There is a maximum supply of 500 million SFP tokens and of which 108,166,667 are in circulation (which is almost 22% of the total). SFP tokens are earned through SafePal campaigns, wagering rewards and other activities within the SafePal app.
Let’s take a look at its use cases:
- SFP is used to provide numerous offers and discounts to users within the SafePal ecosystem.
- SFP holders can participate in the development of the SafePal ecosystem through voting.
- The token can be exchanged for other crypto assets including Bitcoin and Ethereum.
- The SafePal token can also be used as a payment method for various services.
- SFP tokens can be wagered in the SafePal Earn and Lending programs to earn rewards.
- SFP can help its holders earn more tokens through SafePal’s Airdrop called “Wallet holder Offering”.
SFP Price Prediction
SFP’s current market price is $0.77 (as of November 18) and is up 19.59% in 24 hours. Its market cap is $83,828,030.3 and it has increased by almost 22.65% since the last day.
Before predicting whether SFP should rise or fall in the near future, let’s first take a look at its price history in recent months. Its performance in recent months can help us get the required context for the future.
Above is the chart of the SFP
for 1 year and as we can see that the market price of the SafePal token a year ago was $1.27. So, there is a 62.8% drop in the price of SFP since November 2021. In addition, there are numerous ups and downs that claim that the decline has not been consistent.
The chart above shows that the price of SFP has increased by more than 46% in just three months, keeping in mind that its price 3 months ago was $0.41. One of the reasons for the rise in prices in recent months is the growing popularity of unguarded wallets. There is no doubt that self-custodial wallets provide users with full control of their private keys and funds, eliminating the need for third parties in between.
The all-time high value of SFP is $3.54 reached in March 2021 and after that, the price started to fall (not consistently though). It means that SFP is currently 359% below its all-time high, stating that it has enormous capacity for growth.
In addition, SFP’s market price a month ago, i.e. October 18, was $0.37, meaning it grew by more than 51% from then until November 18.
Now, considering its growth rate of 51% in a month, its value could double in less than two months.
SFP Price Prediction: Comparison with competitors
SafePal’s only notable competitor or alternative is Trust Wallet whose native cryptocurrency is Trust Wallet Token (TWT).
Similar to SafePal, Trust Wallet is a crypto wallet that is non-custodial and mobile-based that supports over 4.5 million digital assets and 65 blockchains.
The current market price of Trust Wallet Token (TWT) as of November 18th 2022 is $2.19 and is down about 5.73% over the last 24 hours. Its 1-month price chart states that the price increased by 50.68% in a month compared to a 51.94% increase in SFP’s price.
Other factors to compare:
|Product features||Crypto wallets||Crypto Wallets, Crypto Staking, Defi Tools, NFT Wallets and Crypto Exchanges|
|deployment||iPhone, iPad and Android||SaaS, iPhone, iPad and Android|
|Performance in the last 7 days||+58.9%||+46.8%|
|Performance over the last 1 year||-62.8%||+50.9%|
|Number of users||6 million in 140 countries||25 million + users|
|Security features||SafePal has advanced security features such as a hack-proof EAL5+ secure element, two-factor authentication, and self-destruct mechanism.||The additional security feature of Trust Wallet is that it securely stores private keys for backup purposes and thus, users can access them in case their device is broken or lost.|
In addition to the features mentioned above, both tokens are supported by Binance.
To conclude, SafePal’s
one-month growth is comparable to its competitor, but it underperformed in 1 year compared to Trust Wallet. However, its advanced security features make it a clear winner over its competitors. In addition, the SafePal S1 hardware wallet is completely secure for storing cryptocurrencies.
SFP Price Prediction: Is SafePal (SFP) a good investment?
To answer, whether SFP is a good investment or not, let’s first analyze the price movements of its competitor.
Price analysis of SFP’s competitors:
In addition to SFP’s price movement, let’s take a look at how its competitors have done so far this year.
The current market price of TWT (as of November 18) is $2.19 and it has a market capitalization of $912,217,397.
The market price of SFP has decreased by more than 62.8% in one year, while in the case of TWT, there is a rise of 50.9%, as suggested by the chart above, since November 2021.
Also, as more and
more people are switching to non-custodial wallets, wallets like Trust Wallet and SafePal have plenty of room for future growth. It is because custodial crypto wallets store all user data in cold and hot storage that are easier to hack by intruders. It means that their level of security is lower than unguarded wallets, where only users guard their private keys without the involvement of third parties.
recent collapse of FTX has made people even more wary of centralized exchanges, and therefore, the use of such wallets has increased over the past week. In addition, Trust Wallet acquired and supported by Binance has a difficult ecosystem to compete.
However, analyzing the price movements of SafePal and its
competitor, we can safely say that SafePal is far below its all-time high, which leaves a huge room for its future growth. In addition, it has more scope because it is one of the best wallet tokens and, given the current market scenario and changing consumer preferences, This can become one of the go-to wallets.
What are the distinguishing features of SafePal
- SafePal is the first hardware wallet backed by one of the largest crypto exchanges, Binance.
- The portfolio serves 6 million users worldwide (140 countries).
- offers multifunctional wallet storage with its three different products. Its product range includes both a software wallet and a SafePal S1 hardware wallet.
- SafePal makes it easy to transfer cryptocurrencies to your wallet as well as maintain the security of your private keys.
To conclude, SFP is really a good medium-term investment option, not only because it is not guarded, but because it also provides a safer option to protect funds and assets. Its extensive product line is another factor that makes the platform more user-friendly and, therefore, worth investing.
Safepal Price Forecast 2023, 2025 and 2030
Although the price
prediction cannot be 100% accurate, a thorough analysis and past performance of the coin can actually predict its future. Let’s try to predict the price of SFP for 2023, 2025 and 2030:
With a Coinmarketcap ranking of #185, SafePal has a market capitalization of $83,828,030.3. There are currently 108,166,667 SFP tokens in circulation, accounting for 22% of the total supply. Its all-time chart shows that the price of SFP has declined by more than 68% since 2021.
SFP Price Prediction 2023
According to the price
forecast, in 2023 the SFP price is expected to reach a maximum price level of $ 1.2.
SFP Price Prediction 2025
According to the price
forecast, in 2025 the SFP is expected to reach a maximum price level of $ 2.5.
SFP Price Prediction 2030
According to the price
forecast, in 2030 the SFP price is expected to reach a maximum price level of $ 17.8.
Price Prediction: About SafePal
SafePal is a secure and easy-to-use crypto wallet, serving over 3 million users worldwide. Being easy to use, it is very beginner-friendly. The wallet was launched in 2018 with the aim of making it easier for users to protect their crypto assets.
An important point regarding SafePal is that it provides both hardware and software wallets. SafePal S1 is the hardware wallet that stores all users’ resources in offline mode and, therefore, is absolutely safe.
In addition, it supports a number of cryptocurrencies (including ETH, BNB, and BTC) that users can easily trade, trade, store, and manage without worrying about security. Users can manage their SafePal software and hardware wallets using the SafePal app, which they can find on the Appstore and Google Play.
SafePal’s native token is SFP, which is a BEP-20 token and can be transferred to any wallet on the Binance Smart Chain network.