SafeMoon launched its much-awaited V2 yesterday and the price spiked +11% in 24-hours post its launch. The V2 upgrade will reduce SafeMoon’s supply of circulation by 1000:1 without affecting the overall balances of its users.
However in V1, the token’s price plummeted to double digits and is trading in red. The most popular DeFi token slipped close to -15% in the last 24-hours in V1.
The DeFi token is now down -86.8% from its all time high of $0.00001094, which it reached on May 11, 2021. SafeMoon has only been dipping since then and only rose +300% in October.
The chart in V1 shows a constant dip since yesterday and reached a new monthly all time low.
Since more than seven months, SafeMoon is testing the patience of investors as several holders are currently under loss. The ‘buy the dip’ strategy no longer applies to SafeMoon as the token keeps dipping even after drastic dips.
SafeMoon seems to be embroiled in a bear market as buyers as staying away from the token. There’s fears looming of another possible dip with making it non attractive to new investors.
As per recent data, out of the 2.9 million holders, only 150,000 investors have migrated their tokens to V2. However, as days pass, eventually majority of holders will convert from V1 to V2 as the process needs time.
A complete step-by-step guide on how to transfer tokens to V2 can be learnt from here. The process is easy and will not consume much time.
SafeMoon Price Prediction
SafeMoon needs to attract a larger base of new investors to rally its price upwards. To invalidate the bearish momentum, buyers need to rally SafeMoon’s price above $0.00000236. From there on, the DeFi token can pull above its weight and zoom ahead in the indices.
However, a failure to rally beyond the $0.00000236 mark will spell trouble for the token and would be a risky investment. Investors are advised to be cautious and know ‘when and which’ dip to take an enter position. It is highly advised to focus on the long term and short term investors are advised to stay away from SafeMoon.
At the time of publishing, SafeMoon V1 was trading at $0.00000145 and is down -12.0% in the days trade.