$TOMO is defying the crypto market trend with its impressive rally. What's the future of TOMO token?
Key Points:
$TOMO is up over 130% year to date (YTD).
The TOMO rally hasn’t been interrupted by the market turning red over the past few days.
TomoChain is an Ethereum scaling solution offering fast transaction speeds that cost next to nothing to execute.
TomoChain ($TOMO) has gained 8% in the past 24 hours, adding to its impressive 2023 rally that has seen its price more than double. Despite choppy market conditions, $TOMO has maintained a steady up trend. But can the rally continue? Let’s take a look at this project and examine some TOMO price predictions.
What Is TOMO?
TomoChain ($TOMO) is an Ethereum scaling solution launched in 2018 by a team based in Japan, Vietnam and Singapore. The project’s main selling points are its rapid transaction speeds, low costs and decentralisation. The network is based on a proof-of-stake (PoS) system that’s maintained by 150 master nodes.
$TOMO holders are encouraged to contribute to the PoS system by delegating their $TOMO to master nodes in return for an estimated 8% APY, while master nodes receive 21% APY for staking at least 50,000 tokens. Beyond offering solid staking rewards, $TOMO is also used for governance within the TomoMasterDAO.
The TomoChain ecosystem is relatively well-developed. According to the website, they’ve partnered with dozens of projects ranging from real-world organisations such as The Vietnamese Ministry of Education and Trading to DeFi platforms like Injective ($INJ).
TOMO Price History
$TOMO has a maximum supply of 100 million, of which 94% are already in circulation, and its market capitalisation is $140 million. In late 2018 $TOMO launched at around $0.4 and quickly surged to $2. A massive crash followed the post-launch pump, and $TOMO traded below $1 until early 2021. During the 2021 bull run, it reached its all-time high of $3.8; and during the FTX collapse, it sank to $0.3.
$TOMO has recovered extremely quickly from the 2022 lows. Its price had doubled from $0.3 to $0.6 by April; in May, it broke above $1. In the last 30 days, it's grown by over 25% and now trades just below $1.5. The token has returned 400% for those that purchased it at its lowest point in late 2022.
Latest TOMO News
Although there hasn’t been one massive headline that’s driven the $TOMO rally, a series of important announcements have positively impacted the network and its ecosystem over the past six months.
TOMO Secures Coin98 Investment
In late May, the TomoChain team announced that they’d secured strategic funding from Coin98 and that the Coin98 DeFi wallet would be integrated with the TomoChain blockchain. TomoChain developers said the funding would allow them to improve the project’s infrastructure and features. The announcement was immediately followed by a spike in $TOMO’s price from $1.2 to $1.6, which has remained above the pre-announcement level ever since.
“Collaboration with Coin98 will enable TomoChain to continue to expand the team, attract a greater number of builders to the network, and facilitate the onboarding of millions of users,” said the TomoChain founder, Long Vuong.
$TOMO-$ETH Bridge Upgrade
In the first week of August, the TomoChain underwent an upgrade that allows it to bridge $ETH using the Spacegate cross-chain bridge. According to the official Tweet, the upgrade makes it possible for users to seamlessly bridge native assets between TomoChain and Ethereum.
TOMO Price Predictions
The $TOMO rally has outperformed most of the market, and even with most cryptos trading considerably lower in the past 24 hours, it's posting near double-digit gains. $TOMO price predictions suggest a short-term pullback could occur, but overall they’re bullish.
Coincodex sees $TOMO trading flat for the remainder of August as it begins to consolidate recent gains. Overall their technical analysis has identified a bullish trend, and they’ve set their maximum price target in 2024 at $2.49. From 2025 onwards, they expect $TOMO to start moving towards and potentially breaking its all-time high of $3.8.
CoinWire also forecasts $TOMO consolidation, with its end-of-2023 price target hovering around $1.5. In 2024 they expect the token to trade above $2, and a new all-time high is on the cards in 2026.
Bitcoinwisdom has an average price target in 2023 of $2, suggesting there’s more upside to follow. According to this analyst, $TOMO could move above $3 next year and reach a new all-time high as early as 2025.
Overall the $TOMO price predictions lean bullish in the long term with potential short-term price stagnation due to consolidation following the recent rally.
Future of TOMOChain (TOMO)
TomoChain boats impressive transaction speeds, solid staking rewards and a diverse ecosystem. Recent developments, such as the funding from Coin98 and improved bridging tools, have contributed to its impressive YTD rally. Following such a rapid surge, a pullback or consolidation is often expected, as pointed out by Coincodex; however, $TOMO has so far avoided any significant pullbacks. Overall the price predictions suggest that the $TOMO rally could continue and push the token above $2 in the coming months.