The native token of controversial altcoin project Safemoon (SFM) has experienced a surge. The rise in question resulted from a claim. Here are the details…
Safemoon took action with this news
Safemoon surged 92 percent in three hours on Nov. Therefore, it spends the weekend in great volatility. The SFM token is down 88 percent from its all-time high as of writing. However, the token has gained 6 percent on a daily basis and 47 percent on a weekly basis. Behind this, there is an allegation of manipulation. Rumors began to circulate that a lawsuit allegedly led by some investors was dropped.
cryptocoin.com As we have reported, the lawsuit in question alleges “insider trading” in Safemoon. Insider trading refers to the practice of buying or selling the coin while having important information not yet available to the public. Key information refers to any information that will have a material impact on an investor’s decision to buy or sell the coin.
So the news that the case was dropped seems to be the main catalyst for the price action. However, the community is speculating on a possible future native blockchain for the project. That’s why the hashtag #SAFEMOONBLOKCHAIN has also been trending on Twitter.
The Safemoon community is growing
The Safemoon project is constantly being treated negatively due to past activities. Therefore, the dropping of the case may indicate to some investors that those days are over. YouTuber, Coffeezilla, has released several videos covering the Safemoon project. It shared widespread allegations of abuse and fraud. Regardless of previous scandals, the community or SafemoonArmy continues to rise on the project.
Safemoon currently describes itself as “a people-driven technology and innovation that extends Blockchain technologies for a brighter tomorrow”. The official Twitter account has more than 1.3 million followers, while the subreddit has 300,000 subscribers. Twitter and Reddit hosted users celebrating the weekend’s price action. It includes a lot of community posts that say, “If you’re still here after all the FUD… greet you.”
Efforts continue to improve the altcoin ecosystem
On November 4, Safemoon announced a beta testing and bug bounty program for its upcoming security product Orbital Shield. No date has been announced yet. But given the limited information available on the product, any form of advancement within the community is welcome. The local high recorded on November 5 marks the highest price seen since June 17. The v2 launch of the Safemoon token marked an all-time high of $0.0024 in January of this year. Since then, it has been on a steady downward trend despite its deflationary status.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your own research and due diligence before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.