The price of Kin, a cryptocurrency aimed at becoming the digital cash powering the “Code” cryptocurrency wallet, remains uncertain according to analysts. At the time of writing, Kin’s total market capitalization sits at just $60 million, a seemingly low valuation given the project’s ambitious goal of making Code the most widely used crypto wallet worldwide with billions of users.
“Predicting cryptocurrency prices is incredibly difficult, as the market is highly speculative and impacted by countless variables outside any single project’s control,” explained crypto analyst Michael Roberts. “However, Kin’s current $60 million market cap does seem surprisingly low if the Code team achieves their vision of onboarding billions to their wallet and ecosystem.”
The Kin price has only increased slowly in recent months, even as some arguably overhyped and controversial projects like certain Solana-based meme tokens surged to billion-dollar valuations before crashing back down.
Kin proponents are hoping that as the Code wallet’s planned Android version rolls out to a wider user base, speculation could increase around Kin’s potential to facilitate widespread peer-to-peer digital cash transfers.
“If Code does indeed become a killer app in crypto with billions of users using it to send value globally, Kin being the base currency for that system means it arguably should have a market cap well into the billions itself,” James added. “But there’s still an awful lot of work to do to make that a reality.”
Only time will tell if Kin can live up to its lofty ambitions and translate its utility into meaningful price appreciation. For now, the market remains unconvinced of the cryptocurrency’s short-term prospects.
Support KinPress by donating with Code Wallet