Chinese crackdowns, pending U.S. government regulation, and a general sense of bearishness from all but the crypto die-hards have worked in tandem to keep digital currencies down. Many coins and tokens have fallen significantly as this crypto crash runs rampant. Many are trying to work their way back up, including the once-wildly popular SafeMoon (CCC:SAFEMOON-USD) token. Now, can the SafeMoon crypto wallet announcement put an end to its losses?
SafeMoon is an altcoin which saw significant attention in April and early May, gaining quite a bit in just two months of existence. However, prices flattened, as investors began to lose interest in the token, whose value is driven directly by trading volume. Then, when Elon Musk’s bearish crypto comments and China’s crackdown began, prices tanked further.
Now, the token shows signs of holding on with the development of new products. The SafeMoon developers have revealed Aug. 7 as the beta launch of its Android-specific mobile wallet.
SafeMoon Crypto Developers Plan Android Wallet Launch August 7
The new crypto wallet beta launch continues the SafeMoon developers’ plans to accommodate SafeMoon-specific wallets across all platforms. Back in June, the initial test launch of the wallet debuted. This will be the first mobile-specific product by the developers. The SafeMoon Twitter account has also teased the coming release of an iOS-compatible wallet for Apple (NASDAQ:AAPL) users.
It will be interesting to watch where SafeMoon values go ahead of the launch. As mentioned previously, the token is fully at the mercy of trading interest to generate gains, thanks to its lack of utility and its token-reward system. Right now, the announcement is not sparing the token from losses, even with an increased trading volume. SafeMoon’s value is down 8% over the last 24 hours, even with a 57% boost in trading volume.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.