The Safemoon price has fallen sharply as investors are unsure if the coin will survive this sell-off. The SFM token’s value has fallen for seven consecutive weeks, and it is only getting worse. It currently trades at 0. 00030, which is the lowest it has been since January this year.

Why does SFM have a free fall?

Safemoon used to be a highly-flying cryptocurrency. It was being promoted by many celebrities in 2021. Holders would be rewarded just for holding the coin. These fees would be earned through the network’s activities.

Safemoon is not living up to its hype. A number of prominent developers have left the company. Investors are now worried that Safemoon may be the next to collapse after the Terra network collapsed. Two groups have made serious allegations against the network’s creators. They were accused of operating a classic pump-and-dump scheme.

Behind the scenes, developers work hard to make this project worthwhile. The second version was launched last year and gained some attention. At the same time, they launched Operation Pheonix which is expected to invest in wind projects in places like Africa. Semtiv is the company that built its wind turbines.

However, it is possible that this project won’t be a success. One, wind turbines can be very expensive and difficult to roll out. This is why wind power is only used in a small portion of the global economy. Safemoon doesn’t have all of these resources. For one, the total market cap of the coin is currently $185 million.

Safemoon forecast

The daily chart shows that SFM prices have been experiencing a dramatic sell-off recently. It dropped to 0. 00029, which was the lowest level since January. It managed to fall below the critical support level of 0. 00038, which was the lowest level on May 6th. The coin is still below both the short-term and long-term moving medians.

Therefore, the Safemoon price will likely keep falling as bears target the next key support at 0.00026.