Disclaimer: The datasets shared in the following article have been compiled from a set of online resources and do not reflect AMBCrypto’s own research on the subject.
When SafeMoon upgraded its smart contracts, an exploiter was waiting and watching. As soon as the upgrade was complete, the exploiter detected and exploited a bug in the code, one that led to the loss of $8.9 million from the memecoin’s liquidity pool.
As expected, SFM’s value was affected by this exploit. Owing to the aforementioned incident, the price of the Safemoon (SFM) token fell by 35% to $0.00016736.
“Hey relax, we are accidentally front running an attack against you, we would like to return the fund, setup secure communication channel, let’s talk,” the front runner said to SafeMoon’s deployer contract.
The front-runner now has a separate wallet containing closer to $8.66 million.
The banking crisis following the collapse of the crypto-friendly Silicon Valley Bank (SVB), in addition to regulatory actions, has certainly affected the performance of most cryptocurrencies adversely. But Safemoon (SFM) has kept itself afloat, thanks to its strong community.
Read Price Prediction for SafeMoon [SFM] for 2023-24
Safemoon has been heavily marketed as a long-term investment opportunity. To accomplish this, it increases transaction fees by 10%, with coin owners receiving 50% of the funds. Safemoon has had a difficult year, with the company accused of price manipulation through celebrity endorsements, prompting some investors to sue.
Since its introduction, SafeMoon has outperformed most top meme coin projects’ ROI, where most of them have been operating for a year. In fact, once upon a time, SafeMoon’s CMC page had more visits than Bitcoin (BTC) and Ethereum (ETH) combined. SafeMoon, at the time, received a breakout reaction, or nearly a million searches, according to Google’s trending statistics of the globe filter.
In 2021, SFM significantly repaid its investors. Given how volatile the crypto market is, it is impossible to predict the price of SafeMoon or any other cryptocurrency in the future. However, given that SafeMoon switched to V2 in December 2021, the performance of SFM Coin in the future is promising. This coin is actively promoted by the SafeMoon army, which works nonstop day and night.
This article will take a look at SafeMoon’s recent market activity, paying particular attention to its market cap and volume. With the aid of datasets like non-zero addresses, whale transaction counts, etc., the same will be expanded upon. The most well-known analysts’ and platforms’ predictions will be summarized at the end, along with a look at the Fear & Greed Index to gauge market sentiment.
SafeMoon’s price, volume, and everything in between
SafeMoon was launched in March 2021 with a supply of 777 trillion tokens. Its rising popularity, coupled with the crypto-boom of 2021, proved to be extremely successful for the coin as its price hit an ATH by around mid-April.
By the end of October, its price continued to hit new levels and sustain previous levels whenever drawdowns came to be.
At press time, SFM was trading at $0.0002029, with buying pressure prevalent in its market.
Source: SFM/USDT, TradingView
The popularity of SafeMoon earned it a huge number of users. Launched in March 2021, its market capitalization grew exponentially within a matter of a few weeks, peaking at $5.75 billion in mid-May. By the end of October 2021, SafeMoon’s market cap was above $3.65 billion.
During the crypto-collapse of 2022, the market capitalization of SafeMoon fell from $1.4 billion (early January) to a little over $215 million. In 2023, it has fallen even further to $130 million.
According to CNBC International’s estimation, the tremendous flood of stimulus from governments and central banks throughout the world to treat the coronavirus epidemic will only enhance investment in the SafeMoon trade, according to proponents of the cryptocurrency. They contend that such activities reduce the value of fiat money, making SafeMoon a profitable investment for holders of cryptocurrencies.
Several celebrities, including the Backstreet Boys’ member Nick Carter, the young rap sensation Lil’ Yachty and Youtuber Logan Paul, have endorsed SafeMoon. The coin has also been subject to several lawsuits, however, with some accusing it of recruiting celebrities to help shoot up its price.
Everyone needs #SAFEMOON or this will be you 📈 pic.twitter.com/r9DCQG0pmQ
— Jake Paul (@jakepaul) March 27, 2021
One of the more recent incidents in the SafeMoon celebrity endorsement saga was when SafeMoon investors brought a lawsuit against Barstool Sports founder, Dave Portnoy. Portnoy was in the news in September 2021 when he invested $40000 in SafeMoon, calling the crypto his “favorite sh*tcoin”.
Investors accused him of pumping the crypto and then dumping his positions. However, Portnoy claimed that he did not make any money on his investment and as a matter of fact lost a significant part of his investment.” Im only guy who loses all his money in safemoon and gets sued for it,” he added.
However, the legal information website named Justin revealed that on 9 September, the plaintiffs filed a notice of dismissal in regard to Portnoy.
Towards the end of July, Bloomberg reported that SafeMoon had entered into a partnership with Pige Inu. The joint venture will see collaboration on Twitter as well as listing the latter on SafeMoon Swap.
That was not the only new listing for SafeMoon Swap in July. As per a report by Insider, SafeMoon had announced a corporate partnership with MetFX. As per the partnership, the project will be listed for trading on SafeMoon Swap.
Over the coming year, it would certainly surpass all restrictions and bring good fortune to anyone who invested in it. In fact, by the end of 2021, SafeMoon’s price easily hit $0.000001367 thanks to strong smart contracts.
Social sentiment
Data from blockchain analytics firm Santiment revealed that market events have been able to influence SafeMoon’s popularity. Positive sentiment as well as its social dominance were at the low mark, at press time.
Both these metrics had first peaked in the aftermath of Terra’s collapse. Thereafter, it saw a spike in the month of August and September. But after 6 September, it has been on a consistent decline.
SafeMoon’s 2025 Predictions
A Changelly blogpost says that crypto experts have analyzed the price of SafeMoon since its launch. SFM will be traded at around $0.00000002 in 2025.
Telegaon is, however, very optimistic about the future of SafeMoon. In 2025, it predicts that SFM will be traded at as high as $0.0012 and as low as $0.00072. Its average price throughout the year will be $0.0084, Telegaon predicts.
DigitalCoinPrice predicts that SFM’s average price in 2025 is going to be $0.0000000220, with its minimum and maximum prices to be $0.0000000191 and $0.0000000227.
SafeMoon’s 2030 Predictions
The Changelly post mentioned above predicts that SFM will be traded at as high as $0.00000012 and as low as $0.0000001 in 2030. Its average price in the said year will be $0.0000001.
Telegaon is again very bullish in its assessment of the future of SafeMoon in 2030, predicting that it will be traded at as high as $0.011 and as low as $0.038. Its average price in the said year will be $0.024.
DigitalCoinPrice is not so optimistic about its performance in 2030 either, predicting that it will trade for $0.0000000657 on average. Its maximum and minimum prices will be $0.000000068 and $0.0000000633.
Are your SFM holdings flashing green? Check the profit calculator
At press time, the Fear and Greed Index of the overall crypto market was in the ‘Greed’ category.
Conclusion
SafeMoon employs a staking algorithm due to which you can gain more on your investment. Its staking algorithm lets users earn more interest on their investments than they would with traditional investment options such as stocks or bonds. It gained attention in the market with the launch of SafeMoon V2 in December last year. It brought with itself a 1000:1 consolidation update with a new total SFM supply of one trillion.
SafeMoon is still a respectable currency to invest in for good future profits. Being a meme coin, the asset is subject to significant price fluctuations. It is fortunate that it is a desirable alternative, given its low cost. The asset has some promise, as evidenced by the aforementioned Safemoon projections.
🌕 V2 update
1 trillion will be the new total supply for V2. With the burn, we have 575 billion in circulation. Token consolidation: 1000:1 V2 update.#SAFEMOONSUNDAY
— SafeMoon (@safemoon) October 3, 2021
The SafeMoon community also remains very strong, always making efforts to take it to newer heights. In fact, it won the Crypto-Community of the Year Award 2021 at the AIBC Summit held in Malta.
If we observe the price movement of SafeMoon over the past few months closely, we can expect an upward movement because it shows a breach from a falling resistance line and subsequent validation as support.
SafeMoon, like most memecoins, began its journey by mocking the craze of cryptocurrency. However, it quickly went viral and gained traction. The SafeMoon team quickly realized where it could go and soon launched the SafeMoon Wallet. The group has learned to ride on its influence over time.
An investor, who had previously sued the creators of the Safemoon token for allegedly defrauding investors by artificially inflating the price of the tokens through false statements, dropped his class action last week. As this news emerged, the token’s price skyrocketed to $0.00000196. But it soon dropped to its usual price.
SafeMoon, like most memecoins, began by mocking the cryptocurrency craze. It quickly went viral and gained traction. The SafeMoon team quickly recognized its potential and launched the SafeMoon Wallet. Over time, the group has learned to rely on its power.
Safemoon describes itself as “a human-focused technology and innovation business advancing blockchain technologies for a brighter tomorrow.” The project’s early days as a pure deflationary tokenomics endeavor seem very different from such a tagline. The official Twitter and Reddit accounts have 1.3 million and 296,000 followers respectively
In December 2022, SafeMoon released the SafeMoon Token Monetization Innovation (TMI). The SafeMoon TMI changes the decentralized exchange landscape to free up additional access for token partner listings. It essentially expands the availability of Web 3.0 for more participants by making token inclusions more accessible to token liquidity providers and unlocking additional community potential to partner with meaningful projects.
Safemoon’s price has not been very volatile because it is a low-risk investment. SafeMoon’s future is uncertain, as is the future of all cryptocurrencies. This was apparent during the recent crypto crisis due to SVB’s failure too. However, it has the potential to soar if it can successfully adapt to new technological and market changes.
