Safemoon price is having a meltdown. Buy the dip?

The Safemoon price is in a sharp freefall as traders doubt whether or not the coin will survive the present sell-off. The SFM token has declined in the previous seven straight weeks and the scenario is getting worse. It is now buying and selling at 0.00030, which is the lowest it has been since January this yr. 

Why is SFM is a freefall?

Safemoon was as soon as a high-flying cryptocurrency that was being endorsed by a multitude of celebrities in 2021. The promise was that holders would get rewarded for simply holding the coin. These charges had been to be generated from the community’s actions.

Safemoon has not lived to the hype as a variety of high-profile builders left the group. With the Terra community imploding, traders now fear that Safemoon may very well be subsequent. For one, two teams have already launched severe allegations about the community and its creators. They have been accused of operating a basic pump and dump scheme. 

Behind the scenes, the builders are trying to make the mission worthwhile. They launched the second model final yr which attracted some fame. At the identical time, they launched Operation Pheonix which is anticipated to spend money on wind tasks in locations like Africa. Its wind generators are being constructed by a firm generally known as Semtiv.

Still, there is a chance that this mission won’t achieve success. For one, wind generators are extraordinarily costly gear and their rollout is not simple. This explains why solely a small a part of the world financial system is at the moment powered utilizing wind. Moreover, Safemoon doesn’t have all these assets. For one, the whole market cap of the coin is at the moment $185 million.

Safemoon price prediction

The every day chart reveals that the SFM price has been in a spectacular sell-off recently. It fell to a low of 0.00029, which was the lowest stage since January. It has managed to maneuver beneath the necessary help stage at 0.00038, which was the lowest stage on May sixth. The coin is nonetheless beneath the quick and long-term transferring averages.

Therefore, the Safemoon price will probably preserve falling as bears goal the subsequent key help at 0.00026.