Disclaimer: The datasets shared in the following article have been compiled from a set of online resources and do not reflect AMBCrypto’s own research on the subject.

Safemoon may hold the 2991st spot on CoinMarketCap, but this seemingly small crypto is wildly dominant on social media and enjoys popularity among several celebrities. BSC Daily reported last month that SafeMoon was the top BNB Chain project that had captured the most social volume.

A new entrant to the DeFi industry, the SafeMoon cryptocurrency has continued to draw investors since its launch in the spring of 2021. Considered the latest among the better-performing memecoins, SAFEMOON is often compared to another premier memecoin, Dogecoin.

The currency witnessed marvellous growth the past year, but its prospects are being tested this year as the entire cryptocurrency and blockchain industry is witnessing a bear market.

Safemoon’s price has significantly surged over the past twelve months, reaching an ATH of $0.00001194 in April 2021. Its price is expected to hit $1 at the earliest, according to some analysts’ predictions. However, many analysts are suggesting caution in investing in this cryptocurrency as the crypto-market is still not performing well.

An investor can acquire a considerable amount of SFM with a relatively small investment, given that the token was trading at $0.00028 with a market cap of $162 million. However, choosing to purchase a crypto just because its selling at a low price is neither an informed, nor a wise decision.

The price action of tokens like SafeMoon is largely dependent on the hype around the project and its relevance on social media. Influencers and pump groups often exploit such tokens due to their social capital and subject it