Decentralized finance also known as Defi was over every place at the starting of 2021, and in the process of the hype, several altcoins were created claiming to be the next generation banks.
Well, as a blockchain enthusiast who has been in the space since 2017, I was able to identify at least a few self-calming Defi tokens that were pump and dump coins. At the time the Defi trend was popping, meme coins were also at the top of the trend. Both trends were literally mixed up and were all called shitcoins
As a trader who trades on Binance, gate, and probit exchange, It was so difficult to trust coins that haven't made it to these exchanges. But because it was Defi and meme coin season, I believed a few coins out there were created for good intention and might make a big move in the future. Well, I might be wrong but maybe 90% of the coins trending back then were pump and dump coins.
I Bought SafeMoon
I looked at a few trending coins outside my favorite exchanges and I found SafeMoon. I checked their website and read their whitepaper and it looked promising except that its max and circulating supply was and still so discouraging. However, because of an upcoming feature stated in their whitepaper, I purchased $100 worth of it via pancakeSwap In April 2021.
It Went South On Me!
A month later, both the hype Surrounding Defi and meme coins literally died.
Name them; Doge, Shiba, SafeMoon, safemars, etc were still making little waves on Crypto Twitter but not as huge as it was and their prices were fast declining. My $100 Safemoon was now worth $40.
SafeMoon About To Turn To Shiba?
A couple of weeks back, Shiba had returned a huge amount in percentage and had broken all-time highs. Sadly for me, I didn’t buy any of Shiba back then. I bought Doge on Binance but sold back but didn’t sell my safemoon.
The week after Shiba started moving mad, Doge seem to have tried a similar move but it failed. But Shiba didn’t relent. It went even harder this week while doge struggled to maintain $0.3 but failed and it's currently at $0.28 as I was writing this.
Surprisingly, since the starting of this week, Safemoon started printing daily green candles for the past 6 days as you can see from the chart below.
my $100 worth of SafeMoon which dropped to $40 was worth $120 last night. But at the time of writing this post, it’s currently worth $113 which was expected because of the last red candle on the chart above.
What Could Be The Reason Behind This Upward Movement?
If I could remember what I read from their Whitepaper, they stated that they’ll be launching a feature to enable easy swap between cryptocurrencies. And that reason right there was why I risked $100 purchasing it despite their massive max and circulating supply.
Guess what? Their exchange swap feature is live! Safemoon swap. Obviously, this isn't the reason because it has been launched months ago.
The latest update from Safemoon's Twitter account is their wallet launch which is available on both Android and ios devices.
I have wrapped my head around it and concluded that this could be the reason. Looks like I’m starting to believe in this project. They've got a massive community too.
I’m hoping to see my $100 return me an x1000 in some months/years time😛
Cryptocurrency investment is subject to high market risk. I’m not responsible for any of your investment losses. The opinions and statements made above should not be considered financial advice.