SafeMoon price: Will SafeMoon tokens ever reach $1?

Cryptocurrency: Expert discusses success of Bitcoin

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This new popular currency was launched onto the crypto market in April with the slogan “Safely to the Moon”. SafeMoon is a new type of currency, according to its website. SafeMoon is not a cryptocurrency but it is instead a DeFi token, a decentralised finance token.

What is a cryptocurrency?

Cryptocurrency is a virtual currency secured by cryptography.

Some of the biggest cryptos are Bitcoin, Dogecoin and Ethereum.

Most cryptocurrencies are decentralised networks based on blockchain technology – SafeMoon is also based on blockchain technology.

How is SafeMoon different?

SafeMoon encourages customers to keep tokens, rewarding those who buy and hold onto it instead of trading.

Those who trade the crypto face a hefty 10 percent penalty fee, and five percent of that is then given to those who still have tokens.

SafeMoon’s Facebook page states: “Remember, getting to the moon takes time and the longer you hold the more tokens you pick up.”

Will SafeMoon reach $1?

Cryptocurrencies are notoriously very volatile, prices fluctuate week on week – but SafeMoon has been soaring in price recently.

On Sunday SafeMoon recorded a 99 percent rise.

SafeMoon’s price was $0.00000464 as of Friday morning (BST), according to CoinMarketCap. 

Despite its recent boom, SafeMoon is not trading near the $1 bar and there is no guarantee it ever will.

DigitalCoinPrice’s forecast is SafeMoon will reach $0.00000835 USD in 2022.

By 2025 DigitalCoinPrice predict that the currency will only have reached $0.00001414 USD.

So investors should be warned that whilst the currency may be booming it has a long way to go before it starts trading near that all important $1 mark.

Last week nearly every coin in the top 10 performing currencies had fallen significantly in value according to CoinMarketCap, so cryptocurrencies may not be the safest investment.

China’s recent boycotting of cryptocurrencies has further caused the crypto market to fluctuate, the country has repeatedly taken steps to limit the use of cryptocurrencies.

Last Friday (May 21) the Chinese government banned the acceptance of cryptocurrency as a form of payment causing the value of virtual currencies to plummet.

Owing to the volatile nature of the crypto market you should do your research before you invest and never put in more than you can afford to lose.

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