SafeMoon Price Skyrocketed After Swap Upgrade

Pathik Bhattacharya
Pathik Bhattacharya
Published on May 24, 2023 11:49 PM

In the last several days, the price of Safemoon has more than doubled. SafemoonSwap has received a significant upgrade from the creators. The latest upgrade expands the swap environment with new capabilities.

SafeMoon Price Skyrocketed After Swap Upgrade
Source: Unsplash

SafeMoon which had disappeared from the mainstream crypto hype after the 2021 bull run made a U-turn. SafeMoon, the crypto which made headlines in 2021 after becoming the top searched Token on the internet is back again.

The price of Safemoon has risen to its highest level since May 10 as investors reacted to the latest SafemoonSwap update. The token reached a high of $0.00026, which was more than 122% more than the previous month's low.

The recent surge is due to the developers performing one of the most significant improvements to SafemoonSwap. One of the new features is the possibility to connect Safemoo to BNB Chain, Ethereum, and Polygon for trading. Let's see how the prices have moved for SafeMoon.

SafeMoon Trending on Twitter After SafemoonSwap Update

SafeMoon is trending on Twitter after a long time with a whopping 3.69 Million tweets in just 24 hours. The Trend is due to the fact that many memecoin projects are using famous cryptocurrency names as hashtags to increase engagement over social media. 

SafeMoon has released an improved version of its SWaP feature, allowing the community to better utilise the feature. Among the major features is the ability for the community to bridge their token and trade broadly within the ecosystem.

Furthermore, the upgrade added the ability to connect your SFM transaction history to the SWaP interface. It also included a redesigned DEX user interface that is easy to use. Most notably, it altered its tokenomics, lowering costs from 10% to 1%. 

SafemoonSwap was developed to increase the functionality of the Safemoon ecosystem. However, it has received very little traction. It is not supported by DeFi Llama, which tracks the majority of DeFi platforms. 

SafeMoon SWaP will continue to operate in the absence of TMI integration. It will support all SafeMoon transactions that are carried out through another decentralised exchange.

SafeMoon Price Analysis

SafeMoon (SFM) is now trading at $0.00024443, with a 24-hour trading volume of $1,192,422. This is a 23.36% increase in the previous 24 hours and a 40.74% increase in the last 7 days. SafeMoon has a market valuation of $136,451,662 based on its circulating supply of 560 Billion SFM.

On a daily timeframe, SafeMoon is looking bullish as the 100-day EMA is below the trading price average. This confirms the buying pressure and hence the token is surging. The Bollinger bands are also in the positive trend as the price is ticking above the trading value. The lower band is at $0.00012 and the Upper band is at $0.00023. The trading volume is also increasing since the trend made its way through the memecoin frenzy.

The 14-day RSI is at 66 which marks the bullish nature of the current SafeMoon coin. The token is at the overbought zone right now and chances are more that the RSI will go above 70.

The price of Safemoon will most certainly rise and retest $0.00027 before pulling back somewhat when it forms the handle component of the cup and handle pattern. More gains will be verified when the price climbs above the upper section of the cup, which is currently at $0.00027.

About SafeMoon

SafeMoon LLC was founded in March 2021 as a cryptocurrency and blockchain corporation. In addition, the company has a SafeMoon token (SFM) that trades on the BNB Chain platform. The token levies a 10% transaction fee, with 5% going to token holders and 5% going to wallets in a different currency, Binance Coin (BNB), which is owned by the coin's designers.

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