SafeMoon, the famous TikTok meme coin has broken the internet in the past few weeks. SafeMoon was one of the top gainers in the crypto space a few days ago. This came as a result of the surprise rally by the controversial coin. According to data from Coingecko.com, the coin constantly increased by over 100% on various days in the past week.
However, this bullish momentum has painfully come to a premature end. In the last two days, the coin dropped massively. Experienced traders in the market speculated this beforehand. At the moment, the coin is valued around $0.000004 according to data from Dex.guru. This value is significantly lower than its value two days ago. The upward rally pushed the coin to about $0.0000015, a new all-time-high for the token.
Possible Red Flags of the Token
In the last 24 hours, the coin dipped by almost 50%. This huge dip made many call into question the authenticity of the token. Many traders pointed to the fact that the token currently has no use case in the crypto ecosystem and has been described as a “shitcoin” by some. Some other traders have warned SafeMoon investors to be wary of volatile coins without solid history.
On the other hand, the token has a lot of fans and believers in the proposed projects the SafeMoon team wishes to embark in. Some supporters of the token make reference to the roadmap and upcoming projects of the SafeMoon team.
SafeMoon has reportedly attracted the interest of various large exchanges in Asia. On April 22, the team announced that at the moment, they are in talks with the 36th largest exchange in the world, situated in Asia. The exchange has an average daily volume of $857 million.
Despite the massive dump in price of the token in the past two days, holders of the coin who acquired the token a month ago or earlier currently boast of a gain of over 2000%. In the meantime, it is yet to be fully confirmed if SafeMoon is a safe token to invest in.