It has been roughly two months since the memecoin launched, exploding 14,583.33% in price since March 13th.
SafeMoon Continues Rising
Around 2PM May 13th 2021, SafeMoon twitter account tweeted that SafeMoon now has 2 million holders.The update is big news for memecoin investors. Despite turbulence involving Ethereum founder Vitalik Buterin donated 1.5 billion dollars of meme tokens to non-profits, Binance coming under investigation by the US government, and Tesla redacting BTC purchases, SafeMoon continues to grow their base of meme token holders. The last 24 hours have been good for SafeMoon holders, as the price increased 10.2% according to CoinGecko metrics. It should also be noted for beginners that SafeMoon is a memecoin, and meme coins tend to be incredibly volatile. cdn.embedly.com/widgets/media.html?type=text%2Fhtml&key=96f1f04c5f4143bcb0f2e68c87d65feb&schema=twitter&url=https%3A//twitter.com/safemoon/status/1392944275697057792&image=https%3A//abs.twimg.com/errors/logo46x38.png
Significance of 2 Million SafeMoon Holders
SafeMoon is quickly becoming more and more associated with the ranks of top Meme Coins, such as Dogecoin and Shiba Inu, and hitting 2 million holders “legitimizes” the coin further. Dogecoin has been down the last 7 days 2.9% according to CoinGecko. Although 2.9% isn’t terrible, it would be much worse if not for a huge rally of 44.1% happening the last 24 hours pushing Dogecoin’s price up higher. For comparison SafeMoon is currently up 16.7% the last 7 days. Shiba Inu, another popular meme token, is up 1119.5% the last 7 days but down 2.4% the last 24 hours.
Following the last 7 days, Safemoon’s performance and growth has been shocking compared to the much larger memecoins. The growing number of holders of the meme coin bolsters the argument for Safemoon’s widespread adoption among meme coins. This could play an important role in the future value of the coin.
So SafeMoon hit 2 million holders and has been performing decently the last 7 days. So what? Although SafeMoon enthusiasts love to see the growing popularity of the coin, this is not to say that things can change. The coin has been labeled a ponzi scheme by crypto analysts including big names like Lark Davis
The future of SafeMoon is uncertain; however, the continued growth and momentum of the project are a good sign for holders. Investors should continue to monitor market movements, and pay close attention to outside events that could affect the rallying price of the token.
Source : bsc.news
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