As with any crypto project, partnerships can help create a stable ecosystem, which in turn creates more utility and value for the native token. Developers over at SafeMoon have expanded the ecosystem throughout February, collaborating with different projects even as uncertainties linger in the crypto market.
SafeMoon Tie-Up’s
Unethical practices such as rug pulls and honey pots have plagued the cryptocurrency industry over the years as fraudsters take advantage of a lacking KYC and audit system. SafeMoon has sought to rectify this problem through partnering with Doxed – a crypto security-based token focusing on identity verification.
According to the website “The KYD process will not only allow developers to verify their identity. It will also be a platform for investors to confirm that the developers have been vetted legitimately…every project that runs through our system will have a DOX KYD stamp of approval if the identity verification passes”.
Meanwhile, SafeMoon developers enhanced the airdrop system through partnerships with Enhance and 1 Immortl. One of SafeMoon’s most prominent features is the SafeMoonSwap – a liquidity protocol through which token holders can earn passive income.
SafeMoon also partnered with DxSale during the month. The platform is known for its Initial Dex Offering (IDO) launchpad on the Binance Smart Chain where users can mint and launch IDOs. It will be interesting to see if and how DxSale interacts with SafeMoon’s exchange platform which is yet to be officially launched.
Other prominent collaborations during the month were made with Shibnobi and Empire Token. Additional details on the partnerships can be found here.
SafeMoon V2 Chart
The charts depicted a contradictory picture, with SFM’s price down by as much as 47% during February. The tokens value was reflective of a turbulent broader market that has undergone two flash crashes this month.
However, the alt’s price has started to look bullish once again. A major support zone kickstarted a recovery, with SFM challenging its daily 9-period EMA (orange) at press time. A quick technical analysis shows that the chances of a bull run would be high if the price closes above $0.001650 resistance.
Cryptocurrencies kicked off a new month on a positive note as Bitcoin closed above the important $40K mark. The global crypto market cap bumped up by 12%, bringing the total to $1.92 Trillion at the time of writing. SafeMoon V2’s price benefitted in a risk-on broader market, rising by 7% over the last 24 hours.