What Happened to Siacoin? Is it Dead?

Siacoin (SC) is the native cryptocurrency of the Sia network and can be considered one of the most significant contributors to the decentralized finance (Defi) space. If you are considering investing in the Sia blockchain and wondering whether or not it would be a good investment or even doubtful about its returns, well, you are not alone. Take a look at this article to have an answer to all your queries.

How have Prices of Siacoin moved in the Past?

To understand the present scenario related to Siacoin, let’s look at its history.

  • Siacoin was launched at $0.00004 in August and did not see much price action for the first two years. It was at its lowest price of $0.000012621240 on Dec 28, 2015.
  • First spike in the summer of 2017 as Sia released an update titled ‘Capricorn, climbing from $0.001 on 30 April 2017 to a peak of $0.019 on 22 June 2017.
  • It reached its all-time high price of $.093 on 6 Jan 2018. Siacoin retained this price for a very short period and started its steady fall immediately.
  • There had been a consistent rise in the prices of SC since January 2021; in fact, the coin broke its resistance level in April by crossing the resistance level of $0.058.
  • However, it faced reversals, with its value again plummeting sharply until September 2021, when the coin broke the resistance level of $0.025. The rally was short-lived, though, as the currency fell to $0.013 immediately after the ascent.
  • The current price of SC as of 18 June 2022 is $.0034.

Check the price fluctuations of Siacoin since its launch at a glance in this chart.

Img Src: https://coinmarketcap.com/

What is the price prediction for Siacoin?

In terms of the future price prediction, there is enough potential for the SC to grow in the future, provided the project can expand its cloud storage space regularly. Given the disadvantages associated with the centralized storage system, Sia Platform certainly has an edge and can soon become the industry’s most sought-after cloud storage system.

  • According to the technical analysis, SC is expected to cross $0.01 in 2022.
  • As far as 2023 is concerned, the technical analysis doesn’t paint a very rosy picture for the first half of the calendar year. In the second half, the SC could cross the level of $0.016.

Issues faced by Siacoin

There are a few reasons why the price of Siacoin dropped.

  • From a technical perspective, there were many scaling issues with their mainnet and the network was extremely slow and expensive to use. As a result, users moved away from Siacoin and it was quickly forgotten.
  • At the time, even if you had 0.001 BTC worth of coins, it wasn’t enough to store any amount of data in their blockchain as it required a minimum deposit of 1000 SC (equivalent to 0.01 BTC at that time.)
  • Another reason for the drop in price is that people got tired of waiting for new features that would make it more user-friendly.
  • The main developer, Nebulous Inc., also came under pressure over concerns about the way it was managing funds, along with issues over how they were marketing the project
  • Another issue was that some users found it hard to use or configure the software.

FAQs on Siacoin

Q. Is investment in Siacoin a good idea?

The current value of SC might not enthuse investors, but there’s little doubt that the Sia platform offers a beneficial concept of decentralized cloud storage space. The project has long-term potential; as the project evolves and the community grows, the SC will gain the price momentum. The crucial thing here is to remain invested for long rather than looking to make quick money, as the latter can leave you disappointed.

Q. What are the advantages of using Siacoins?

  • The stored data is easily accessible.
  • The Sia platform also offers an efficient way of utilizing unused space.
  • Unlike the modern-day centralized data centers, which are vulnerable to data hacking and theft, the Sia platform comes with unbreakable safety and security credentials thanks to its decentralized working mechanism.  
  • The stored data is encrypted.
  • It is low-cost and easy to use.

Q. How good is Siacoin?

WalletInvestor claims Siacoin is an “awesome long-term investment.” Its Siacoin price prediction for 2022 sees SC breaking the $0.01 mark in a year, while it predicts that SC will reach $0.02 in 2023. Its five-year SC coin price prediction is $0.04.

Q. Does Siacoin have a future?

As per the predictions, it is clear that Siacoin does have a future. Every forecast is pointing toward an upward sloping of the price chart. Also, it is based on a strong concept of decentralized storage, the need for which will only increase with time.

Siacoin is one of those coins that has had good ideas that haven’t managed to translate into success, either due to bad management or other external factors.

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