Safemoon (SFM) price is really struggling to catch up with the ongoing rally in digital assets. In the last couple of weeks, altcoins, including the memecoins, have generated massive returns for their holders.
However, the SFM crypto holders are just watching the show, waiting for their turn which may never come.
In a typical crypto bull market, almost all cryptocurrencies rally in terms of the US dollar but this rally seems very different. This is because if you have a broader look at the altcoin market, you’ll see that many altcoins are still struggling to break above even the weakest of their resistances.
One such altcoin is Safemoon, which is still down 98% from its all-time highs. Additionally, if we take into account the older version of the coin, then the outlook seems even more bearish for SFM coin.
This negative price action comes despite a strong surge in the Total 3 market capitalization, which is a measure of the overall valuation of the altcoin market.
Furthermore, at the start of this month, the US DOJ arrested the project’s top execs amid SEC’s fraud charges. This seems to have delivered the final blow to the hopes of SFM. Since then, the Safemoon price action has remained stuck in a relatively narrow range for such a memecoin.
