SafeMoon V2 (BNB: $SFM) is a protocol built for decentralized finance, following its V1 introduction into the scene in 2021 as an explosive meme coin.
Later on, it was relaunched as SafeMoon V2 in December 2021. It now runs as a platform for innovative Web3 products that connect users to a community of champions, changemakers, and backers. Its roadmap includes the development of an NFT exchange, charitable projects, and a crypto education app. Holders of SFM tokens can earn more coins via yield farming with an APY of up to 80%.
SafeMoon Price Prediction
During the launch of V1 in March 2021, the opening price of SafeMoon was <$0.000000000001. Its price reached an ATH of $0.00001399 in May 2021. Shortly after, the price fell to a low of $0.000001133 in September 2021. However, it bounced back with a 450% increase to $0.000006235, which was still far from its ATH. But the price did not hold, and it fell shortly after.
In December 2021, SafeMoon V2 went live in December 2021 including new features like smart contracts and security upgrades. The upgraded tokens were handed out to V1 holders in a 1000:1 ratio. Upgrading the protocol boosted the price, reaching its ATH of $0.007232 on January 4, 2022. However, the price surge did not last and fell shortly after. It then bounced back in May 2022 before going on to achieve new lows.
The Pepe Coin rally did not affect SafeMoon much, and it continued its downward trend. Its price is currently $0.0001282, with a 6.04% drop in price in the last 30 days, according to CoinMarketCap. Over the past 12 months, the price has dropped 54.71%.
SafeMoon is down 54.71% in the past 12 months despite a modest recovery amongst many top altcoins. For instance, Ethereum is up 26.78% in the last 12 months, while DOGE is up 3.00% in the same period. Some new meme coins have come, which have also managed to pump, such as PEPE.
Legal Issues Facing SafeMoon
A major issue that has dogged the SafeMoon Protocol is the loss of community support. The issue came to a head recently when some community members launched a class action lawsuit against its developers.
It blew up online in April 2022; as Stephen “Coffeezilla” Findeisen posted a YouTube video stating that SafeMoon was a giant Ponzi scheme. He claimed that investors had been robbed of over 4 billion dollars.
According to an announcement by the law firm handling the SafeMoon class action lawsuit, SafeMoon was allegedly a pump-and-dump scheme. Celebrities, including Nick Carter, Soulja Boy, and Lil Yachty, were named defendants. The lawsuit accuses them of promoting the project with misleading information.
The Future of SafeMoon
Despite the huge legal issues facing SafeMoon, the project has continued to perform quite well. It has a market cap of $74.07M with a daily trading volume of $1.05M. One factor that could help SafeMoon bounce back is the upcoming Bitcoin halving event in 2024. Such events often result in a huge pump for the entire crypto industry.
