The native token of controversial altcoin project Safemoon (SFM) has seen a surge. The ascension, which is the subject of the word, was caused by an argument. Here are the details…
Safemoon took action with this news
Safemoon surged 92 percent in three hours on Nov. Because of this, 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 a manipulation argument. According to the allegations, rumors began to circulate that a lawsuit led by some investors was dropped.
Koindeks.com As we have also reported, the lawsuit in question alleged that there was “insider trading” in Safemoon. Insider trading refers to the practice of buying or selling the coin while now having valuable information that is not available to the public. Valuable information refers to any information that can have a valuable influence on an investor’s decision to buy or sell the coin.
So the news that the case was dropped stands to be the main catalyst for the price action. However, the community is speculating on a possible future local 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 always being treated negatively due to past activities. Therefore, the fall of the case may indicate to some investors that those days are over. YouTuber, Coffeezilla, posted a few images covering the Safemoon project. He shared widespread abuse and fraud arguments. 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 develop the altcoin ecosystem
On November 4, Safemoon announced a beta testing and flaw bounty program for its upcoming security product Orbital Shield. No random date has been announced now. But given the finite information available about the artifact, any form of progression 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.