The cryptocurrency market is full of possibilities and early investors have reaped the rewards by investing at the very beginning and sat back to watch their holdings turn into a sack of profits.
New investors, especially millennials, seem to be drawn towards the crypto market as it promises returns 'to the moon' which traditional investments and financial sectors fail to do.
SafeMoon cryptocurrency is one among the most talked about coins in the market. It was launched in March 2021 and investors who picked up the coin early during its launch made tenfold profits and became millionaires overnight.
Yes, SafeMoon during its launch in March 2021 was available for purchase for just $0.0000000010 per coin and had eight zeroes before the decimal. Those who had invested $1,000 at that time got close to 900 billion tokens and became self-owned 'whales' for such a cheap price.
Fast-forward to just four months today, July 2021, SafeMoon is now trading at $0.000002481 and has knocked off three zeroes from its indices. The 900 billion tokens purchased in March 2021 would have made investors' assets turn to $3 million today, making people millionaires in such a short span of time.
After Dogecoin's success in February, 2021, all thanks to Tesla CEO Elon Musk's investment and tweets about it, SafeMoon began receiving attention in April 2021 after crypto influencers were on the look out for promising coins as an alternative that mirrors Doge's phenomenal rise.
Crypto influencers labeled SafeMoon as the 'next big thing' on their videos and social media posts and the coin drastically spiraled upwards touching new heights. Within days, SafeMoon saw huge money being pumped in by investors who just learnt about the coin and eventually, ended up making the early investors millionaires.
However, since May 2021, SafeMoon experienced decline in its trade after Elon Musk announced Tesla would not accept Bitcoin as payment. Bitcoin's crash dragged all other coins along with it in May and June. In July, the market is sending mixed signals of both 'green and red' and the bullish trend is drying up.
Experts predict that the crypto market would face further corrections due to the uncertainty in the financial markets around the world and warned investors there could also be another blood bath.
At the time of publishing SafeMoon was trading at $0.000002442 and is down -7.81% in the days trade.