Ana Sullivan

Mybit Token (MYB) On The Rise — Current Value is $3.49, What Are The Price Predictions

by Ana Sullivan May 28, 2018

 

The value of the MyBit Token (MYB) has increased rapidly in the last few days to the value of $3.49. Our article examines the reason for this price increase along with the current price predictions.

Mybit Token (MYB) Overview and Performance

The Mybit token is a newly proposed blockchain project that aims to become an advanced IoT (Internet of Things) investment ecosystem. According to the whitepaper one of the major reasons for its adoption and use is the proposed prediction that by 2025 50 billon IoT devices will generate 11.1$ in revenue. Based on this assumption the developers of the Mybit token have devised an overall platform that can be used for asset trading and investing.

By itself the platform is based of two components: DApp which is a decentralized investment platform and MYDAX which is the relevant exchange.

Mybit Token (MYB) Performance and Price Predictions

The MyBit token operations are funded via an initial token sale which concluded in 2017 with a total contribute of 10.044 Ethereum. As a result 101.039.183.84447 MYB tokens were released to the public. A substantial part of them (78,960,816.155527 MYB to be exact), its retained by the developers team to be used for future operations. An integrated part of the strategy is to charge a 1% fee for all assets that are funded over the investment platform. The blockchain platform plans to create a service that allows users to freely trade digital assets and provide a potentially valuable asset for investment purposes. Reports state that owning 0.1% of the circulating tokens supply can give investors a 1/1000 of the 2% transaction fees per month.

However this does carry a substantial risk due to the fact that the token has not stabilized itself. At the moment its value has been driven up primarily by investors which create many buying and selling orders. This creates a spike in the market orders and drives the token sales.

According to the community reports it appears that there are substantial doubts about the team's ability to create a complete product. Apart from the price pump the team has not been able to create a growing following of users. The lack of marketing efforts is a severe weakness that can bring it further down when compared with competitor projects

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