The 2020-2021 bull run in crypto was something to behold. Bitcoin reached $69,000 and brought the crypto market to the forefront of the mainstream media once again. However, there were many reasons for this bullish cycle. To name a few: institutional investors joining the space, the NFT boom, and the meme coin/community token revolution.
In this article, it’s the latter that really piques our interest. SafeMoon was one of the true community cryptos that were created to ride the hype of the bull run. However, because of its price action and celebrity endorsements, many labeled SFM as a scam or a pump-and-dump scheme. But what really is SafeMoon?
To find out, we will analyze the tech behind SafeMoon and its V2 version. Moreover, we will provide price history analysis and a SafeMoon price prediction from experts around the internet.
What Is SafeMoon?
SafeMoon is a cryptocurrency created on the BNB Smart Chain in late 2021, during the huge influx of meme tokens on this blockchain. Consequently, it was piggybacking on the success of the entire crypto market that was reaching a new all-time high.
The token gained the attention of celebrities and influencers like Jake Paul, Dave Portnoy, and Soulja Boy that promoted it on their social channels. However, the fundamentals of the project were pretty weak, as there was no substantial development behind the initial token.
The first version of the token included a 10% tax, where 50% of the tax went to holders, while the rest was sent to a liquidity pool to “stabilize the price.” However, the developers were accused of siphoning the liquidity pools that this tax was supposed to be funding. This had a huge negative impact on the token’s price and plummeted its value.
SafeMoon Price History and Consolidation
The SafeMoon token is one of the tokens that managed to make the most profits during its early days, compared to other cryptocurrencies. While traders were caught in the BTC vs ETH debate, SFM jumped from a price of $0.000000008 to $0.00001, losing 4 decimal points in just a couple of weeks.
The SFM v2 token slashed the max supply by a ratio of 1:1000, reducing it to 1 trillion. That said, the price action hasn’t been able to recover, and SafeMoon V2 went from a high price of $0.003 to currently being traded for $0.0003. The price itself has been in a constant downward spiral, and many doubt it will ever be able to recover.
SFM Price Predictions
If the SFM token manages to retain its strong community, it could achieve a tour de force in the next bull run. Experts around the internet are banking on this possibility and hope to see its price increase in the next years.
Priceprediction.net is providing a target of $0.001 by 2025, which would be a 233% price increase in just 2 years. For the longer term, the website gives a forecast of $0.007, which would be a 23x multiplier from the current price.
Digitalcoinprice.com is similar, giving a prediction of $0.00134 for 2025. However, this website is a bit more conservative, with a target of $0.00435 by 2030.
Our Verdict on SafeMoon
SafeMoon has a lot of work to do to prove that it can hold its promises. Currently, it’s a simple tax token that doesn’t have a lot going on for it in terms of utility. If the team continues to build and develop around it, we might see the expert’s predictions come to fruition and allow investors to make some considerable profits.