OCEAN coin price prediction: Is it a good investment?

Author: Peter Henn

Ocean Protocol had an interesting 2021, but what are the OCEAN coin price predictions for 2022?

A series of black dots on a white background that form the OCEAN coin logo
The OCEAN coin logo – Photo: Shutterstock
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OCEAN coin is an interesting token that aims to transform the world of data and data privacy. Let’s take a look and see what it has done, and what it might do in the future.

Before we dive into the OCEAN coin price prediction, it is important to understand what the coin offers. 

OCEAN coin is an ERC-20 token and the native crypto token on the Ocean Protocol, which is based on the Ethereum blockchain. It allows data owners to capitalise on digital assets without having to compromise their security or give up control over them.

Users can create a decentralised marketplace that records what data is there, who owns it, and who shares and exchanges it. Rather than relying on a traditional bidding system, it uses liquidity pools to allow trades to be settled through a range of smart contracts.

The protocol’s significance was shown in June 2021, when the World Economic Forum awarded it the status of Technology Pioneer.

The OCEAN coin itself can be used in several ways:

  • as a stake in the system’s market

  • as a means of participating in the protocol’s governance

  • to buy and sell tokens that allow safe access to data

  • to vote on the funding of proposals made to the decentralised autonomous organisation that backs the network.

According to CoinMarketCap, there are currently over 613 million OCEAN tokens in circulation, which represents approximately 43% of the total 1,410,000,000 finite supply. As of 4 February, its market capitalisation stands at almost $349m.

The final coins are expected to be issued sometime around 2070, although a billion of them should be available by early 2031. The slower, later releases of the token might have an impact on an analyst’s Ocean Protocol price prediction.

OCEAN coin was launched in 2017. At launch, 20% was allocated to the project founders, 15% to buyers who spent a total of $26.8m on 160 million coins over several offerings and 5% went to the Singapore-based, non-profit Ocean Protocol Foundation, which backs the protocol. The remaining 60% was set to be released to people who would serve as keepers of the network’s nodes.

From the Ocean Protocol white paper

The “Ocean Protocol: Tools for the Web3 Data Economy” technical white paper is 44 pages long and was published on 9 December 2020.

The document outlines its current aim to “spread the benefits of AI by equalising the opportunity to access and monetise data”.

According to the document, Ocean Protocol accomplishes this by: “creating simple tools to publish data and consume data as decentralised data tokens. Data tokens interoperate with ERC20 wallets, exchanges, DAOs and more. This data may be held on-premise to preserve privacy.”

Additionally, Ocean has tools for data marketplaces. They have implemented these tools as: “Solidity code running on Ethereum Mainnet; as Python and JavaScript/React libraries to ease higher-level integration; and as a community data marketplace web application”.

Commenting on the protocol's wider development, the white paper goes on to say: “These tools are encapsulated in a broader system design for the long-term growth of an open, permissionless data economy. The Data Farming program incentivises a supply of data. OceanDAO funds software development, outreach, and more. OceanDAO will be funded by revenue from apps and services in the Ocean data ecosystem, Ocean network rewards, and Ocean Protocol Foundation.”

Past performance

While prior performance is no indicator of future results, and an OCEAN coin price prediction should not be based entirely upon it, it is still worth reviewing the token’s price history.

When OCEAN coin first started being traded publicly on crypto exchanges in the middle of 2019 it was valued somewhere between $0.02 and $0.035.

It dropped below $0.02 in late November 2019 before briefly breaking through the $0.04 barrier the following month.

On 23 February 2020, it rose above $0.07, but then fell in March, dropping to around $0.026 in the middle of the month as the Covid-19 pandemic began to affect most markets.

By 9 July, OCEAN had made a strong enough recovery to reach $0.10 for the first time, and the next few months showed some significant growth. On 18 August it closed the day at $0.59, but by early September it was back down to $0.32. 

KuCoin exchange hacked

It stayed around this range for a while. Then, in late September 2020, disaster struck. As reported by Nasdaq, the KuCoin exchange was hacked in the biggest raid of the year and cryptocurrency worth $150m was stolen.

The hacker tried to sell more than $8m worth of OCEAN coin, but a hard fork, which came in after the coin’s price dropped to $0.23, meant that only $120,000 worth was stolen.

The hard fork was good news for the token’s value and, in early November 2020, OCEAN briefly broke through the $0.50 barrier before settling back down to end the month at around $0.40.

Crypto was in a positive place across the board in early 2021 and OCEAN benefitted from the growth in the market. On 21 February the coin closed the day at $1.26. That price was not immediately sustainable, though, and it dropped back to just under $0.84 on 28 February.

It recovered quickly, however, bouncing back to $1.49 on 7 March, a rise of about 77% in a week. Some peaks and troughs followed before it closed at $1.62 on 21 March. Then it dropped to just below $1.21 on 25 March before making another rally to hit an all-time high of $1.94 on 10 April. But by 25 April, it was back at $1.04.

The markets were strong at the start of May and OCEAN coin went back to $1.52 on 9 May. In the late-May crypto crash, however, OCEAN lost more than 67% of its value, and by 23 May the price stood at $0.50.

Although it recovered slightly to reach an intraday high of $0.75 on 3 June, it dipped again and hit an intraday low of $0.46 on 12 June. On 20 July, it dropped to $0.34 but then climbed again in the next two months to reach $0.98 on 5 September. On 28 October, the price was trading at roughly $0.83, but by 30 November things looked optimistic, and it was trading at a seven-month high at $1.28. 

Over the course of December, the coin was on a general downtrend and by 1 January 2022, the coin was worth $0.83. Speculators suggest that this may be down to multiple changes in an already volatile market, but mainly that Omicron fears still dominated investors’ minds in wider global markets. There was also reduced investor confidence as a result of the tumbling value of bitcoin and other major cryptocurrencies, and advancing state regulation contributed to the bearish market activity.

The general decline continued throughout January, and by 4 February, the coin was worth around $0.57. 

OCEAN/USD price history

Date Close Change Chg% Open Min. Max.
2022-09-30 0.718 -0.0138 -1.89 0.7318 0.7166 0.7327
2022-09-30 0.7329 0.0169 2.36 0.716 0.7008 0.742
2022-09-30 0.7155 0.0015 0.21 0.714 0.7117 0.7585
2022-09-30 0.7135 -0.0113 -1.56 0.7248 0.6933 0.7316
2022-09-30 0.725 -0.0622 -7.90 0.7872 0.7168 0.8241
2022-09-30 0.7837 0.0169 2.20 0.7668 0.7177 0.8029
2022-09-30 0.7677 0.0343 4.68 0.7334 0.6623 0.7713
2022-09-30 0.7329 0.0127 1.76 0.7202 0.6604 0.7542
2022-09-30 0.7192 0.0356 5.21 0.6836 0.6818 0.8011
2022-09-30 0.6819 -0.0165 -2.36 0.6984 0.6364 0.7247
2022-09-30 0.7007 0.1653 30.87 0.5354 0.5288 0.7142
2022-09-30 0.5353 0.0278 5.48 0.5075 0.5037 0.5523
2022-09-30 0.5071 -0.0009 -0.18 0.508 0.4979 0.5126
2022-09-30 0.5078 0.0104 2.09 0.4974 0.4959 0.5126
2022-09-30 0.4982 0.0116 2.38 0.4866 0.4832 0.5115
2022-09-30 0.4864 0.0078 1.63 0.4786 0.4666 0.4881
2022-09-30 0.4787 0.0159 3.44 0.4628 0.4605 0.4817
2022-09-30 0.4625 0.0026 0.57 0.4599 0.4532 0.4676
2022-09-30 0.4594 0.0095 2.11 0.4499 0.4491 0.4602
2022-09-30 0.4497 0.0190 4.41 0.4307 0.4302 0.4512

That is the history, but what are people saying about the future? And how is that affecting the Ocean Protocol price prediction?

As always with investing, it is important to keep in mind that different people have different opinions, and that cryptocurrencies can be incredibly volatile.

Analysts' views

First up is Trading Beasts’ Ocean Protocol price prediction 2022, which suggests the token should reach an average price of $0.74 by December 2022. The site predicts the coin will be worth $0.63 at the end of 2023 and $0.64 towards the end of 2024.

Wallet Investor’s OCEAN coin prediction claims the token will be trading at $0.81 in 12 months’ time and gives a five-year forecast of $1.77. 

DigitalCoinPrice’s OCEAN coin price prediction for 2022 suggests the coin will be worth over $0.76 in December 2022. The same site suggests the coin will be worth an average of $0.92 in 2023; $0.95 in 2024; $1.22 in 2025; down to $1.09 in 2026 but will continue on an upward year-on-year trajectory to $2.04 by 2029.  

Finally, Gov.capital's OCEAN crypto price prediction sees an average price of well over $1.50 towards the end of the year. It suggests the coin should break the $2 barrier in February 2023. Gov.capital’s analysts have also suggested that OCEAN will break through the $10 mark by February 2026. The site gives a five-year forecast of $14.69. 

Trade Ocean to US Dollar – Ocean/USD chart

OCEAN/USD
Daily change
0.7438
Min.: 0.7166
Max.: 0.7411

FAQs

Potentially. The forecasts all seem to have some level of optimism, at least in the short term, although to what degree varies. As always, it pays to remember that predictions do not always come true and unforeseen events could reshape analysts’ projections.

It might. There have been crashes in the crypto market in recent times, but if those are just temporary blips then a steady rise might happen. However, do remember that crypto prices can go down as well as up before you invest – it is possible the price may end up doing both in future.

If you are interested in buying OCEAN coin, you can do so on Dzengi.com. Just remember to do your research and do not invest more than you can afford to lose.

Your decision to trade depends on your attitude to risk, your expertise in this market, the spread of your investment portfolio and how comfortable you feel about losing money.

Further reading

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