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The native token of controversial cryptocurrency project Safemoon (SFM) experienced extreme volatility over the weekend as its price climbed 92% during the first three hours of November 5th. Until 9am GMT.
The SFM token remains down 95% from its all-time high, but as of this writing, the token is up about 19% in a single day and up about 47% over the past month.
news lawsuit The price drop pursued by Safemoon investors, who claim that insiders manipulated the price for their personal gain, appears to be the main catalyst for price action. However, #SAFEMOONBLOCKCHAIN is also trending on Twitter as the community speculates about the future native he blockchain potential of the project.
Following a string of negative press coverage for the Safemoon project stemming from past activity, the dismissal of the lawsuit may indicate to some investors that the times are behind them. YouTuber Her Coffeezilla published several videos covering the Safemoon project, accusing it of widespread cheating and fraud allegations. Regardless of previous scandals, the community, or SafemoonArmy, remains bullish on the project.
Safemoon now bills itself as “a human-centric technology and innovation business that scales blockchain technology for a brighter tomorrow.” Such catchphrases seem far removed from the simple deflationary tokenomics projects of the early days. He has over 1.3 million followers on his official Twitter account and his 300,000 subscribers on the subreddit.
Twitter and Reddit contain dozens of community posts celebrating the weekend’s Price Action, including “If you’re still here after all the FUD… Salute” and “Rocket Boosters are just getting started.” said.
On November 4th, Safemoon announced beta testing and bug bounty programs for its upcoming security product, Orbital Shield. No date has been announced yet, but given the limited information available about the product, any form of progress could be welcomed within the community.
our next stage #SAFEMOONORBITALSHIELD BETA testing will open up more space.
a #safe moon A bug bounty program for developers will also be launched.
Exact date and time for both TBCs.#SAFEMOONFAMILY #safe moon wallet pic.twitter.com/cknuzmfgMv
Safemoon (@safemoon) November 4, 2022
The November 5th local high is the SFM’s highest since June 17th. v2 of the Safemoon token hit an all-time high of $0.0024 at launch in January. Since then, it has been on a steady downward trend despite deflationary conditions.
