Today’s trading session has seen Safemoon price trade with low bearish volatility. This is a continuation of a long-term bearish trend that has seen the cryptocurrency lose more than 40 per cent of its value in April and over 70 per cent year-to-date.
The Safemoon project has come under scrutiny in the past few days after an investigative piece was published on YouTube by CoffeeZilla, who goes by The Moniker Internet Detective. The investigative video focused on Safemoon and how the project may be a billion-dollar fraud. The investigative piece has raised concerns within the Safemoon community and opened a debate about how safe the Safemoon project is, and if it is involved in fraud.
The investigative video revealed that the cryptocurrency was a fork of bee Token, which was a rug pull ( a commonly used term used to describe cryptocurrency projects where founders run with investors’ money). Coffeezilla argued that the project, being an almost exact copy of the Bee Token, it was highly probable that the code had no safety features to prevent a rug pull.
He also indicated that the project had no locked liquidity pool, claiming that the project had never had locked liquidity pools. Finally, the video made numerous allegations against the founders and concluded that it was likely a billion of dollars fraudulent project.
These revelations rattled the SafeMoon community, who responded to some of the allegations made in the video. However, there were also mixed reactions from investors, with some huge investors also offering counterpoints of their own. This included Rumoni, who questioned how he came up with figures on his Twitter. Although the controversy has not yet started to unravel, it is highly likely to impact Safemoon prices in the future.
Safemoon Price Prediction
Safemoon has been trading sideways for some time now. However, the cryptocurrency is still in a very strong bearish trend, and the trend will likely continue. Although the current trading session has not had any significant price movements, my Safemoon price prediction expects the bearish trend to continue. As a result, there is a high likelihood of the prices trading below $0.0005 in the next few trading sessions.