SafeMoon $SFM Price Surges 35% Following Talks of Governance Token
SafeMoon's price surged 35%, driven by community governance plans, despite ongoing legal challenges and executives facing fraud charges.
SafeMoon (SFM) experienced a dramatic 35% price surge, reaching $0.00007414, fueled by anticipated community governance. This long-awaited development, contingent on a single chain and contract, aims to bolster transparency and accountability. The process includes identifying and removing inactive wallets to establish a valid voting quorum.
This price jump coincided with a remarkable 127.60% increase in 24-hour trading volume, totaling $180,443, signaling renewed investor interest. MEXC led trading activity, with the SFM/USDT pair reaching $79,216.63 in 24-hour volume. Gate.io and BitMart also facilitated significant trading.
SafeMoon $SFM Price Jump
Despite this surge, $SFM remains 97.90% below its all-time high of $0.003383, though it’s up 595.38% from its all-time low of $0.0000102. Its circulating supply of 370 billion tokens gives it a market capitalization of $25,839,930. This equals its fully diluted valuation (FDV), calculated from a maximum supply of 1 trillion tokens.
The token also boasts a 94.00% price increase over the past week, a stark contrast to the global cryptocurrency market’s 7.10% decline and outperforming stagnant BNB Chain Ecosystem counterparts.
However, this positive momentum is overshadowed by serious legal troubles. The firms LLC’s CTO, Thomas Smith, pleaded guilty to securities fraud and wire fraud conspiracy, facing potential sentences of 25 and 20 years respectively.
These charges, alongside those against CEO Braden John Karony (who pleaded not guilty) and the still-at-large creator Kyle Nagy, allege a multimillion-dollar fraud scheme involving misrepresented liquidity and the diversion of investor funds for personal use.
The Legal Struggles
Authorities allege that SafeMoon executives, including Karony, Nagy, and Smith, embezzled over $200 million in investor funds for personal enrichment, purchasing luxury vehicles and real estate.
Once boasting a market capitalization between $5.7 billion and $8 billion, SafeMoon’s value cratered by nearly half on April 20, 2021, following revelations of insufficiently secured liquidity pools.
However, Smith and Karony faced arrest, but Nagy remains a fugitive, reportedly in Russia. Karony pleaded not guilty, and Judge Komitee denied his April 2023 motion to dismiss charges.
He recently tried to postpone his trial, citing potential impacts from hypothetical changes in US crypto policy under a former administration. Judge Komitee rejected this request; the trial begins on April 7. Adding to Karony’s defense difficulties, his original legal team withdrew last January due to lack of funds, leaving him with a public defender.
