After SafeMoon price hit an all-time high seven months ago, the token price has since then witnessed a downturn of nearly 75%. The version 2 (V2) upgrade looks promising in terms of a spike in price as tokens are being burnt leading to a supply drop.
SafeMoon’s supply has shrunk to 571,000,000,000, and the token’s price is likely to rise as the quantity shrinks.
A decline in supply or the installation of a burn policy has historically fueled a bullish narrative in the token’s price.
SafeMoon reached a new all-time high a few months ago, but the token’s price has subsequently plummeted by about 75%.
Holders are waiting for the V2 upgrade’s launch date to be announced. The price of SafeMoon has dropped 16 percent in the last week and nearly 20% in the last two weeks.
A petition to rename Jazz Arena in Salt Lake City, Utah, to “SafeMoon Arena” has received 4,878 signatures from the SafeMoon community.
SafeMoon intends to headquarter its operations in Utah in the future. As a result, SafeMoon’s headquarters will be in the Vivint Arena (Jazz Arena).
An optimistic spike in RSI has been seen by cryptocurrency analysts on the YouTube channel “SafeMoon Army.” After over a month of decline in the token’s price, analysts see $0.000004 as the first objective.
The analyst has identified $0.00000271 as the base, and the RSI is rising in tandem with the increase in buyer demand, providing support for a SafeMoon price comeback.
