SafeMoon launched in March 2021 to hot reception. In just a few weeks, it soared almost 400,000 percent. But there has been heavy selling the altcoin in recent months, and now many investors are interested in buying the dip. What’s SafeMoon’s price prediction?
Will SafeMoon price go back up?
In pursuit of the next Bitcoin, many investors rushed to buy SafeMoon soon after it launched. Bitcoin has been a major inspiration to invest in cryptocurrencies—if you had bought as little as $10 of the flagship crypto in its early years, your investment would be worth a whopping $70 million now.
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Source: CoinMarketCapt
The rush to buy SafeMoon drove up its price rapidly. As a result, some investors felt it was time to take profit, prompting to SafeMoon fall. With many cryptocurrencies, a price drop leads to a rush to buy the dip. Therefore, SafeMoon should go back up as bargain hunters move to take advantage of the pullback.
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For many crypto investors, buying the dip has paid off well. In May 2015, Dogecoin (DOGE) fell to what persists as its all-time low. Although DOGE is currently almost 70 percent below its peak, those who bought the dip six years ago have seen their money grow by almost 300,000 percent.
The same story goes for Solana (SOL). In May 2020, Solana hit an all-time low of $0.50. While many investors stayed away, some bought the dip. Although SOL is currently about 30 percent below its peak, those who bought the bottom in 2020 have seen their investment grow more than 30,000 percent.
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