Bitcoin’s price has been impishly wheezing of late. The latest sell-off translated into a 4.3% daily dip and managed to re-send shockwaves within the crypto space. The cumulative market cap too, as a result, was down to $1.5 trillion after noting a 6% decline over the past day.
Well, there was blood all across SafeMoon’s price chart too. A week back, this coin was trading at a level as high as $0.002468. At press time, however, SFM was valued at $0.001629, and earlier during the week, the coin went on to dip below $0.001549.
Parallelly, over the past day, the diluted market cap of the coin has shrunk by 5% while volume has plunged by nearly 17%.
Amidst all the price-drama, SafeMoon V2 managed to get onto 50,000 CMC watchlists – a feat achieved yesterday. However, at the time of writing, the number had already notched up to 50,472.
Thus, with more people adding this coin to their watchlist, it wouldn’t be wrong to assert that the community interest concerning this token is brewing.
SafeMoon: The most favourite DeFi-token?
SafeMoon’s social volume has been quite impressive lately. While hashtags revolving around Bitcoin and Ethereum trended on Twitter during the crash period, SFM managed to find a spot for itself in the top-10 mentioned list.
SHIB and DOGE were the other two meme coins that had made a cut to this list.
In a recent poll conducted by CoinMarketCap, about “Which Top MemeCoins will survive & rise to the top in 2022,” SafeMoon had managed to garner more than one-third of the 129,813 votes. SHIB had secured almost the same share, while DOGE and SAITAMA garnered the remaining votes.
Well, having the community’s back is the token’s strongest suit. Alongside, its development-legs too look quite strong at the moment. The project is advancing its ecosystem through innovations and is currently awaiting a green light to roll out Operation Phoenix in the Gambia.
Concluding words
Amidst the rosy side and the aforementioned developments, a bling eye cannot be turned towards the dwindling price and the dropping volume and market cap numbers.
While the community support and fundamentals shield the token’s long-term prospects, the broader market’s recovery would aid the coin to enhance its performance on the volume and market-cap fronts.
But for now, looking at the state of most other coins from the space, SFM is evidently on track to become the most socially appealing DeFi-themed token.