Last week saw Dogecoin (CCC:DOGE-USD) rocket to the moon, or at least to an all-time high above 40 cents. Crypto enthusiasts powered the meme coin higher, with Dogecoin prices generating a frenzy on Wall Street. Now, some on social media think they have found the next Dogecoin… in a newly launched token called SafeMoon (CCC:SAFEMOON-USD). So what is SafeMoon? And what SafeMoon price predictions exist now?
To start, SafeMoon is relatively new. In fact, the token launched in the first quarter of 2021. It comes from the SafeMoon Protocol, a decentralized finance (DeFi) startup. Essentially, SafeMoon wants to help crypto bulls get to the moon, just in a safer fashion. To do this, it says it builds in rewards for people who hold their tokens for a longer time. Those who sell also face a penalty.
According to the company, the SafeMoon Protocol is based on three functions: reflection, LP acquisition and burn. These three functions connect to its initial goal: Sellers face a 10% transaction fee. Investors should note that half of that fee redistributes to all existing tokens holders.
So what else do you need to know? Although there is little information about SafeMoon, the company is eyeing big expansion in the coming months. These growth plans are helping to boost SafeMoon price predictions.
Importantly, the company has already confirmed a trading pair with Dogecoin, allowing crypto users to exchange the two coins. In the coming months, it says it plans to develop an NFT exchange, integrate SafeMoon with video games, push into Africa, launch an educational app and complete its own SafeMoon exchange. SafeMoon has already raised $700,000 of the $1 million it says it needs to launch its exchange. Plus, SafeMoon founders say two new exchange listings are coming.
It is currently available on WhiteBit, PancakeSwap and BitMart.
SafeMoon Price Predictions
So with all of this buzz around Dogecoin and SafeMoon price predictions, where do things stand? Take a look at some top predictions below:
- DigitalCoinPrice calls for SafeMoon to trade at $0.00000716 at the end of 2021. This compares to a current trading price of $0.00000485. For 2025, DigitalCoinPrice is eyeing a bullish year-end target of $0.00001508.
- WalletInvestor is also bullish on SafeMoon, calling for 300% price gains over the next year.
- Investment U does not list a specific price target on SafeMoon. However, recognizing growing interest in the token, contributor Matthew Makowski says we could continue to see rapid price growth.
So what is the bottom line? Although social media chatter has bulls red-hot on SafeMoon, it is important to be cautious here. The token is currently trading for a tiny fraction of a penny, and we know little about the company now.
On the date of publication, Sarah Smith did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Sarah Smith is a Web Content Producer with InvestorPlace.com.