Safemoon Price Analysis December 2022

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At the time of writing, Safemoon’s price is $0.00025326. The coin’s price has fluctuated heavily throughout December, but other than its recent November spike, it continues to trend down. While many analysts position the coin growing during 2023, and closing 2022 around $0.00026, we feel it might actually end lower. Here are our conclusions:
safemoon crypto currency

At the time of writing, Safemoon’s price is $0.00025326. The coin’s price has fluctuated heavily throughout December, but other than its recent November spike, it continues to trend down.
While many analysts position the coin growing during 2023, and closing 2022 around $0.00026, we feel it might actually end lower. Here are our conclusions:

Technical Analysis

This token has an incomprehensibly large supply and vanishingly low price. However, that’s not necessarily a deal breaker.

SAFEMOON tokenomics is largely based on burning tokens to create deflation. Each transaction is deducted 10%. Each holder receives 5%, 2.5% is automatically burned, and 2.5% is sent to the liquidity pool.

And yet, SafeMoon’s token price has only trended downwards during the year, save for a few spikes, and spiked wildly during December.

Throughout December, Safemoon has oscillated between $0.0028 at its peak, and $0.0023 at its lowest point. Its current price is a middle ground between both, but a far cry from its peak last month.

Even at its highest point in December, SafeMoon’s price has never quite recovered from the October dip. This month has only helped to reinforce the notion that the coin has a high volatility among its peers.

While most analysis out there would point at SafeMoon growing for the end of December, and during 2023, the data and current crypto market doesn’t support that vision.

It’s more likely that SafeMoon remains in this $0.0002 price range at least until March, at which point it might break higher if the market conditions are more favorable, or if any events help boost the perception of crypto.

The truth of the matter is, the FTX collapse hurt the industry in general, and continues to do so.

Safemoon Analysis Conclusion

SafeMoon has consistently underperformed during 2022, although that’s not a problem unique to this altcoin. Its high volatility makes it difficult to establish a specific direction, but everything points to it moving further down the line. Unless there’s major shakeups to the Crypto environment, or SafeMoon receives a boon in the form of more crypto exchange acceptance, we don’t see the coin growing in the near future.

FAQs

How SafeMoon works?

Reflection tokenomics originated with SafeMoon, but numerous projects have emulated its concept. As a result of the scheme, holders will be taxed for every transaction they make on a DEX (decentralized exchange).
As for SafeMoon, the project promises to redistribute 4 percent of transaction fees to existing holders. This amounts to a 10 percent “tax” on transactions, as 3 percent of them go to SafeMoon’s liquidity pool, 2 percent go to a burn address, and 1 percent to SafeMoon’s ecosystem growth fund.

Are SafeMoon Reflections taxable?

Crypto and taxes are already a very nebulous area in most countries, but this situation is made much more complex for token reflections. It’s not clear whether they should be considered capital gains only when eventually realized, as with a buy or sale, or handled in the same way as staking rewards. The unpredictable nature of reflections makes it nearly impossible to record them all in a second.
While the changes for reflections can be very volatile, you should always try to keep a log of the changes in price for the coins you have in order to be prepared when tax season rolls around the corner.
If it is clear how changes in your portfolio will be handled in the future, you may find it useful to record the changes over a set period of time (for instance, over a day).
Consult with a tax professional about your options so you can select the one that works best for you.

Where SafeMoon is Listed?

As opposed to a coin on its own blockchain, SafeMoon is a token on Binance Smart Chain. It’s possible to swap Safemoon for other tokens on a decentralized exchange (DEX), such as PancakeSwap.

Does SafeMoon Have a Future?

According to SafeMoon Price forecasts, the price will reach a high of $0.08 in 2025 and a low of $0.0072 in 2026. The listing of the token on major exchanges like Coinbase, Binance, and Kraken could boost the price. It is possible that the cryptocurrency will reach $0.0072 in the first half of 2025.

Risk Disclaimer

TrustPedia is a financial portal-based research agency. We do our utmost best to offer reliable and unbiased information about crypto, finance, trading and stocks. However, we do not offer financial advice and users should always carry out their own research.

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