Safemoon prices are plummeting as investors wonder if coins will survive the current sold-out. SFM tokens have declined for the past seven weeks in a row, and things are getting worse. It is currently trading at 0.00030, the lowest level since January this year.
Why is SFM a freefall?
Safemoon was once a high-flying cryptocurrency approved by numerous celebrities in 2021. The promise was that the owner would be rewarded just by holding the coin. These charges were to be incurred from network activity.
Safemoon couldn’t stand the hype because many prominent developers left the organization. Investors are worried that Safemoon will come next as the Terra network collapses. First, the two groups have already launched serious allegations about the network and its creators. They have been accused of running the classic pump and dump schemes.
Behind the scenes, developers are trying to make a project valuable. Last year they released a second version that gained some fame. At the same time, we launched Operation Phoenix, which is expected to invest in wind power projects in Africa and elsewhere. The wind turbine is built by a company known as Semitiv.
Still, this project may not be successful. For one thing, wind turbines are very expensive equipment and their deployment is not easy. This explains why only a small part of the world economy is currently using wind power. Moreover, Safemoon does not have all these resources. For one thing, the market capitalization of coins is currently $ 185 million.
Safemoon Price Forecast
Daily charts show that SFM prices have recently been on the market for remarkable sales. It fell to a low of 0.00029, the lowest level since January. It managed to fall below the critical support level of 0.00038, which was the lowest level on May 6th. Coins are still below the short-term and long-term moving averages.
Therefore, the price of Safemoon may continue to fall as the bear is targeting the next major support at 0.00026.