WOO Network Price Prediction

The price of WOO today is $0.01, changing within the past 24 hours for 0.21% and -5.81% over the week. WOO’s price action is characterized by the Bearish sentiment.

The current volatility index for WOO is measured at 4.15%. WOO’s circulating supply is 1.89B. In the big picture, the highest price WOO has reached is $1.7784 and its lowest observed price was $0.0105.

WOO Sentiment

Which way the market swings today? Overall, technical indicators show that currently, the sentiment in the WOO markets is Bearish. The Fear and Greed Index for WOO today is in the 25 (Extreme Fear) zone.

What are WOO Network and WOO?

The key parts of the WOO Network are the zero-fee trading platform WOO X, multi-chain decentralized exchange (DEX) WOOFi, and liquidity-as-a-service solution for DeFi and CeFi. WOO Network started as a liquidity pool WOOTRADE by a trading firm Kronos Research in 2019 and earned the backing of many high-profile crypto-focused investment companies.

The native utility token WOO had a predecessor KRON but by late 2020, as Wootrade expanded, they decided to reboot it. With the rebrand, it expanded its use cases and is now similar in purpose to most other exchange tokens. It unlocks special features and launchpad access on WOO X and amplifies WOOFi revenues. Special attention is paid to staking WOO on the platform, as it gives the most benefits: revenue share, increased yield, and trading fee discounts.

WOO Network mainnet was launched in October 2020, simultaneously minting 3 billion WOO tokens. About 77 billion tokens have been burned since launch, bringing the total supply at the time of writing closer to 2.23B WOO. Out of these tokens, 19.65% are locked to be distributed to the team and Series A investors. The remaining 80.36% in circulation is split between the ecosystem fund (27.3%) and holders and traders (53.06%).

What influences the WOO Network (WOO) price?

Ecosystem Development

As seen in the previous section, new additions to the platform, such as WOO X, attract attention to the WOO token. More attention leads to growing trading volume and amplifies price action.

The cooperation between WOO Network and other crypto projects can go both ways. It taps into service providers like Chainlink to improve their own products. Likewise, other crypto projects make use of the WOO Network’s liquidity.

Serviceability of Products

We have also seen how the trading platform’s performance can impact the WOO price with the arbitrage incident on WOO X in 2021. Unfortunately, this has been far from the only case which undermined the platform. As recently as a month ago, the trading platform experienced an outage of about two hours.

In May 2022, around the time of UST’s depeg and LUNA’s collapse, trading pairs with LUNA started to show odd patterns on WOO X. Traders were quick enough to make a quick buck on these rocky trades but later, much to an understandable discontent, found that their gains were rolled back.

Another facet of serviceability intersects with compliance, and WOO Network does not neglect it. To extend their operations to Taiwan, they received an AML license in September 2022. Their Asian expansion continued with receiving regulatory approval in South Korea and partnering with OpenTrade to offer tokenized U.S. Treasury bills to regional customers.

Funding and Asset Management

WOO Network is a crypto project that grew thanks to VC funding. Its Binance Labs-led Series A investors included Three Arrows Capital, Crypto.com Capital, MEXC Global, Fenbushi Capital, 3Commas Capital, and ViaBTC Capital. The participation of Binance Labs led to WOO Network expanding to BNB Chain, and the funds raised helped launch WOO X and WOOFi.

Later in 2022, Three Arrows Capital became infamous after its Terra-induced implosion and becoming a threat to projects with exposure to it. WOO Network managed to dodge a bullet and buy out its share of the 3AC investment, which was evenly distributed among the rest of the Series A investors.

By now, these investors share only 1.67% of the circulating supply of WOO, so from the tokenomics side, it is not going to influence the WOO price much. However, as the 3AC and Binance’s examples show, long-term commitments can lead WOO Network to both trouble and opportunity.

How to buy WOO Network (WOO)?

Did you know can buy WOO Network tokens on ChangeHero at the best rates and with no registration? Here is how:

1. Choose the currencies on the home page, amounts, and the type of exchange. Provide your wallet address in the next step and check the amounts;
2. Double-check the provided information, read and accept the Terms of Use and Privacy Policy;
3. Send a single transaction in the cryptocurrency you will be exchanging. Fixed Rate transactions have a 15-minute limit;
4. All done? Now we are doing all the work — checking the incoming transaction and doing the exchange as soon as it arrives;
5. As soon as the exchange has been processed, your WOO is on the way to your wallet.

Our customer support is available any time, any day in the chat on the website or through the email: support@changehero.io.