First things first — predicting the price is a fool’s game, especially in the crypto world (sorry for the clickbait title). We could easily conjure up a price estimate and a vaguely credible argument for it, but we like to keep things honest here, and a safemoon price prediction for 2022 is never going to be that.
Safemoon has turned plenty of heads after exploding in value more than once, but what does that mean for a safemoon price prediction in 2022? Let’s take a look at what makes crypto special.
Safemoon’s value has enjoyed some impressive spikes since the coin was first launched in early 2021, inspiring plenty of talk about safemoon price predictions for 2022. So, will the safe moon reach $1 any time soon — or even one cent? While we can’t answer that question, we’ll tell you what you need to know to make your own mind up in this p2p blog.
While giving a safemoon price prediction for 2022 is impossible, we can certainly assess its merits, drawbacks, and performance so far. (Source: screenshot)
However, there’s one thing we can do: give you plenty of information about what safemoon is, the coin’s history based on some of the best books for financial literacy, and how it compares to other altcoins. Hopefully, by the time you’ve digested everything and taken advice from financial advisors in Boston, you’ll feel confident enough in your knowledge to come up with your own predictions.
Safemoon coin review:
On its website, Safemoon claims to be the “fastest-growing crypto community on earth. “ That’s quite the statement — but does it have any basis in reality? Let’s take a look.
Safemoon coin was launched in March 2021 as a token for the Binance Smart Chain: an Ethereum alternative that supports smart chain applications and runs parallel to the Binance Chain (the home of Binance (BNB) coin), all with the aim of creating an environment that supports fast transactions and applications.
But this doesn’t really tell us much about what Safemoon does or why you should care Safemoon price prediction 2022, so let’s dig a little deeper.
Its primary value-add is tackling the issue of impermanent loss (when liquidity providers lend crypto to a liquidity pool and the value of the crypto drops in value). This is a big problem in yield farming since investors often assume they’ll get a tidy return but end up losing money when earlier adopters sell their holdings, resulting in price decreases.
Safemoon addresses the problem using three special features:
Automatic Liquidity Pools: It has a price floor for more stability in liquidity pools.
Static Rewards/Reflection: The rewards depend on how much you trade rather than starting high and decreasing over time (like bitcoin), which encourages early adopters to sell.
Manual Token Burns: Safemoon plans and announces its burns (a process to increase scarcity and value), which boosts transparency and engagement.
Safemoon price prediction 2022: Will safemoon reach 1 cent? Maybe — its features are designed to encourage long-term holding over short-term speculation. (Source: pixabay)
Another interesting element of safemoon is that it’s designed to encourage stakeholders to keep holding. There’s a fee for selling, which discourages those who just want to trade and speculate over the short term. However, some have criticized the feature for creating a Ponzi scheme since half of the proceeds from this fee go back to existing token holders.
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Price history of safemoon
But now let’s get to the part you really want to hear about Safemoon price prediction 2022: what safemoon’s price has been doing.The coin began to gain traction a couple of months after its launch, with the price skyrocketing from $0.000000044360 in March to $0.00001094 in May (both in 2021). It’s hard to put that into context with so many zeroes, but it represents a price increase of 24561.9%. You don’t hear those kinds of numbers every day.
Unfortunately, it couldn’t sustain the high and went down during the crypto market crash in June, sustaining a price of around $0.00000206 — but safemoon would soon have a second lease of life. This happened in October 2021, when the value suddenly shot up to $0.00000635 (although it would go down a few days later).
By mid-November, the value was still down 68.4% from the all-time high in May — but that’s still a whole lot higher (7698.6% higher, to be precise) than back in March.
Considering all this happened in the space of a few months, safemoon has been on quite the rollercoaster. Has it piqued your interest in Safemoon price prediction 2022?
Where to buy safemoon coin?
Because safemoon is a token on the Binance Smart Chain, the buying process is a little different from making a purchase on an exchange. You’ll need to sign up to Binance’s Trust Wallet, navigate to PancakeSwap (a decentralized exchange for trading cryptocurrencies), and then swap another crypto-like Binance coin (BNB), fetch ai staking for safemoon.And don’t forget there’s a 10% fee for selling it — this is a choice for those with a solid crypto investment strategy rather than new investors who want to dabble in altcoins.
What are altcoins, you ask? That links nicely to our next section.
Altcoins explained
The performance of altcoins like litecoin vs Ethereum will partly determine if safemoon will reach $1. (Source: litecoin)Safemoon might be (relatively) new, but what it’s doing isn’t. Above all, it’s an altcoin: a cryptocurrency made primarily as a method of payment to rival bitcoin (meaning cryptocurrencies offering something different, like the applications protocol ethereum, aren’t generally considered altcoins). However, the term can be a bit more laissez-faire and can be used to describe all non-bitcoin cryptocurrencies.
There are over 14,000 altcoins in the world, so safemoon isn’t doing anything particularly revolutionary here. The real question is it a better altcoin than its competitors? This is what will ultimately determine the answer to questions like “will safemoon reach $1” and “will safemoon reach 1 cent.”
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Safemoon vs. other altcoins
One of the best-known altcoins is litecoin, which was launched back in 2012 as a literal bitcoin alternative — in fact, it’s a fork of bitcoin, meaning it uses the same source code. However, Litecoin aims to be more efficient (faster transactions) and democratic (by requiring different mining equipment).The claim of being faster and better than bitcoin is a common theme among litecoins, with digibyte (DGB) coin another example of a crypto protocol offering more scalability and faster transactions.
Safemoon doesn’t offer features related to this, which could be a potential disadvantage compared to other altcoins. However, it has carved out its own market by tackling a unique problem: the unsustainability of yield farming. Some would argue this makes it a much better investment than some random cryptocurrency that’s basically “bitcoin with a different name and claiming to be better.”
But ultimately, the call is yours to make. Are you ready to earn interest in crypto? Let’s continue
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