Symbol Price

Backed by the NEM Group and several key partners, the Symbol project could be a worthy investment in the crypto market, especially if you wish to diversify your portfolio beyond the more prominent altcoins. As an enterprise-grade blockchain, the network is built for mainstream adoption - a vital factor that could support the XYM price and make it an exciting asset to invest in.

As more enterprises and developers deploy dApps on the Symbol platform, an increase in its on-chain activity could power an uptrend in the Symbol price. The upcoming Web3 revolution could also generate higher interest in blockchain ecosystems like Symbol, which can support dApps and offer a hybrid, interoperable platform for scalability and real-world use.

Looking ahead, the Symbol price could also rise if the overall mood in the crypto market turns bullish. An uptick in the price of leading crypto assets like Bitcoin and Ethereum could raise investor confidence and encourage traders to buy other digital assets, boosting the XYM price statistics.

While it is impossible to make an accurate Symbol price prediction, several factors can influence price changes in the XYM token. Based on its price history, the price of Symbol token can fluctuate based on:

Adoption of its Ecosystem

As more developers and enterprises sign up to use the Symbol platform for their applications, the higher on-chain activity could increase the value of XYM tokens. On the other hand, competition from other blockchains that can offer similar or better services could cause a decline in the on-chain activity and exert downward pressure on the Symbol price.

Level of Staking Activity

Staking $XYM increases the resilience and security of the Symbol ecosystem and supports XYM crypto’s value. Higher staking activity involving expanding the number of nodes participating in validation of transactions and block production could support the $XYM price and market capitalization. However, a drop in the number of nodes or XYM tokens staked could weaken the price of Symbol tokens.

Market Sentiment

A bullish market sentiment encourages buying activity by boosting investor confidence in digital assets. During such times, cryptocurrencies like XYM also see an uptick in buying interest, which sends the Symbol price towards its highest price and possibly to new highs. However, a bearish mood drives sell-offs across the market and causes the price of XYM tokens to drop.

XYM is the native cryptocurrency of the Symbol blockchain and serves the following purposes:

Transaction Fees

XYM is used to pay transaction fees within the Symbol ecosystem. Users pay in XYM whenever they use the blockchain to transfer payments. It is also used to pay gas fees when executing smart contracts on Symbol or interacting with dApps.

Staking

Symbol is a PoS blockchain network and, as a result, allows token holders to stake their XYM crypto on the network. Staking $XYM is a great way to contribute to securing the network, helping in validating transactions, and creating new blocks within the blockchain. In exchange for stakers’ contribution of resources, they can receive rewards in XYM crypto, making it a convenient way to earn passive income from investing in Symbol crypto.

Crypto Asset to Trade and HODL

Symbol (XYM) is an exciting crypto asset to invest in or hold long-term. You can buy or sell Symbol against other crypto assets or hold it if you believe in the project’s long-term potential. Review the live Symbol price, XYM market cap, current circulating supply, 24-hour trading volume, and the latest crypto news before you trade XYM.

Symbol (XYM) airdrops are offered to all XEM holders. The NEM Group announced the airdrop program during the mainnet release of the Symbol network. XEM holders are eligible to receive airdrops of XYM at a 1:1 ratio.

All XEM holders can claim their free airdrops of $XYM for up to six years from the date of the Symbol mainnet launch. Symbol’s developers allocated 7.3 billion tokens from the max supply of nearly 9 billion for its airdrop program.

Several exchanges and platforms offer $XYM staking on their platforms. However, the most lucrative way to stake XYM is via the official Symbol Wallet. Here’s how to stake $XYM on the Symbol Wallet:

1. Download and install the Symbol Wallet on your desktop or mobile device.

2. Set up an account and fund your wallet by buying XYM on KuCoin or any other supported platform. You will need at least 10,000 XYM for harvesting, as the staking function on Symbol’s ecosystem is called.

3. Head to the Harvesting tab on the Symbol Wallet to get started.

4. Select a node you wish to delegate your staked XYM from the Node Url dropdown box. This lists all the available nodes connected to Symbol you can delegate to.

5. Select a node and click the “link all keys” option.

6. Confirm the transaction via your wallet to see your Harvesting status change from Inactive to Activation in Progress and finally to Active.

7. Sit back and earn more XYM based on the number of tokens you have harvested and your importance score.