It aims to prevent problems with another, upcoming crypto, but what is songbird (SGB)? Let’s take a look and see what we can find out, and also examine some of the songbird price predictions that were being made as of 5 January 2023.
Songbird explained
In the world of cryptocurrency and blockchain technology, something that comes up time and time again is the confidence that people have either in their products, or the overall world of blockchain technology.
Whether it is the often anonymous people behind a token with no apparent utility hyping up their crypto, or the crypto evangelist counting the days until they can own their Lamborghini, or those excited by thefourth industrial revolution,there is no shortage of optimism around crypto – even in the toughest of bear markets.
The flipside of this is, perhaps inevitably, that cryptocurrencies and blockchains fail. All too often, we have seen stablecoins becomedepegged, crypto-lending platforms cancel withdrawals, exchanges collapseand other cryptos lose their support and become de facto deadcoins.
While some of these cases have, sadly, been swindles and scams, others have been unintentional but preventable. Therefore, it makes sense if there could be some kind of system that allows users and developers to check that everything is working properly with a blockchain or blockchain-based platform.
Luckily for some people, the Songbird protocol does just that. Created as a de facto testing service for the Flare blockchain, this system is designed to be a “canary network” making sure that everything works as well as the team behind Flare hope that the main blockchain will work.
The platform has, so far, gone through two phases. First, ahead of Flare’salbeit limitedlaunch in the summer of 2022, it tested the two main features of the blockchain. These are Flare Time Series Oracles (FTSO), which are supposed to provide external information to the Flare network using a decentralised method, and F-Assets, a new token standard that represents assets from another blockchain.
Testing new features and updates
However, after the launch of Flare – and it is worth pointing out that this particular blockchain’s native coin, spark (FLR) is not yet available – the Songbird system changed its approach and is now being used to test new features and updates.
Every blockchain-based platform needs to have its own native crypto, and Songbird has the songbird token, also known by its ticker handle of SGB. This crypto is used to give holders the opportunity to vote on decisions that have an impact on the network.
Since Songbird is a de facto offshoot of Flare Network, it shares the same founders. These are derivatives manager and CEO Hugo Philion, software engineer and CTO Sean Rowan and chief scientist Nairi Usher.
There are a couple of things that we need to point out. First, Songbird does not have its own whitepaper. The best thing that it does have is a blog postpublished in the run-up to the system’s launch. This could, potentially, prove to be a problem with potential investors, who might well want to have a proper explanation of how the system works before they decide whether or not to put money into it.
Admittedly, the Flare Network does have its, albeit jargon heavy, whitepaper, but this particular technical document declines to mention the Songbird protocol at all, leaving people none the wiser.
It is worth pointing out that, on 30 November, Flare announced that FLR could be released at some point around 9 January 2023.
Songbird price history
Songbird price history from launch to present – Credit: Capital.com
Let’s now take a quick look at the SGB price history. While past performance should never be taken as an indicator of future results, knowing what the crypto has done in the past can help give us some much needed context if we want to either make a songbird price prediction of our own or interpret one that is already out there.
When SGB first came onto the open market in late September 2021it was worth around $0.29, but it surged and reached an all time high of $0.7192 on 30 September. After that, though, there was a decline and it closed the year at $0.1756.
| Long position overnight fee | -0.0616% |
| Short position overnight fee | 0.0137% |
| Overnight fee time | 21:00 (UTC) |
| Spread | 6.00 |
2022 was a poor year for cryptocurrenciesand songbird has suffered along with the rest of the market. The token ended up crashing to a low of $0.04744 in the wake of Russia’s invasion of Ukraine on 24 February, although it bounced back to hit $0.09446 the following day.
There was a slow drift back down from that point, which accelerated withthe depegging of terrausd (UST) and the collapse of the associatedLUNAcrypto sent the markets into a tailspin in May, with SGB reaching a low of $0.01651 on 16 May.
There was some recovery after this, with it spending some time in the summer above $0.03, but it dropped again in October to a thenall-time low of $0.01637 on 24 October.
After that, there was some slight recovery, but things got even worse in November when the fall of the FTX exchange sparked a market crash and sent SGB into a downward spiral which culminated in a new all-time low of$0.009807 on 29 December. After that, it closed the year at$0.01031, a year on year loss of nearly 95%.
An early-year rally sparked by excitement about the upcoming launch of FLR saw it reach a high of $0.02107 on 4 January and, on 5 January 2023, it was worth about $0.01945.
At thetime of writing, there were a self-reported 9,988,725,826 SGB in circulation out of a total supply of 16,089,041,096. If that figure is accurate, it would give the token a market cap of about $196m, though different sites have widely varying estimations, making a ranking hard to pin down.
Songbird price prediction round-up
With that all said and done, let’s take a look at some of the songbird price predictions – or even songbird coin price predictions, as some might put it – that were being made at the time of writing on 5 January 2023.
It is important to keep in mind that price forecasts, especially for something as potentially volatile as a cryptocurrency, very often turn out to be wrong. Also, many long-term crypto price predictions are made using an algorithm, which means that they can change at a moment’s notice.
First, CoinCodex made a short-term songbird price prediction for 2023that suggested it could drop to $0.018377 by 10Januaryand could continuethe decline to $0.029130 by 4 February. Despite that, the site’s technical analysis for SGB was neutral, with 20indicators making bullish signals and 10 making bearishones.
Next, CryptoPredictions.com had a SGB price prediction that argued songbird could trade at $$0.039875 in December 2023 and $0.04395 a year from then. The site then made a songbird price prediction for 2025 that suggested the token could start the year at $0.0446175, and couldclosethe year at $0.05088. By the end of 2026, the site said SGB could be worth$0.0563before reaching$0.06076 12 months after that.
Meanwhile, DigitalCoinPrice made a songbird crypto price prediction that said SGB could trade at $0.0410 in 2023 and $0.0492 in 2024. By 2025 the site suggested it could be worth $0.0696, before it could go on to $0.0885 in 2026,$0.10 in 2028 and could closethe decade at $0.14. The site then made a songbird price prediction for 2030 that outlined it could tradeat$0.20 before it potentiallyreached $0.28in 2031 and $0.37 in 2032.
Finally, WalletInvestor had a songbird price prediction that foresaw some pretty tough times ahead for the token. It predicted that SGB could be woth just $0.00244in early January 2024.
When considering a songbird token price prediction, it’s important to keep in mind that cryptocurrency markets remain extremely volatile, making it difficult to accurately predict what a coin or token’s price will be in a few hours, and even harder to give long-term estimates. As such, analysts and algorithm-based forecasters can and do get their predictions wrong.
If you are considering investing in cryptocurrency coins or tokens, we recommend that you always do your own research. Look at the latest market trends, news, technical and fundamental analysis, and expert opinion before making any investment decision. Keep in mind that past performance is no guarantee of future returns. And never trade with money that you cannot afford to lose.
FAQs
Is songbird a good investment?
It is hard to say. A lot will depend on what the flare coin does when it is finally fully launched, as well as how the market behaves as a whole.
Remember, you should always carry out your own thorough research before making an investment. Even high market cap cryptocurrencies have proved vulnerable tobear markets. So investors should be prepared to make losses and never invest more than they can afford to lose.
Will songbird go up or down?
It is difficult to tell. While DigitalCoinPricewas optimistic about the token’s future price, WalletInvestor painteda far darker picture. It is important to remember that price predictions often turn out to be wrong, and that prices can go down as well as up.
In volatile cryptocurrency markets, it is important to do your own research on a coin or token to determine if it is a good fit for your investment portfolio. Whether SGB is a suitable investment for you depends on your risk tolerance and how much you intend to invest, among other factors. Keep in mind that past performance is no guarantee of future returns. And never invest money that you cannot afford to lose.
Should I invest in songbird?
Before you decide whether or not to invest in SGB, you will need to do your research on both songbird and flare, not to mention other blockchain coins.
Ultimately, though, this is a question that you will have to answer for yourself. Before you do so, however, you will need to conduct your own research and never invest more money than you can afford to lose because prices can go down as well as up.
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