AAs many new coins started to appear in the crypto space, the market grew significantly. At the same time, it became harder for the users to identify which projects are worth paying attention to. One of the new tokens that attracted lots of attention from investors is Safemoon crypto. Recently it gained a lot of excitement due to its V2 update. Read our Safemoon coin price prediction to see if there is a big future ahead of the project.
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Safemoon Fundamental Analysis
Safemoon is a token circulating on Safemoon protocol – a DeFi project designed to help democratize yield farming. It launched in March 2021 and quickly became one of the most hyped meme coins.
Safemoon doesn’t have any unique use cases, i.e, it’s simply a cryptocurrency, but it does have some interesting features. There is a fee paid by the token holders out of every trade — a 10% commission. Half of this commission is distributed between all the holders, and the other half is partly locked into a smart contract and partly put into a liquidity pool. As stated by the founders, this commission works both as a penalty for speculators, rewarding long-term holders, and as a way to ensure liquidity and provide static rewards for those holders. This unusual mechanic raised some concerns about the possibility of Safemoon being a scam. Those doubts were fueled further by the announcement that the team is going to execute manual burns instead of algorithmically defined ones – many feel that this gives the team too much control. On the other hand, the dev team burned their tokens to ensure a fair launch, and overall they seem accessible and eager to answer any question to alleviate the doubts. There are also multiple celebrity endorsements — such as Diplo’s — to take into consideration.
Safemoon Live Price Chart
Safemoon has been launched a year ago, on March 8 2021 with an initial price of $0.000000001. Thanks to the team’s marketing efforts the project soon gained lots of attention from the crypto enthusiasts. It caused the price to reach $0.0000015 in less than a month, increasing the overall excitement around the new token.
The price stayed around the same level for the following weeks, then went down 50%, and on April 16 was traded for $0.000001. In the next 3 days, the price more than doubled, skyrocketing to $0.0000029. But that was just the beginning and on April 20 SAFEMOON's price hit the all-time high of $0.0000118, showing 375% value growth in just 2 days. For those who invested in the coin at the initial stage, the gains overreached a million percent.
But this price level couldn’t be sustained for a long time and just in 2 days, the price went for a massive market correction, being pulled off to $0.0000038, which still was high, compared to just one month before. In the first half of May, the Safemoon coin was still performing impressively. Even though it couldn’t reach its highest level again, it was traded between $0.00000832 and $0.00000982 till May 18.
At that time the overall crypto market experienced a flip to the downtrend and SAFEMOON crypto also went bearish, losing more than 50% of its price and going down to $0.00000396 on May 23. After a fast recovery to $0.0000048, the asset continued in the downtrend, steadily losing its value along with most of the assets of the crypto market.
Safemoon token price reached $0.0000016 on August 16 and from this point started to slowly climb up, as the crypto market turned bullish again. But the technical difficulties at the end of the month didn’t help the asset and its price collapsed from $0.0000035 to $0.0000025 in one day and continued to fall.
At the beginning of September, the SAFEMOON token was traded for $0.0000014, but as the market started a new bull rally, the asset also went up. Till the end of October, the gains were not significant, but in the last days of the month, the price skyrocketed again, reaching $0.0000062 on the 29th.
From there the coin went to a downtrend that lasted till the beginning of December. On December 6 the asset fell to $0.0000016, which was the lowest level since April. On December 12 a new V2 update was rolled out, but in the beginning, it didn’t have a big effect on the price. The value grew only by the end of the year and Safemoon crypto finished the year traded for $0.0000022.
The asset maintained this price level for the first 2 weeks of 2022, but then the Safemoon price chart started to decline again, first going down to $0.0000017 and then falling to $0.0000008 on January 28.
The Safemoon crypto recovered some of its prices during February, but the new wave of the bearish trend of the market pulled the price off to $0.00000049 in March. Safemoon coin price predictions are contradictory. Some analysts expect it to go even more down by the end of the year, but the others have a more optimistic outlook and predict that the coin will soon recover from the deeps.