SafeMoon had a rocky ride this week, its natural volatility magnified by a botched cryptocurrency wallet rollout.
SafeMoon has seen its value rise sharply over the past week, then plummeted before trading rather tranquil again. The price of SafeMoon/USD is volatile to begin with due to its somewhat quirky trading mandate overseen by its team of creators. However, the past week has seen an extraordinary amount of interest generated as proponents and critics debate ‘the failure’ of SafeMoon to launch their promised cryptocurrency wallet according to its promised timeframe.
The price of SafeMoon/USD trades in a fractional manner of decimals far below the value of 1 cent per coin. Speculators in SafeMoon can purchase the cryptocurrency through a handful of cryptocurrency exchanges and they can visit the SafeMoon website to get information on how to participate in this speculative cryptocurrency, which has no stated practical application whatsoever.
Buyers of SafeMoon/USD are likely taking a long-term approach to the digital asset hoping that a HODL – hold on for dear life – mentality will produce significant gains if SafeMoon survives and thrives. Skeptics may shake their heads in disdain regarding SafeMoon social media tactics which have a legion of loud voices, but there is no denying SafeMoon is good at marketing its cryptocurrency.
However, the cryptocurrency wallet, which was given a delivery date ‘promise’ of August 2021, has not materialized on time as promised. SafeMoon via its Twitter account put up the graphic shown above saying that the wallet ran into technical difficulties and that the organization was working tirelessly to coordinate and perfect the wallet. There seems to be some indication via SafeMoon influencers that the new anticipated date for a SafeMoon wallet is the middle of September 2021.
The social media communications transmitted by the SafeMoon team over the past few days has seemed to calm the waters, after missing the release date which had been highly anticipated – this miss certainly caused the price of SafeMoon to take a hit early this week. The price of SafeMoon/USD has stabilized now as SafeMoon continues to say that they will deliver products when they are ready.
SafeMoon vs. Dogecoin: Long Term Desires
SafeMoon according to its Twitter account has one million followers, which is a relatively substantial amount. SafeMoon traders who have jumped on the bandwagon early and begun to buy SafeMoon/USD are clearly hoping for results like DOGE/USD. Dogecoin was released to the public as a joke, but ultimately Dogecoin became a major cryptocurrency and currently enjoys a market capitalization of $39.8 billion. SafeMoon has a stated market cap of nearly $1.3 billion and is ranked as the 211th biggest cryptocurrency, which is not a bad result after only a few months on the market.
Speculators who have not participated in SafeMoon yet should understand that purchasing the cryptocurrency is not based on a true USD exchange, transactions are done via other cryptocurrencies depending on the exchanges offering SafeMoon up until now. Traders seeking more than technical data should go to social media and try to be a discerning researcher and reader. SafeMoon influencers are all over Twitter and Reddit. While critics certainly have a voice too, they are often met with rather brutal social media outbursts from folks who question ‘doubters’ in a rather strong fashion.
While it can be argued that the failed launch of the SafeMoon cryptocurrency wallet is not a disaster, and that the organization may have a valid point about wanting to get their product perfect before launching it, critics who have been skeptical of SafeMoon because of its unusual organizational trading mandate should be given attention too. SafeMoon can fluctuate rapidly in value by 50% or even more, which also means that its ability to lose value very quickly must be respected and monitored.
Traders who can participate in selling positions of SafeMoon because they do not believe in the SafeMoon organization’s mandates, or its technical ability cannot be faulted. However, traders who have the capacity to speculate on SafeMoon on the hunch the cryptocurrency will survive and flourish enough to create a substantial rise in value cannot be dismissed at taking into consideration the success of Dogecoin in the past.