SafeMoon (SFM) was launched as a community-driven DeFi token. Technically a meme coin, the hope was to challenge other high-growth meme coins like Shiba Inu and Dogecoin. SafeMoon exploded. Hitting all-time highs in April. But things have not really been smooth sailing ever since. Check out some highlights below:
After hitting all-time highs in April, SafeMoon (SFM) has lost nearly 90% of its value
In December alone, the coin has seen a monthly plunge of over 50% albeit it’s repairing some of these losses.
Unlike other meme coins, SafeMoon (SFM) is adding more utility, including an Android and iOS version of its SafeMoon wallet.
Data source: Coinmarketcap.com
SafeMoon (SFM) – price prediction and analysis
The biggest question for most investors right now is whether SafeMoon (SFM) can replicate the explosive growth it showed in 2021. During its peak in April, the coin had in fact managed to deliver an ROI of nearly 45,000% since its inception. Headwinds in the broader crypto market have seen SafeMoon (SFM) plummet from those April highs.
At the time of writing, the coin was trading at $0.001668, down 7% in intraday trading. It’s very unlikely that we will see any major surge this year. But as SafeMoon continues to add more utility features into its ecosystem, the coin could become much more valuable in the long run.
Should you buy SafeMoon (SFM)?
It is important to note that SFM is still a meme token. Yes, we are seeing more utility features coming into the ecosystem but they are not nearly as valuable as, for example, something like Solana (SOL).
For this reason, SFM is prone to wide volatility and should be viewed as a short-term speculative asset right now. For investors who want to ride any bullish uptrend in 2022, this is the ideal time to buy SFM. But for long term value, it’s very hard to see any upside.