What is SafeMoon Going After the Cryptocurrency Market Capitalization Plunge?

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According to the data, the overall market capitalization of cryptocurrencies has fallen below $1.5 trillion to $1.48 trillion at the time of writing. It is down 3.3% in the last 24 hours, with Bitcoin market dominance down to 40.3% and Ethereum dominance at 19.3%. In addition, the total cryptocurrency market turnover over the past 24 hours was $166 billion. The most severe of these was LUNA, which fell briefly below $7 to a low of $6.83, down 78.43% in the 24 hours since the article was written.

Even crypto-stable currencies Bitcoin and Ethereum are falling when the market is in turmoil, and SafeMoon, a small token, is also suffering. At the time of writing, SafeMoon was trading at $0.000368 on the www.gate.io international digital currency exchange, and its price has dropped 33.9% in the last 7 days. In 24 hours the price dropped by 28.2% and the volume traded was $2,851,128.

What Is The Status of SafeMoon Now?

The continued decline in the price of the risky asset cryptocurrency was perhaps expected under the Federal Reserve’s tightening policies. However, as the price of bitcoin continues to fall, shares of MicroStrategy, the world’s largest publicly traded company holding bitcoin and a business intelligence company, plunged 24% on Monday to reach their lowest level since 2020, and continued lower at the U.S. stock open on Tuesday, down more than 1.5% at $215.62 as of the writing. MicroStrategy’s cumulative year-to-date, MicroStrategy has fallen by more than 60% since 2022 till now. Yet SafeMoon was already experiencing volatility as early as the market began to falter.

The class-action lawsuit over the endorsement of tokens by celebrities and influencers such as singer Lil Yachty, YouTuber KEEMSTAR, and boxer Jake Paul has had a serious impact on SafeMoon, causing SafeMoon’s price to plummet by 85% compared to before.

As SafeMoon price plummeted, Dave Portnoy, the founder of Barstool Sports, called the SafeMoon investment “the worst investment ever” because it would have been a leek in the first place and a slaughter afterward.

As the value of the token continues to plummet, Karony has launched an obscure project called Operation Pheonix – “phoenix”. karony pronounces it as ” phay-nix” – a project through which SafeMoon investors hope to turn around the token’s investment returns. The project is to bring wind turbines to much of Africa as part of a “combination of innovations into a single SafeMoon ecosystem”.

As part of Project Pheonix, SafeMoon is also focusing on Africa, specifically The Gambia, and serving the locals with a cryptocurrency for the “unbanked”. The SafeMoon team claims to be working with the local government to adopt the token as a local currency. So far, however, the project has not yielded any concrete results.

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