#SAFE MOON CRYPTO MARKET CAP UPGRADE#

The SafeMoon company has released a minimal-function cryptocurrency wallet and has announced plans to release other cryptocurrency products. As of December 2022, it has since dropped 98.7% in value to $223m. The token reached its all time high market cap in April 2021 of $17b. The token charges a 10% fee on transactions, with 5% redistributed (or reflected) to token holders and 5% directed to wallets in a different currency, Binance Coin (BNB), controlled by the coin's authors. The company also has a SafeMoon token (SFM) which trades on the BNB Chain blockchain. When investing, your capital is at risk.SafeMoon LLC is a cryptocurrency and blockchain company created in March 2021.

However, meme coins are always difficult to predict as such cryptocurrencies are highly sensitive to external influences like social media, as highlighted by price explosions seen in DOGE, SHIB, and, more recently, PEPE.ĭisclaimer: The content on this site should not be considered investment advice.

This is an important factor to consider as it can significantly impact the asset’s future price action. What’s next for SafeMoon?Īll things considered, it should be noted that in spite of controversies, neither SAFEMOON nor SFM have managed to achieve strong real-world use cases. Coffeezilla, said that popular online personality Ben Phillips was one of those who allegedly participated in the SAFEMOON pump and dump scheme.Īccording to Findseisen, Phillips urged his vast follower base on Twitter to “buy the dip,” while he was offloading his SAFEMOON holdings at an inflated price, making a profit of several millions of dollars.Īnother celebrity who faced such accusations is Barstool Sports president Dave Portnoy, who revealed on Twitter that he was being sued for ‘schilling’ SAFEMOON. Last year, YouTuber Stephen Findseisen, a.k.a. In fact, it was later revealed that this was actually the case. This led to allegations that the crypto token was just another “ pump and dump” scheme, promoted by social media influencers. In the wake of SAFEMOON’s unprecedented decline, many crypto investors who held a position in the token incurred significant losses. Over the past month, the cryptocurrency is still in the red, down 13.4%. However, the price of the new token has failed to take off following the ongoing scandals, including multiple lawsuits against the project’s executives, as well as several celebrities who publicly encouraged investors to buy the cryptocurrency.Īt the time of writing, the new SFM token was changing hands at $0.0001715, up 10.9% in the previous 24 hours. The old SAFEMOON token, thus, in effect, had been replaced by the new SFM.

#SAFE MOON CRYPTO MARKET CAP UPGRADE#

Source: Etherscan SafeMoon V2įollowing an upgrade in December 2021 which aimed to increase the cryptocurrency’s quality, security, and accessibility, the decentralized finance ( DeFi) SafeMoon V2 ( SFM), a Binance Smart Chain ( BSC) emerged. In addition, there are now only 349 holders of SAFEMOON at the moment, according to Etherscan data, down from nearly 3 million during the token’s peak, illustrating the project has an extremely low number of holders, thus, investors’ interest in the coin is close to zero.

At press time, the SAFEMOON token was trading at $0.000000006353, down 0.66% on the day. As of May 17, SAFEMOON’s market cap is standing at just $3.57 million, down 99.9% from its record high. Not long after hitting its all-time high, SAFEMOON’s value began to decline, Even though the cryptocurrency market as a whole was experiencing a correction, the crypto token’s price was impacted heavily.Īs a result, concerns began to emerge about the long-term viability of SafeMoon’s tokenomics system, with some critics arguing that it was unsustainable and that it could ultimately lead to the currency’s downfall.Īnd that’s exactly what happened. At the time, crypto investor and analyst Lark Davis compared SafeMoon to the Bitconnect ponzi scheme. However, even then, many experts and analysts warned that the hype was unsustainable and that the currency was overvalued.

Safe moon crypto market cap