In March 2021, there was a small virtual currency that surprised many people by soaring 6,000% in one month: SafeMoon.
It’s a cryptocurrency on the Coin Smart Chain. It gained a lot of attention in just one month of its launch and had over 2 million fan users. However, after the surge, news about this cryptocurrency dwindled. What is the recent situation of this cryptocurrency?
Once SafeMoon Wildly Rising
SafeMoon’s issue currency was 777 trillion units with an issue price of $0.0000000010. However, in the first month of issuance, the currency went up 200 times. This means that if you invest $10,000 upfront, you can get a return of $200,000 after one month. This is a very good value and attractive investment.
In addition to the insane rises, SafeMoon has a very special feature, and that is its model. SafeMoon will charge a high transaction fee of 10% for currency transactions to maintain price stability. 5% of this will be allocated to other existing holders and the other 5% will go into the liquidity pool.
Such a trading pattern has affected its trading to some extent, even though it is currently trending upwards. Today SafeMoon’s real-time price is $0.000970220932, its current market cap is $512,047,524.87, and its 24-hour volume is $76,519.61. The price change in the last 24 hours was +3.02%. SafeMoon is currently ranked #230 among all cryptocurrencies. (Source: Gate.io)
What Was Going on After The SafeMoon Rise?
A significant rise is bound to be accompanied by the possibility of a fall. After the initial surge in the release, SafeMoon showed a downward trend throughout the second half of 2021. Such a situation compelled the SafeMoon team to take some measures.
1. Release of SafeMoon V2
V2 means an upgrade from V1 to change the token contract formula. SafeMoon’s total supply reached 1 trillion in December 2021, and its tokens were combined to a ratio of 1000:1 by the V2 upgrade. In this way, the token supply was reduced. Such an operation is similar to a reverse stock split, where the share percentage changes while the original value remains the same.
Such an upgrade improves the security and quality of SafeMoon tokens and also enhances accessibility and other features. Many investors began to see SafeMoon V2 as the key to starting the road to the moon.
2. Dave Portnoy endorsed SafeMoon
The SafeMoon token was and still is heavily promoted on social media, which has brought it more followers and token exposure. Dave Portnoy, the founder of Barstool Sports, once announced his support for SafeMoon on Twitter and encouraged his followers to buy the cryptocurrency. Such promotion had caused the SafeMoon price to fluctuate in a short period.
3. EverGrow Coin Announces Partnership with SafeMoon
EverGrow Coin, a new cryptocurrency, announced a partnership with SafeMoon in February 2022. This will mean those holders will be able to see EverGrow Coin on SafeMoon’s wallet and swap it with it. This was aimed at only increasing the wallet usage of SFM but also pushed up the price of SFM as a result.
There was a time when SafeMoon’s skyrocketing price made many people think it was a hoax, coupled with its unique trading model. However, now SafeMoon is quietly moving up the cryptocurrency charts despite its low price volatility. What will be the development of SafeMoon in 2022? We’ll be watching to see.
