Meme-coins across the board have been moving horizontally of late. The likes of DOGE, SHIB, and ELON – the Big-3 meme-coins, were down by a mere 1% on the daily time window. Defying the broader meme-trend, SafeMoon Inu [SMI] on the other hand, managed to register a significant 16% gain in the same timeframe.
In effect, the coin’s weekly gains stood close to 45% as it was seen exchanging hands around $0.000016 at press time. With the aforementioned hike, SMI’s parabolic recovery from its end of December lows seemed to have taken a definitive shape on its price chart.
Polished state of metrics
As per CMC’s data, the cumulative number of addresses has witnessed a notable rise of late, implying the non-stagnant nature of network activity. Parallelly, the token volume has also seen an incline from $297,209 to $455,304 in the period between 1 to 4 January.
Now, when compared to other meme-coins, Safemoon Inu’s concentration is fairly less whale-inclined. The top 100 HODLers possess only half the supply of the coin [49.92%, to be precise]. The same is as high as 63% for DOGE, 81% for SHIB, and over 90% for ERC-20.
In effect, this makes Safemoon Inu less prone to whale-instigated price-dumps. More so, because their token distribution is scattered.
What is the most preferred SafeMoon variant though?
Despite the recent price actions, SMI has not been able to garner a lot of traction from people belonging to the community. Even though it has an upper hand market-cap-wise, SFM – another coin from the space that shares the same name, is currently more socially appealing to people.
When both the snapshots attached above and below are thoroughly analyzed, the winner becomes quite clear.
Well, the aforementioned results by themselves tell a lot about SFM’s loyal community. For any meme-coin to fare well, community backing is more of a necessity than a want or number game. So, at this stage, it is quite crucial for SMI to gain popularity amongst the masses. Only then, it would make sense to compare and draw parallels between both the name-twin dog-themed coins.