3/1/2024 0 Comments Safe moon crypto announcementLast 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 The old SAFEMOON token, thus, in effect, had been replaced by the new SFM. 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.
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