AFROSTAR was emblazoned across London ahead of its native token launch last year as the cryptocurrency promised to be the “united digital currency of Africa” – yet AFRO has since fallen by 97 per cent as the whole cryptocurrency market continues to slump.
But what is Afrostar and will its price recover?
What is Afrostar?
Afrostar hopes to be the digital currency that is used across Africa.
Afrostar, with the native token AFRO, plans to make trading goods and services between any African country possible as well as allow expats to transfer money home quickly and effectively.
In 2022, according to Afrostar, the company are expanding their development team by 25 per cent and then launching an NFT platform and exchange.
Cryptocurrency adoption is growing rapidly in Africa.
Africa is currently the third fastest-growing cryptocurrency market globally, attracting large investments.
In a report by blockchain data platform Chainalysis, Africa’s cryptocurrency market grew by over 1,200 per cent between 2020 and 2021.
Because cryptocurrency platforms bypass traditional banking services through decentralized peer-to-peer lending services, they can help level the economic playing field and expand finance options to places like Africa.
In April 2022, the Central African Republic even made Bitcoin legal tender, the second country to do so after El Salvador.
The economic instability in Africa is one reason Africans are transitioning to cryptocurrency.
Cryptocurrency isn’t affected by the inflation rates of a single country, which allows citizens to protect their earnings from a failing economy.
Cross-border payment is also much easier with cryptocurrency.
Paypal, for example, was once banned in Nigeria after a series of fraudulent and money laundering activities.
However, Nigerians would still be able to move money through cryptocurrency.
Cryptocurrency transactions are also quick with lower transaction costs.
Business owners in Africa also often want to run their businesses internationally which cryptocurrency enables.
In a report published by CV VC, blockchain startups on the continent have raised $91 million in the first quarter of 2022, an increase of 1,668 per cent compared with the first quarter of 2021.
A total of $127 million was raised in Africa in 2021 – a 0.5 per cent share of the total global blockchain funding.
Read more on 24/7 Crypto
Afrostar price prediction 2022, 2023, 2024 and 2025
According to PricePrediction, AFRO’s future looks bleak with them predicting the coin will be worth $0 by the end of 2022 before increasing to 0.00000001 in 2023 and then flatlining until 2027 when it could reach $0.00000002.
DigitalCoin paints a similar picture with AFRO being predicted to reach a maximum price of $0.00000000266 in 2022, $0.00000000297 in 2023, $0.00000000342 in 2024 and $0.00000000397 in 2025.
How risky is investing in cryptocurrency?
Cryptocurrencies have proven to be extremely volatile.
If you are willing to take the risk by investing in a cryptocurrency, make sure you understand what you are investing in and do your own research.
Also, don’t invest simply because you have a fear of missing out.
