Investors looking for the next Dogecoin are piling into the recently launched SafeMoon cryptocurrency
Last week Dogecoin (CCC: DOGE-USD ) jumped over the moon, or at least to an all-time high above 40 cents. Cryptocurrency enthusiasts upped the meme currency, with Dogecoin’s prices generating a frenzy on Wall Street. Now, some on social media think they’ve found the next Dogecoin …
in a newly launched token called SafeMoon (CCC: SAFEMOON-USD ). So what is SafeMoon? And what is the price outlook for SafeMoon now?
To begin with, SafeMoon is relatively new. In fact, the token was launched in the first quarter of 2021. It comes from the SafeMoon protocol, a decentralised finance (DeFi) startup. Essentially, SafeMoon wants to help cryptocurrency bulls get to the moon, only more safely. To do this, it says it builds rewards for people who hold their tokens for a longer time. Those who sell also suffer a penalty .
According to the company, the SafeMoon protocol is based on three functions: reflection, LP capture and burning . These three functions relate to its initial objective: sellers must pay a 10% transaction fee. Investors should note that half of this fee is redistributed to all existing token holders.
So what else do you need to know? Although there is little information about SafeMoon, the company is planning a major expansion in the coming months. These growth plans are helping to strengthen SafeMoon’s price forecasts.
Importantly, the company has already confirmed an exchange pair with Dogecoin, allowing cryptocurrency users to exchange the two coins. In the coming months, it says it plans to develop an NFT exchange, integrate SafeMoon with video games, push into Africa, launch an educational app and complete its own SafeMoon exchange. SafeMoon has already raised $700,000 of the $1 million it needs to launch its exchange. In addition, SafeMoon’s founders say that two new exchange listings are on the way.
It is currently available on WhiteBit , PancakeSwap and BitMart .
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SafeMoon price forecast
So with all this buzz about Dogecoin and SafeMoon price predictions, where do things stand? Take a look at some of the best predictions below:
- DigitalCoinPrice is calling for SafeMoon to trade at $0.00000716 at the end of 2021. This compares to a current trading price of $0.00000485. For 2025, DigitalCoinPrice is aiming for a bullish year-end target of $0.00001508.
- WalletInvestor is also optimistic about SafeMoon, calling for a 300% price increase in the coming year.
- Investment U does not list a specific price target on SafeMoon. However, acknowledging the growing interest in the token, contributor Matthew Makowski says we could continue to see rapid price growth .
So what is the bottom line? Although social media chatter has scorching bulls on SafeMoon, it’s important to be cautious here. The token is currently trading for a small fraction of a penny and we now know little about the company.
At the date of publication, Sarah Smith had (neither directly nor indirectly) no position in the stocks mentioned in this article.
Sarah Smith is a web content producer with InvestorPlace.com.
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