruptly. In the wake of this, the prices of many currencies have nosedived and Dragonchain wasn't an exclusion. A parade of listings has ended by February of 2018. At the very same time, the entire crypto market lost a significant portion of its capitalization and many people became less enthusiastic about trading crypto. These factors combined explain the fast decline of the Dragon price by the spring of 2018.

The price didn't perform very well in the next years because there were no such huge events as a series of listings or a drastic rise in the value of the entire cryptocurrency market. In January 2019, DRGN was added to the Bittrex exchange. However, it hasn't affected the price. It has nothing to do with the quality of the Dragonchain platform itself which is still active and has plans for further development.

Price Prediction

Aside from the Dragon exchange rate, the Dragonchain project itself is quite promising so there are all reasons to believe that if the development keeps going, the market performance of DRGN will improve. All this time the dev team has been successful in achieving every point of the roadmap on time.

The Global Blockchain Platforms Market names Dragonchain one of the key vendors alongside Microsoft, Oracle and IBM and predict the rise of the project in 2020 - 2026. Moreover, despite the misadventures of the token price in recent years, there is still strong support for Dragonchain from the community and the cryptocurrency industry.

2020

These days Dragonchain has an operational interchain with BTC, ETH, BNB, and ETC. And that's not all the news that people will learn this year. There's a growth of interest in the project. By the end of 2020, the price may hit $1 for one DRGN. If the coin gets listed on several exchanges more, this forecast will be more likely to be true.

2023

As the development of the project will continue, we believe DRGN will be listed on several more exchanges. This demand exists even today and there are all reasons to believe that in the future this demand will only increase. As Binance Coin is already interchain with Dragonchain, the inclusion of Dragons to the Binance list seems to be a natural move. Nevertheless, besides Binance, there are lots of other huge exchanges that will increase the DRGN price in the course of listing this coin.

In the next few years, (almost) each time when the coin will be added to the lists, its price will grow to some extent and then experience a correction. We forecast that by the end of 2023 after the series of ups and downs the price of DRGN will reach at least $1.6.

2025

It's quite hard to predict the exact trajectory of the DRGN price for 2025 as the plans of the company are not clear for that period and there is not much info that can serve as a basis for such a prediction.

Considering how consistent and comprehensive the team's work has been all this time and how much dedication the Dragonchain community has been showing, we believe that the price of the coin won't drop by 2025. Moreover, the anticipation of the 2024 Bitcoin mining reward halving might trigger the rise of the entire cryptocurrency market. So by the end of 2025, the DRGN price is likely to reach $1.8 mark.

The opinions and assessments expressed in the text are the views of the author of the article and may not represent the position of Cryptogeek. Do not forget that investing in cryptocurrencies and trading on the exchange is associated with risk. Before making decisions, be sure to do your own research on the market and the products you are interested in.


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