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What Is the Mirror Protocol Price Prediction Today
AT A GLANCE
- In 2024, Mirror Protocol price is expected to reach $0.0515214, according to some experts
- 2025 promises to be turbulent, with prices ranging from $0.00376 to $0.227, with WalletInvestor predicting a breakthrough leading to a price rise to $0.227
- By 2030, MIR price can hit $0.0515214
Mirror Protocol Fundamental Analysis
Mirror Protocol is a decentralized, community-driven blockchain project that allows the creation of synthetic assets that track the prices of real tokens. The Mirror Protocol DeFi app on the Terra blockchain enables traders to take long and short positions on tech stocks with synthetic assets. The protocol was built by Terraform Labs with the intention to help those users who are looking for new ways to access traditional finance and trading options.
Mirror Protocol has its own versions of other cryptocurrencies, for example, mBitcoin for Bitcoin with the price pegged to the most prominent cryptocurrency. The project is completely decentralized, as its on-chain treasury and the changes in the code are governed by the holders of native MIR tokens. Moreover, there are no admin keys or special access privileges granted.
Mirrored assets are blockchain tokens that act as “mirrors” of real-world assets and reflect the exchange prices on-chain, so the traders can get price exposure to real assets. mAssets also enable fractional ownership, open access, and censorship resistance. They are purely synthetic and show the price movement of the corresponding asset.
The advantages of mAssets include global accessibility without entry barriers, the representation of the fractional orders as numbers on the blockchain, and eliminating the need for the intermediary bundling process. Moreover, as mirrors rely on liquidity provided by each individual asset pool, orders can be executed as fast as the block time of the network (around 6 seconds). Thus, Mirror helps the investors to participate directly in investment or speculation on price even if they don’t own the underlying asset.
MIR coin is a governance asset of the Mirror Protocol. Its holders can propose and vote on the operational changes. MIR has a maximum supply of 370 575 000 tokens.
Recently the pools of some assets, including Bitcoin, Ether, and Polkadot have been drained. Estimated, more than $2 million of the assets have been taken so far. The attack has been ongoing for several days but was only noticed on May 29. It was also discovered that the protocol suffered a $90 million exploit towards the end of the last year, which was unnoticed for seven months.
Mirror Protocol Live Price Chart
From last summer when the crypto market flipped to a downtrend MIR token price chart was declining. At the beginning of June 2021, it was traded for $5, but soon after went for a correction of $3.7. In the middle of June, the token tried to recover to the previous level, and by June 18 reached $5.1. The asset maintained this price level for around a week and then fell to a long-playing downtrend.
In one month the MIR token halved and on July 20 hit the bottom of its price at $2.6. At that time the crypto market was experiencing bull tendencies that affected Mirror Protocol as well. The price of the asset went up to $4.5 on August 20. This level was corrected and for the next 2 months, the Mirror Protocol coin stabilized around $2.9-$3.
During autumn 2021 when many altcoins and meme tokens were booming, the MIR token had a short period of price surge, which only took it as high as $3.7 at the beginning of November. From that time on, the token turned bearish and volatile, following a moderate downtrend till the beginning of 2022.
In January the downtrend of the native asset of the Mirror protocol accelerated and in one month the coin dropped to $1.2. It sustained the price bouncing between $1.0 and 1.4 for another month. At the beginning of March, the MIR token showed bullish signs and went up to $2. It then stabilized at around $1.5 till the middle of April, but as the crypto market approached the new bearish season the price of the MIR coin dropped to $1 at the end of April.
The downtrend continued in May and on May 12 the price of the asset fell significantly, as the Terra blockchain was experiencing difficulties after the big hack. The Mirror Protocol token was trading for $0.2. The recent exploits didn’t help the token price recover as the community and traders started losing trust in the project. Many users expect the MIR tokens to collapse in the near future.
Mirror Protocol Technical Analysis
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