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Does SafeMoon have a future?

Although SafeMoon (SFM) has appeared to have diminished in prominence since its peak in 2021, subsequent updates continue to be released. Wallet update v3.50, the most recent, was unveiled on X on the evening of October 31, 2023.

According to the official X account of SafeMoon, users will be able to transmit and receive Cardano’s native ADA in the multi-coin menu (Moonpay support), the wallet will feature a new decentralized application, and UI enhancements will assist users in tracking supported chains.

In addition, SafeMoon declared that it has redesigned the notification system. The Notifications History has been reorganized to feature news and updates, while the Transaction history now contains the account’s transactions.

Additionally, the announcement disclosed that version 3.50 will include a multitude of additional bug corrections, with the most prominent one addressing difficulties encountered when attempting to display TradingView charts for “Top Gainers and Losers” on iOS devices.

Users will be required to approve the revised End-User License Agreement (EULA) and Privacy Statement subsequent to the update. SafeMoon also alluded to the possibility that support for Algorand (ALGO) would be forthcoming in response to a commentator on X.

SafeMoon Reaches Summer Highs After Update

Additionally, the token price of SafeMoon rose in response to the news. At the time of writing, its price has increased by over 5.5% in the previous twenty-four hours and is currently $0.00020623, which is slightly less than its July high of $0.00021663.

This most recent development has, at least temporarily, halted the severe downtrend that SafeMoon has been enduring for the past three months. Notwithstanding the update, the token’s value has declined substantially since its peak of $0.00285 mere weeks after its initial public offering in March 2021.

SafeMoon has been entangled in controversy despite its efforts to recover, which included an upgrade in December 2021 that enhanced security and accessibility. A few months after its inception, it was labeled a meme coin, accused of being a Ponzi scheme around the same period, and was the subject of numerous disputes throughout 2022.

Does SafeMoon have a future

Continuous Difficulties and Tribulations for SafeMoon

Despite the ongoing efforts to resolve the concerns, the future of SafeMoon continues to be significantly precarious. Furthermore, despite the most recent upward trend, the token’s decline remains substantial, with it remaining nearly 94% below its all-time high.

Furthermore, there are persistent apprehensions regarding SafeMoon’s tokenomics, which have thus far been unable to establish a practical application. Nevertheless, this in no way indicates that it is doomed. 

SafeMoon has not only continued to provide enhancements and updates but has also achieved legal triumphs, including the dismissal of a class-action lawsuit that was initiated voluntarily in May 2022.

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