With the recent success of Dogecoin, one thing is crystal clear that 2021 is proving to be an establishing year for cryptocurrencies. Enjoying this boom, a number of cryptocurrencies have been developed in recent months. Here we’re going to discuss one of those discoveries that have gained immense popularity among digital traders, Safemoon. We’ll look at the meaning, price development and will try to answer the same question that was persistent to Dogecoin months ago, Can Safemoon reach $1?
Let’s get straight into it…
What’s Safemoon?
The name Safemoon came from the phrase, “to the moon” which is used by Dogecoin traders. Developed and launched in March 2021, Safemoon protocol is a community, fairly launched Defi Token, according to the official site. In simple words, just like Ethereum, the platform provides decentralized services with the use of a blockchain network.
The official website says that trade consists of 3 functions, Reflection, LP Acquisition, and Burn. In simple words:
- Volume Traded is reflected to encourage the holding of tokens.
- Tokens are added to an LP (Liquidity Pool) after every trade to stabilizing the price of the token.
- The official team controls the supply of tokens by burning them.
Price Development
Like other cryptocurrencies, Safemoon’s price history consists of both ups and downs. In mid-April, the token reached $0.00001399 showing the progress of 780% then dropped to $0.00000421 on 22 April. Again in mid of May, the token showed a surge of whooping 158% when it reached $0.00000982. On 24th May the token dropped to $0.00000385 continuing its graph of uncertainty. At the time of writing this article, the coin is trading at $0.000004179 with a 24-hour decline of around 4.5%. Let’s see will Safemoon reach $1 or not?
SafeMoon Reach $1?
Can Safemoon reach $1 by 2025? This can only be answered by observing token’s predictions:
- Walletinvestor says that the token will keep on growing as it reaches $0.000032 by the end of the current year. It predicts that by the end of 2025, the token will cross the $0.000219 mark.
- Coinpedia predicts that by the end of this year, the token will trade around $0.000016 and by the end of 2025, it will trade possibly around $0.00005.
- According to DigitalCoinPrice’s analysis, the token may touch $0.00000617 and $0.00000859 by the end of 2021 and 2025 respectively.
SafeMoon cannot reach $1 by the year 2021, that’s the answer to the above question. But these predictions give us a hint of what a good long-term investment Safemoon can be. And ultimately at a certain point in time in the future, SafeMoon will reach $1 and people who have bought Safemoon today at cheap rates will enjoy the benefits of its growth. But it is advisable to do your own research before investing in any cryptocurrency.
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