Klaytn Price Outlook: KLAY Investors Looking Forward to 30% Uptick in Coming Weeks?

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Despite the bearish performance of Klaytn, KLAY investors are hoping for a 30% uptick in its price—the release of Klaytn 1.11.0 bolsters that optimism.

Klaytn 1.11.0 is a hard fork upgrade that changes the original network’s backward compatibility. It also upgrades all the Baobab nodes to v1.11.0 or higher and implements features similar to Ethereum’s Shanghai network.

Klaytn v1.11.0 is now released. Dive into the major hardfork upgrade, new APIs, and many optimizations. A thread 🧵👇#buildonklaytn pic.twitter.com/b1nomJdJ8v

— Klaytn Developers (@BuildonKlaytn) August 14, 2023

Will the latest update bring a bullish wave for this green crypto, or should investors pay attention to another green asset – XRP20?

Klaytn’s Performance Bearish Since Last Month

Looking at the one-month price chart for Klaytn, it is easy to see the lack of investor interest in this token. The Klaytn price has experienced an 11.05% monthly decline.

The token has also experienced a marginal drop of 0.5% in the last 24 hours. At 4:50 am EST, KLAY was valued at $0.15, with a marginal decline of 0.8% in its market capitalization and a steep 17.8% increase in the tokens’ trading volume.

What is Klaytn?

Launched in June 2019, Klaytn is a public blockchain focusing on creative facets of Web 3, including metaverse, GameFi, and the creative economy. It is one of the leading blockchains in South Korea and has now started to expand on an international scale.

Powering Klaytn is its native token KLAY. This digital asset fuels and secures the Klaytn protocol. There are 10 billion KLAY coins in total and 2.6 billion in circulation.

The platform’s essential utility is its simplification of Metaverse building. The project offers an end-to-end metaverse package bundled with customized L2 solutions, brilliant contract libraries, SDKs, wallets, chain explorers, oracles, bridges, and UPGS solutions. The platform also offers stablecoin integration, trade interface, and NFT marketplace services.

Klaytn’s Price Performance To Date

These factors created an inclusive ecosystem for Klaytn, allowing KLAY to gain ground during 2021’s bull run and hit its peak – $4.1. The token’s value subsequently retraced due to the onset of crypto winter in 2022. And the lack of any significant development pushed its value further down in 2023.

Klaytn was one of the few tokens that couldn’t ride the wave of Bitcoin’s early 2023 surge and has traded between $0.25 and $0.15 since the beginning of this year.

However, Klaytn has tried to bolster community interest since February 2023 by releasing a new roadmap.

📣 Klaytn's 2023 Vision Map 🌱

We envision #Klaytn to become the public foundational layer for tomorrow's on-chain world as we work on our mission to build a better world through #blockchain technology 🦾

Read more: https://t.co/imtzmNWdhl

— Klaytn (@klaytn_official) February 27, 2023

This roadmap highlights the moves it intends to take this year to achieve mass adoption. It states, “Making a better world through blockchain” as Klaytn’s primary mission. It has introduced a “Mass Adoption Trifecta” that it seeks to achieve by introducing sound tokenomics, DAO, and seamless onboarding.

Klaytn Price Analysis

Klaytn has been following a downtrend since it painted a massive green on the candle charts on July 13.

However, the token’s performance was stable since it traded in the green zone on August 5. Ever since then, the KLAY price has been moving slightly upwards. But the upward angle is low, and some volatility remains.

From a technical perspective, KLAY’s RSI is closer to the oversold zone, and its MACD is negative, indicating a bearish sentiment around this asset.

Hourly charts are even more volatile. Even though there has been a 0.6% increase in the last 11 hours, the token’s momentum doesn’t inspire confidence.

Therefore, it is unlikely that Klaytn will experience any uptick at the scale currently stated by some investors.

Klaytn Alternative – XRP20

XRP20 is an Ethereum-based token with no relation to XRP but with more community-centric tokenomics and simple earning mechanics. XRP20 intends to broaden the XRP army to appeal to retail investors.

XRP20 is following XRP’s tokenomics to piggyback on its current relevance and to give investors a chance to participate in a possible bull run. It states on the official whitepaper that even if it touches the $0.0026 mark, which is XRP’s all-time low, that will make 30x gains for those who invest early.

At press time, XRP20 is available at $0.000092 via presale, which has already raised more than $2.5 million and is inching closer to its hard cap of $3.7 million.

https://twitter.com/XRP20T0KEN/status/1690663354656796673?s=20

The token’s simple fundamentals combined with the current interest in speculative assets have led many investors to say it might reach 10x once it lands on cryptocurrency exchanges.