SafeMoon Starts Sinking Fast, What Is Happening To Its Price?

SafeMoon starts sinking fast as its value tanked and most of the market is surging so what is happening with the coin? Let’s read more in our latest altcoin news.

Most of the crypto market is surging but this meme coin is dropping fast out of the top 100. SafeMoon is a crypto token that gained popularity via social media but it now continued to drop in price despite the recent market upswing. It’s down 16% in the past day and dropped out of the 100 coins in terms of market cap as per both Nomics and CoinGecko. Safemoon was one of the most popular coins and meme sensations over the spring as the Binance Smart Chain-based coin came out of nowhere and blasted to the market cap above $6 billion. As the market stumbled, so did the SafeMoon price in the past weeks that followed but while other coins are rebounding, SafeMoon is sinking further.

SHOUTOUT TO ALL DIAMOND HANDS 💎 🙌 💎 WE APPRECIATE YOU 🚀🌕 #SAFEMOON

— SafeMoon (@safemoon) August 16, 2021

According to CoinGecko, Safemoon is down 16% today alone and it is now sitting at $0.00000155 per token which is down more than 27% on the week with the latest tumble knocking the market cap down to $813 million which means that safe mood is no longer one of the top 100 coins by market cap on CoinGecko’s list and it is ranked on the 109 places but the rankings can vary by source. SafeMoon starts sinking fast compared to the rest of the market. The list of top 100 shows that a handful of coins are down over the past week with the biggest drop sitting at just 1.6% with the majority of coins on the list seeing double-digit percentage hikes in the past week. Solana increased 70% and Cardano increased by 46%.

The wider market is booming and it’s not a matter of meme coins and other tokens struggling but Dogecoin is the leading meme coin that increased 39% on the week and it is ranked in the 7^th position in terms of market cap. Shiba Inu is an ETH-based rival to Doge and saw a 26% price boost this week. SafeMoon’s price keeps dropping and it is nearly 86% off its peak in May. If the downward spiral continues, SafeMoon will not be the first to rise to prominence and fades from relevance as we saw a whole host of ETH and BTC knockoffs attempting to capture market magic over the past few days.

Source: https://www.dcforecasts.com/altcoin-news/safemoon-starts-sinking-fast-what-is-happening-to-its-price/