The V2 upgrade is now live, so what will it mean for a SafeMoon price prediction in 2022?
With the growth of the cryptocurrency market, lots of new coins have been appearing. One such example is SafeMoon, which has been in existence for just under a year and has recently gained a lot of excitement due to its recent V2 upgrade. So what is the outlook for a SafeMoon future? And is it really safe?
SafeMoon’s very name pays homage to a popular call-to-arms saying among online crypto communities – “to the moon”. While it is unclear who originated the phrase, it has probably become most associated with dogecoin, the currency that started as a meme and is now trading at around the $0.25 mark following endorsements from the likes of Kiss bassist Gene Simmons, rapper Snoop Dogg and Elon Musk, PayPal co-founder and Tesla and SpaceX CEO.
The ‘safe‘ part of its name has perhaps less to do with the Welsh slang term of approval and is more a reference to the crypto’s apparent security.
What is SafeMoon’s most interesting feature? It appears to be designed to encourage people to hold – or, to use the online crypto meme phrase, HODL – their coins. The crypto’s founders have made it clear that anyone who sells a SafeMoon coin will be subject to a 10% sales tax, with 5% redistributed to people who are still hodling – sorry, holding – their coins, with the other 5% burned. This gives crypto holders a kind of reverse dividend.
There is also an odd paradigm in play. One could, theoretically, make a bit of money from other people selling SafeMoon while you held on to it. In theory, you could make a profit while the overall SafeMoon price went down.
Whether this is going to happen in the long term remains to be seen, but it could happen. However, it could be equally that everyone holds, and very few buy or sell, and that the SafeMoon price stagnates in the long run – meaning people will be left waiting for a price rise that ultimately never comes.
Legitimacy of SafeMoon
Concerns have been raised over the legitimacy of SafeMoon. Its unique structure, which encourages people to hold on to the coin, coupled with its relative newness, have drawn questions from some experts – with some analysts dubbing it a Ponzi scheme.
There is also the fear that since SafeMoon CEO John Karony holds around half of the liquidity, he could easily get rid of it, thus rendering the coin worthless. However, Karony claims that the liquidity pool will only be used for emergencies and that the funds could end up seeding exchanges that trade SafeMoon or fund future products.
On 16 November 2021, SafeMoon won the “Crypto Community of the Year” award at the AIBC Gaming Summit in Malta. Reassuring SafeMoon investors in his speech, Karony said: “We’re a nine-month-old blockchain innovation company, a tech company. We created the most talked-about cryptocurrency on the market right now and have 2.8 million holders, one of the fastest growing communities in the world. We won The Best Cryptocurrency Community Award. We have a valuation of around $3bn-$4bn… And we did this all in nine months.”
It is worth noting that SafeMoon also recently replaced its chief blockchain officer, Thomas Smith, with a new team, stating that the handover process started last September. On 25 January 2022, SafeMoon tweeted that it has passed 1 million SafeMoon Wallet downloads.
In terms of its recent upgrade, the idea was to consolidate the old SafeMoon – SAFEMOON – by a ratio of 1000:1, thus meaning that the value of the new, SFM, coin will be higher than the old one, but also that existing holders will not lose out. It is worth noting, however, that the migration is not automatic, so SAFEMOON holders will have to convert their old crypto to SFM.
Let’s take a look at SafeMoon’s price history. While past performance is never an indicator of future results, knowing what has happened can contextualise a future SafeMoon price prediction.
The story so far
SafeMoon launched on 8 March 2021 with an initial price of $0.000000001. As with all new things, people started to get interested, and the price soon reached $0.00000157 on 3 April. It stayed around this price for about two weeks, but then things started to move significantly.
On Friday 16 April, it stood at $0.000001, but over the course of a couple of days, it more than doubled, hitting just under $0.0000029 by the early hours of Sunday 18 April. While this price growth seemed pretty impressive at the time, it was nothing compared to what happened next.
The value of SafeMoon
The value of SafeMoon skyrocketed, hitting a high of $0.00001375 on the evening of Tuesday 20 April. That is an increase of 375% in the space of a little over two days. To put things even more starkly, if you had bought into SafeMoon when it was launched, then you would have seen the value of your investment shoot up by a stratospheric 1,374,900%. Basically, if you had bought a dollar’s worth when it launched and sold at its peak on 20 April – just over a month after it became available – you would have ended up a millionaire, even after your SafeMoon sales tax had been taken.
The mega-boom was short-lived, however, and the price gradually declined from the end of May. On 28 August, the beta launch of SafeMoon Wallet suffered technical difficulties and the price went from $0.000003508 to $0.000002519 over a day, according to data from CoinMarketCap.
Next came October, which saw the SafeMoon price jump a massive 355% from $0.000001386 the start of the month, to $0.000006302 on 29 October. There was then further volatility in November, but then the V2 upgrade was launched on 12 December 2021.
At the time of the switch to SafeMoon v2, it was standing at about $0.0000016. While the new SFM token has garnered most of the attention, the old SAFEMOON is still traded and, as of 7 February, it was worth a little under $0.0000013. This particular token’s maximum supply, 1 trillion, was in circulation, and it had a market cap of around $754m, making it the 254th largest crypto by that metric.
Meanwhile, the new SFM coin stood at $0.001639 at the start of trading on 16 December, and it was immediately hit by problems, falling to an all-time low of $0.0000002453 on 18 December. That glitch was soon sorted out, and the coin started to grow, reaching a price of $0.002558 at the end of the year. SFM looked like it was going to be a coin which defied the bears that were dominant in the crypto market at the time, and it reached an all-time high of $0.007232 on 4 January. The coin looked like it was still going to maintain a level of between $0.002 and $0.003, but support ebbed away in late January and, as of 7 February, it stood at around $0.0017.
Let’s take a look at the SafeMoon price prediction for 2022. We will be looking at the new SFM coin here. We need to point out that forecasts are very often wrong and, with the SFM version of SafeMoon being a newer coin, the likelihood of error increases. Also, crypto forecasts are often made using an algorithm, which can change at any moment.
In terms of a SafeMoon price prediction for 2022, Gov.capital is pretty pessimistic, saying that the coin should, ultimately, go down by the end of the year. While it thinks that, on average, the coin could be around $0.00262 at the close of the year, there should then be a significant drop off in value that sees it close 2022 at $0.000455
Meanwhile, DigitalCoinPrice is a bit more optimistic. The site says that it should get to around $0.00246 by the end of the year, having bounced back from a dip that sees it fall from $0.00230640223 in May to $0.00213781008 in June. For what it’s worth, the same site sees it reaching a high of $0.00760413058 in September 2029.
PricePrediction has made an SFM price prediction that sees it get to around $0.003 in 2022. It is worth noting that the site thinks SafeMoon V2 should break through the cent barrier in 2026, when its average price should be about $0.011. The same site argues that SFM will reach $0.07 in 2031.
Finally, Telegaon suggests that SafeMoon V2 can reach a price of anywhere between $0.0038 and $0.018 in 2022, but the most likely average is going to be $0.0079. It is also important to note that the site, which is more bullish in its SFM forecast than others, says the coin should break through the cent barrier in 2023, the 10 cent mark as soon as 2025, and could even be worth more than a dollar in 2030.
While there does seem to be a genuine plan for the crypto in its white paper, there are still genuine questions. We do not know what is going to happen to the liquidity pool, for instance. That said, it is always best to do your own research to decide whether you think it is worth buying into or not.
It is definitely possible that SafeMoon can reach a dollar in value at some point in the future. However, it is worth pointing out that the most optimistic long-term SafeMoon crypto price prediction sees it potentially reaching that in eight years’ time. However, the next best forecast says it should be worth mere cents by then, so it is worth being careful.
Will SafeMoon go up? There is still space for a SafeMoon future to grow and become more successful, but if you want to buy some and wait until it reaches the magic dollar mark, you may be waiting for some time. As is true with pretty much any crypto, you should be prepared to deal with some losses in the coin’s value as well as gains, and practise patience.
It might be. It will all depend on how well V2 takes off over the course of the next few months. Regardless, you will need to do your own research, remember prices can go down as well as up, and never invest more money than you can afford to lose.
Although SafeMoon is available on some exchanges, it is not available on all of them. This is down, in part, to it being a relatively new cryptocurrency. The SafeMoon website details on where and how to buy it.