Fallen into oblivion for nearly 3 months, Safemoon seems to have set out to win back the hearts of investors. 20% within 24 hours is a bit surprising for Safemoon who, even with the recovery of the market, had not budged too much. But, His progress during this session leads us to ask this question: Can Safemoon regain its levels before the May crash?
The crypto which is labeled by many as a Ponzi scheme has seen its value increase with the help of the announcement of the establishment of its wallet. Finally, SafeMoon manages to get up. A performance that allowed it to join the top 100 cryptocurrency again.
Some experts believe that its rise could lengthen up to 70% and even constitute a bullish pattern for the future. Others, rather pessimistic, do not think that Safemoon can recover as criticism of the lack of transparency grows even more in the market against it.
A look back at Safemoon’s performance in 2021
Overall, the price of Safemoon is fundamentally bullish for the year 2021. This rise can be broken down into three main periods. First, the first rally until April. Indeed, the crypto was named the best performer of the month of April because it recorded record levels of growth during this period. The value of the crypto has increased from $ 0.000000065060 to $ 0.0000077.
The second breakthrough is the one that took her to the top of the top of the market. In fact, during the month of May, Safemoon hit its multi-year ATH at $ 0.00001094 but fell a few days later with the crash and unfortunately to date has failed to shake off this bearish curse.
The last period is that of the slight rebound on July 21. The crypto was able to stop the bearish hemorrhage but did not give any support to draw a bullish pattern. As a result, Safemoon’s current price is below 83.6% of its ATH despite rebounding 20% during this trading session.
The wallet to boost the volume
Safemoon faced recurring volume issues in the market. Moreover, crypto is not listed on major exchanges. In an article that appeared on Decrypt.co, the author, Jeff Benson also emphasizes the issue of Safemoon’s volume and confirms the thesis of the lack of volume:
Even those who listed the token had difficulty doing so. BitMart, which first made the asset available in April, was unable to integrate the token redistribution system until mid-May and was only able to notify users of their rewards on a monthly basis.
But, the implementation of the wallet should help to solve this problem. According to the data provided by Coinarketcap, it is clear that the data reporting on the trading volume indicates an increase of 115%. An interesting indicator to support the rise of the cryptocurrency in the long term.