Investors who bought stocks during the COVID-19 market crash in 2020 have generally experienced some big gains in the last two years. But there is no question some big-name stocks performed better than others since the pandemic bottom — and cryptocurrencies as well.
SafeMoon's Big Run: As strong as the stock market has been since it bottomed on March 23, 2020, SafeMoon SAFEMOON/USD has been much stronger.
The SafeMoon launch in March 2021 came during the middle of the COVID-19 pandemic, and the timing couldn't have been better for investors. Younger Americans receiving three rounds of direct stimulus payments have poured a significant chunk of that cash into investments, including SafeMoon. In addition, cryptocurrency investing became extremely trendy in 2021, and SafeMoon was one of the most popular cryptos in the market.
In March 2021, SafeMoon began trading at $0.000000001. By the end of March, the cryptocurrency had already risen to $0.0000006 as investors piled into cryptos, including leaders Bitcoin BTC/USD and Ethereum ETH/USD.
In fact, SafeMoon has never traded below its initial price of $0.000000001 on March 9, 2021. SafeMoon shares began to take off like a rocket following mentions by online influencers, including Barstool Sports founder Dave Portnoy and social media celebrity Jake Paul.
Prices of dubious altcoins soared as Tesla Inc. TSLA CEO Elon Musk pumped up the prices of meme coins Dogecoin DOGE/USD and Shiba Inu. SHIB/USD.
SafeMoon absolutely caught fire during the 2021 meme crypto trading frenzy, hitting an all-time high of $0.00001399 in May, before pulling back down below $0.000004 in the months that followed.
The crypto got another bump around the time Musk tweeted a photo of his new Shiba Inu puppy Floki in September 2021.
SafeMoon In 2022, Beyond: SafeMoon rebounded as high as $0.00000624 in September 2021, but has since been trending steadily lower as the 2022 crypto winter has wiped trillions of dollars of value out of the crypto market. Today, SafeMoon is trading back down at $0.00000007965.
Still, investors who bought SafeMoon at its pandemic low on the day it launched and held on have generated a huge return on their investment. In fact, $1,000 in SafeMoon purchased on Mar. 9, 2021, would be worth about $79,650 today.
Given the rise in SafeMoon prices in the past two years coupled with the loss of stimulus payment support in 2022, some investors are understandably concerned about just how much further SafeMoon prices could fall. SafeMoon and other cryptos are prone to boom-to-bust drawdowns, and SafeMoon prices are already down 96% year-to-date.
Image sourced from SafeMoon on Facebook.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Visit Benzinga's Crypto Homepage - 1,000,000+ depend on Benzinga Crypto every month