Crypto asset speculators looking for inexpensive, emerging tokens should be interested in XYO Network (CCC:XYO-USD).
It emerged in early March and has broken through significant price plateaus since then. Let’s first put some numbers to that progression. Then we’ll learn more about the actual company and project to see if it’s more than a simple play on rapid growth, or something more substantive.
In early March XYO crypto traded at fractions of a penny. An investor who put down $1 of capital at the beginning of March would have been able to purchase somewhere in the neighborhood of 2,500 units of the crypto.
That $1 would have been worth nearly $30 by the beginning of August. That progress and price appreciation led Coinbase (NASDAQ:COIN) to add XYO to its trading options on Sept. 8. And that news sent XYO even higher, roughly 70% overnight.
At that point, that theoretical $1 invested had by then grown to be worth $115.
Could XYO Crypto Emerge as Next Hot, Cheap Play
Such tremendous growth has crypto speculators wondering. Will XYO crypto be the next hot inexpensive play and will it garner attention like Shiba Inu (CCC:SHIB-USD) recently has or Dogecoin (CCC:DOGE-USD) prior?
But that’s the rub, Monday morning quarterbacking doesn’t do much for those who didn’t buy XYO months ago. Yes, if you had the bravado to place $1,000 toward it in March or any time dating back to 2019, you’d have roughly $100,000 now. It’s very difficult to identify that before it happens.
You’re probably also thinking that there’s no chance that it multiplies in value 100x again. Yet, at 3 cents per unit there’s still plenty of upside given that it now trades on Coinbasehttps://www.coinbase.com/price/xyo. It will garner more attention and more liquidity. So we should at least seek to understand what this token does before dismissing it.
Still in Idea Stage
The company states that its mission is to: “Facilitate education, research, and continued development of the XYO Protocol to increase understanding of the public benefit of an incentive driven geospatial location network.”
Like all blockchain assets, XYO is quick to note that its utility lies in the tamper-proof nature of the blockchain. XYO is building location data ledgers which it hopes will be applicable across multiple industries.
It lists potential case studies and applicability across hospitals, airports, e-commerce, insurance, national security, rental cars and drones.
But the truth is this: All of its solutions and case studies are little more than ideas at this stage. Sure, all of those assets require complex geospatial tracking, or at least could theoretically benefit from it. But XYO hasn’t fleshed anything out according to its website. It’s very reminiscent of the idea that Amazon (NASDAQ:AMZN) will partner with Shiba Inu which would validate the latter massively. There’s hope, but little in the way of substantive progress at this point.
Perhaps I shouldn’t say there’s been little progress because there has been some. The company is working on an interesting project with very human implications.
Mujer Segura translates to Safe Woman in English. It is a program created by the Women’s Institute of Baja California to reduce all forms of violence against women in Mexico. XYO is helping both the Women’s Institute and FYCLabs to develop the location based technology to improve outcomes in such situations.
And there is a beta app available in the Google Play store. As good as this news is, there’s little else of substance underpinning XYO crypto right now.
Wait to See Some Progress
The XYO network is clearly a very nascent one. Hopefully it can help in humanitarian efforts and ultimately improve business outcomes in those use cases mentioned above.
For now though, there’s little to suggest it’s moving one way or the other very quickly. Monday morning quarterbacking is a dangerous trend to ride. As incredible as its rise has been, I wouldn’t jump in now without further evidence of progress.
On the date of publication, Alex Sirois did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Alex Sirois is a freelance contributor to InvestorPlace whose personal stock investing style is focused on long-term, buy-and-hold, wealth-building stock picks. Having worked in several industries from e-commerce to translation to education and utilizing his MBA from George Washington University, he brings a diverse set of skills through which he filters his writing.