Does SafeMoon have a future?

While SafeMoon (SFM) seems to have dropped from the radar since its high in 2021, new updates continue to be published. The most recent of these – wallet update v3.50 – was revealed on X on the evening of October 31, 2023.

Users will now be able to send and receive Cardano’s native ADA in the multi-coin menu (Moonpay supported), and the wallet will be equipped with a new dApp, and UI improvements made to help users track supported chains, according to SafeMoon’s official X account.

SafeMoon also stated that it has revamped the way notifications work. An account’s transactions have been moved into the Transaction history, while the Notifications History is now focused on news and updates.

The announcement also revealed that version 3.50 is also bringing numerous other bug fixes, the most notable of which concerns issues with displaying TradingView charts for “Top Gainers and Losers” on iOS devices.

Following the update, the users will have to accept the new End-User License Agreement (EULA) and the Privacy Policy has also been tweaked. When responding to a commentator on X, SafeMoon also hinted that support for Algorand (ALGO) may be coming in the future.

SafeMoon reaches summer highs after update

The price of SafeMoon’s token also reacted positively to the news. Its price rose by more than 5.5% over the previous 24 hours and, at the time of writing, stands at $0.00020623 – just below its July high of $0.00021663.

This latest movement has put an end, at least for the time being, to a decisive downtrend SafeMoon has been experiencing over the previous three months. Still, despite the update, the token is significantly down from its all-time high of $0.00285, which it had reached only weeks after launching in March 2021.

Despite its attempts at recovery, including a December 2021 upgrade that saw improvements in security and accessibility, SafeMoon has been mired in controversy. It has been described as a meme coin only months after launch, accused of being a Ponzi scheme around the same time, and even became the target of multiple lawsuits throughout 2022.

SafeMoon’s continuous trials and tribulations

Despite the continuous work to fix the issues, SafeMoon’s future remains very much in the balance. Additionally, the latest uptrend has hardly put a dent in the token’s decline, as it is still nearly 94% in the red from its all-time high.

Additionally, lingering concerns surrounding SafeMoon’s tokenomics remain, and it has, so far, failed to provide a viable use case. None of this, however, means that it is doomed. 

Over the years, SafeMoon has not only continued offering updates and improvements but has also scored some legal victories like the voluntary termination of a class-action lawsuit filed in May 2022.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.