ICON Hype Pulse Check + Price Check
Source and for more information: Speculative Rationality - 13 Dec
13Dec: Price Speculation & Hype Roundup
With the ICON team confirming that Token unlock checks are underway and that exchange talks are taking place this is an opportune time for some lighthearted price speculation and a pulse check on hype.
Price Check
The rapid price appreciation in the crypto space over the last few months means that the value per ICX in USD terms will need to be marked at almost 2.5x pre-sale price just to keep pace with Ethereum price appreciation (ETH has gone from ~USD300 -> ~USD680). We will assume ETH price is USD680 (current at time of writing for below calculations).
Price at Pre Sale 1 ICX = 0.0004 ETH = ~USD0.12 (based on ETH price of ~USD300 at time of Pre Sale)
Price Now (If ICX trades at the same ETH ratio that it sold for at pre-sale) 1 ICX = 0.0004 ETH = ~USD0.27 (based on ETH price of ~USD680.0 at time of writing)
**HitBTC IOUs (though this is notoriously inaccurate) 1 ICX = 0.0032 ETH = ~2.2USD
What does 1x, 2x, 3x, 10x look like? (Multiples of Original ETH price VS Current USD price)
1X 0.0004 = $0.27
2X 0.0008 = $0.54
3X 0.0016 = $0.81
4X 0.0020 = $1.08
5X 0.0024 = $1.36
10x 0.0040 = $2.72
Pulse Check on Hype
The entire crypto space has undergone a meteoric rise since the time of ICON’s presale; many early ICON investors are wondering what price ICX will commence trading at. While some anxiety exists as to whether the opening price will commensurately reward early risk takers for the opportunity cost of tying up their ETH for the last few months, the overwhelming feeling in the community is that ICX is a “long hold”. We hear whispers of $2, $5, $10 and even $100 depending on the time horizon as moontalk runs wild. There is no way to know for certain how ICX will perform but let’s indulge for a moment and look at the most compelling narrative elements that ICON has going for it.
Protocol Level + Interoperability: We have seen that the biggest winners in Crypto are those that provide infrastructure level solutions, the idea is that “fat protocols” will accrue the bulk of wealth in the near to medium term. ICON is not only a smart contract protocol in the vein of Ethereum it is also solving for interoperability. Interoperability is possibly the most underpriced infrastructure level element in the crypto space. It is an inevitable development that the blockchain ecosystem needs to develop on its way to maturity, Siloed projects need to be able to communicate for a truly decentralised ecosystem to manifest. However the interoperability space is only now beginning to build serious momentum (yes, this is still very early) and ICON is one of the earliest movers. SpecR subscribes to the view that interoperability will be the next big boom in crypto and ICON has its hat firmly in the ring.
Homegrown Korean Blockchain: Korea is the epicentre of crypto trading. The country is ranked 11th in GDP and 29th in GDP per capita, but is 2nd in gross crypto trading volume and 1st in trading volume per capita. ‘Loopchain’ (the technology used for ICON) is Korea’s first blockchain to be researched and developed from the ground up. ‘theloop’, the company behind the technology is one of the very few companies publicly funded by the Korean government to create an open source project. It has gained support and some grade of affiliation with multiple Korean government factions such as Korean Financial Investment Association (KOFIA), Ministry of Science, ICT and Future Planning (MSIP) and Ministry of Future, Creation and Science (MFCS). Korea seems to have the midas touch when it comes to crypto; a listing on one of the major Korean exchanges seems to be enough to manifest meteoric price action recently (those watching the space will remember the tremendous gains IOTA achieved shortly after listing on Coinone). ICON will be one of the first Korean homegrown projects and if the Korean community takes to it even half as well as they’ve taken to foreign technology we are in for some dramatic price action.
CoinOne Cryptocurrency Exchange: One of Korea’s largest cryptocurrency exchanges is owned by ICON’s parent company Dayli Financial Group (DFG), CoinOne ranks in the top exchanges in the world in terms of daily trading volumes with $992,998,300 24H volume at time of writing. CoinOne was the first exchange to introduce Ethereum (ETH) trading and Ripple (XRP) trading in Korea and provided the close relationship to ICON via DFG, it is popularly speculated (though not confirmed) to be one of the first exchanges to list ICX.
Dayli Financial Group (DFG): DFG is the parent company of theloop, DAVinci and ICON, it is one of the largest fintech companies in Asia with 16+ companies under its corporate umbrella. It sheer size and influence in Korea and Asia plays a critical role in backing up ICON’s partnerships development in the blockchain space. This already places ICON in a rarified space within the cryptoverse, where even projects with no significant real world affiliation are capable of achieving valuations in the hundreds of millions.
Real World Partnerships: With more than 30 highly reputable real-world affiliations across universities, securities firms, banks, hospitals and insurance companies, ICON leads its school of thought that the value of blockchain is not only in its technology but in its network (perhaps moreso). We will publish more on this in the coming week as we do a deep dive on ICONs connections.
Impressive Team: From the onset ICON boasts 8 advisors, 6 Foundation Council Members, a staggering 15 staff blockchain department, 5 AI specialists and 5 other functions support staff, the team has continued to grow to be one of the largest teams in the ICO space. The exact size of the team seems to be much larger now but we are still confirming the details (tentatively we believe it to be >50 individuals working primarily on ICON).
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