Safemoon price is experiencing a significant downtrend owing to the recent jitters in crypto markets, which sent most of the cryptocurrencies into bearish territories.
The decrease in total daily volume in overall crypto markets has hugely impacted the meme coins as well. Most of the meme coins are more than 20% down in the last 7 days and trading around 80-90% below their All-Time Highs.
Safemoon has been one of the most hyped meme coins of last year along with Dogecoin, Shiba Inu, Floki Inu, etc. Currently, Safemoon (SFM) price is $0.00185 and it is ranked as the 90th biggest cryptocurrency with still a market cap of more than $1 billion.
It is to be noted here that Safemoon V2 was launched in October last year and the Safemoon holders were asked to swap their tokens with the V2 version in December 2021. This V2 was launched in order to consolidate the circulating supply of the top meme coin by a factor of 1:1000.
Unlike most of the meme coins, the Safemoon team has delivered a few products that also include the Safemoon wallet for iOS and Android. Nevertheless, the investor interest in the meme coins has significantly reduced since last year and the depreciating daily volume of Safemoon can be seen as proof of that.
The current price of the newly launched Safemoon V2 is $0.00185 and it went to as high as 0.0036 on 4th January 2022. Due to the 1: 1000 consolidation, the Safemoon V2 token needs to go above the price level of $0.0109 to make a new All-Time High. This may only happen if the Safemoon team keeps delivering and the investor interest in meme coins grows once again.
However, the price needs to break above the downwards trendline and consolidate above $0.0024 level to aim a further upside. Similarly, any close below the $0.0013 level can significantly push the price into even a longer downtrend.
This post was last modified on %s = human-readable time difference 09:14