Is SafeMoon on Track to Becoming the Next Big Meme Coin?

In a recent Twitter poll conducted by CoinMarketCap on “Which Top MemeCoins will survive & rise to the top in 2022,” SafeMoon had managed to gain almost half of the 161,509 votes, accounting for 44.2%, followed by SHIB (30.4%) and DOGE (13.5%).

This result is another proof that the popularity of SafeMoon is growing. SafeMoon belongs to the class of the so-called “memecoins” alongside DogeCoin (DOGE), Shiba Inu (SHIB) and other doggy coins. Although it is one of the newer cryptocurrencies that hit the market in March 2021, the “SafeMoon Army” is not small in number just like its popular counterparts. At present, the project’s Telegram group has about 160,000 members, and its Twitter has 1.3 million followers.

The differences between Safemoon and other meme coins

Having the community’s backing is SafeMoon’s strongest attribute. SafeMoon quickly saw a frenzy of interest within a month of its launch. In a matter of days, the SafeMoon price shot up 7000%. However, a large community is not enough to make SafeMoon the next big meme coin.

Like most meme coins, SafeMoon also started its journey with no real-world product. It thrived under the influence of hype but soon realized the need to do more in order to escape being tagged as a shitcoin.

The first utility that the team created for SafeMoon was the launch of SafeMoon Wallet. In June 2021, the project began beta testing the SafeMoon Wallet.The app was released on Google Play in September 2021 and the Apple Store in October 2021. Data shows that there are more than 500,000 wallet downloads on iOS and Android.

The most resounding development should be the migration of the SafeMoon protocol to Version 2 which happened in December 2021. The main purpose for V2 was to shrink SafeMoon’s massive supply to a manageable size using a V1 to V2 migration ratio of 1000:1.

Many meme coins usually have a lot of coins in supply, which is reflected in the low prices. For example, SHIB has a quadrillion coins in supply, and despite some of these coins being burned, there are still many more SHIB coins left in supply. DOGE is not any better as its supply is inflationary, meaning that it is always increasing.

Safemoon comes with a different tokenomics because it has a deflationary supply model, where the number of coins in circulation will continue dropping over time. It also establishes a burning mechanism where a specific number of Safemoon tokens are burned with every transaction. The total capitalization of SafeMoon is 1,000,000,000,000,000 coins, and according to the latest data, 223,000,000,000,000 have already been burned.

When the supply dwindles, the price will increase. Therefore, in the long run, we can see massive gains in Safemoon because the demand for this meme coin will continue growing in the future. SafeMoon investors are also watching and waiting for more exchanges to list their favorite meme coin and so far it trades on Gate.io, BitMart and a few others. If this happens, it will boost the profile and liquidity of the token and could be a new catalyst for the Safemoon price.

Editorial Note: Opinions expressed in this release are solely those of the writer and readers should conduct their own due diligence before taking any action based on information presented in this press release.