Will Safemoon become the best crypto investment of 2022?
We explore whether Safemoon has a chance to bounce back after hitting a resistance level in 2022
Safemoon is a relatively new cryptocurrency that managed to break through in 2021. Launched in March of this year, Safemoon’s price has seen a positive rise with a promise to “reward long-term investors.” Unfortunately, the cryptocurrency is now struggling to keep its pace and value among competitors like Dogecoin and Shiba Inu. As its price drops to touch a resistance level, we explore Safemoon’s potential to make a comeback in 2022.
Safemoon has emerged as an excellent memecoin that went for adoption in its early days. When more cryptocurrency information came online, many discovered more about Safemoon and dabbled in the futuristic digital token. Safemoon saw a huge price increase in a short time after launch. However, Safemoon is not the only one as there are many digital tokens fulfilling their promise in the initial phase as well. Safemoon is known for its extreme volatility, high transaction fees (10%) and the hype of memecoins on social media. Similar to Bitcoin and Ethereum, Safemoon is also based on distributed ledger technology. According to the creators, half of the 10% fee is shared among long-term holders while the other half goes to a cash pool to stabilize the price of memecoin. Unlike Dogecoin and Shiba Inu who are making noise out of thin air, Safemoon really has a medium to build on. Although its higher transaction fees are set to prevent investors from trading the digital token often, it is considered a riskier investment in the crypto world. In this article, we explore how far Safemoon can go in 2022.
The basics of Safemoon
Safemoon is a digital currency designed the same way Bitcoin and Ethereum work. Its creators say the cryptocurrency is designed to solve decentralized problems such as price volatility and inflation. Safe Moon discourages constant sales by charging a 10% fee on each sale. The goal is to avoid larger drops when large investors choose to sell their coins. In addition, the cryptocurrency also sticks to manual engravings on continuous engravings to maintain its value. According to the creators of Safemoon, manual engravings give more control over the supply of the piece.
Safemoon is managed by a team of six executives who are rolling out new plans to expand its value and adoption. In the first quarter of 2021, the digital token doubled the size of its team and launched a marketing campaign. In addition, the company also aims to unravel a Safemoon app, wallet and games. Safe Moon also plans to build its own trading platform in the coming years. Since its inception, Cousin now has over 2.9 million holders with a market cap of US $ 1.9 million.
The next launch of Safemoon V2
After winning the ‘Crypto Community of the Year’ award at the AIBC Gaming Summit in Malta, the digital token is ready to receive an upgrade called V2. The upgrade should help memecoin meet its goal of wider adoption and increase its use cases. It will eventually attract more new investors to try their hand at Safe Moon and take its price to new highs in 2022. After the upgrade was announced, memecoin registered a gain of 6.9%. The upgrade includes features like digital token transparency, a 2-click consolidation process, a web exchange option, and a quality assurance process.
Disadvantages of Safemoon
Despite the colorful decorations provided by Safmoon, his goal is to get people to buy the token and hope that the value will increase at the point of sale. In addition, the Safe Moon website also features major disruptions such as “Safemoon’s integration with African markets” and “the Pheonix project”, which have yet to be cashed. The extremely volatile nature of Safemoon and the 10% transaction fee is also a downside. According to experts, there are many tokens that provide similar functionality and make unique promises without any guarantees. Hence, they think that there is nothing special about Safemoon and its features.
Will Safemoon become a major investment in 2022?
After registering an 85% rise in the past few months, Safe Moon is approaching US $ 0.00000208, its long-standing resistance level. The price of Safemoon is predicted to rebound for a massive upward movement as it nears a critical resistance level. If memecoin manages to climb 55% to US $ 0.00000321, Safemoon has a chance to make a comeback in 2022.
Share this article