SafeMoon community is very active on Social Media. You will see its hashtags trending every other day in the US. Despite the hype, many consider it a pump and dump currency.
SafeMoon was created in the first quarter of 2021. It has been on the rise ever since. There are currently more than 2.3 Million people holding this coin. Moreover, it is listed on some popular cryptocurrency exchanges like Pancake Swap, BitForex, and Gate.io.
The developers of SafeMoon intended to create a currency that safely increases in value. With community support and passive rewards to holders, the coin has managed to rise in price.
SafeMoon: A ‘Shitcoin’?
Shitcoin is a term used by crypto traders for currencies with no real-world use cases. These currencies rise with the increasing number of investors. Nonetheless, once the investors start pulling out the price sharply declines.
SafeMoon is considered a shitcoin by many. It has no utility or justifiable cause for the price increase. Therefore, opinion leaders often tell investors to stay away from this currency.
The owners and early adopters have discouraged people from selling the currency. Additionally, the passive rewards keep benefiting people. On top of all, the constant frenzy regarding the coin on social media is further causing the surge in price every now and then.
In 2021, the price of SafeMoon increased by 1,500%. At the time of this writing, the currency is trading at $0.00000347. It is ranked at 205th position on CoinMarketCap.
The current value of SafeMoon is very low from the all-time high value of $0.0000137. This makes clear that the coin is on the path of Pump and Dump. It is very similar to the meme currency Dogecoin. Therefore, you can either earn or learn from investing in SafeMoon.
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Originally published at https://autotradingstrategies.com.