The SafePal crypto wallet’s SFP token has performed well recently. The news that it was teaming up with the Klaytn blockchain to create a physical crypto wallet was well received. The token rallied and is now on the verge of being in the top 100 cryptocurrencies.
The news came after the platform announced its latest upgrade to its S1 wallet.
In a statement, SafePal CEO Veronica Wong told CCN.com: “Offering secure, accessible, and affordable non-custodial products and services has always been our top priority in serving as the backbone of Web3 adoption.
“We are thrilled to provide Klaytn users with a unique memory on-chain and utility in the physical world via the enhanced security of cold storage for assets.”
But what is SafePal (SFP)? How does SafePal work? Let’s see what we can find out, and also take a look at some of the SafePal Price Predictions that were being made as of September 4 2023.
Let’s examine some of the SafePal price predictions being made on September 4 2023. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate. Additionally, please remember that many long-term crypto price predictions are generated using algorithms, which means they can change at any time.
First, CoinCodex had a short-term SafePal price prediction that said the crypto would fall to $0.5312 by September 8. It then said SFP would recover to $0.6303 by October 3. The site’s technical analysis was neutral, with 18 indicators sending bullish signals and 12 making bearish ones.
Moving forward, Bitnation said SFP would hit $1.92 in two years’ time. PricePrediction was more cautious, saying it would trade at $1.04 that year. DigitalCoinPrice’s SafePal price forecast said it would reach $1.83 in 2025.
Looking at a more long-term SafePal price prediction, PricePrediction.net said the token would be worth $6.89 in 2030. DigitalCoinPrice said it would get to $5.54 that year. Bitnation’s SFP price prediction saw it worth $4.66 at the start of the next decade.
Now, let’s examine some of the highlights and lowlights of the SafePal price history . While we should never take past performance as an indicator of future results, knowing what the token has achieved can provide us with some very useful context if we want to make or interpret a SafePal price prediction.
When SafePal first came onto the open market in early 2021, crypto was at the start of a boom period. On February 9 2021, it was worth $4.39. This price, which still stands as SFP’s al-time high, was pretty much an overvaluation, and the token dropped. There were peaks and troughs, with it trading above $3 in March and below the dollar in June, over the coming months. It recovered past $2 in October and November but closed the year at $1.48.
2022 was a disastrous year for crypto, and SafePal suffered along with the rest of the market. It traded at $1 in April. Following the collapse of the Terra (LUNA) blockchain in May, it sank to an all-time low of $0.2674 on June 14 2022. Any hopes of a recovery were dashed when the FTX (FTT) exchange declared bankruptcy in November and SFP closed the year at $0.3948. This represented an annual loss of more than 70%
So far, 2023 has been a better year for SafePal. The token traded at above $0.50 in late January and early February. The price then dropped, and things got worse in June. This was when the United States Securities and Exchange Commission (SEC) sued the Binance and Coinbase exchanges. In the turmoil that followed, Crypto.com (CRO) announced it was suspending its American institutional arm. That day, June 10, SFP dropped to $0.306.
The token was able to recover. The Klaytn announcement saw the token rally in August and, by September 4 2023, it was worth about $0.55. At that time, there were 500 million SFP in circulation, representing the total supply. This gave SafePal a market cap of about $275 million, making it the 102nd-largest crypto by that metric.
SafePal has performed pretty well over the last few months, albeit with some caveats. The token dropped 15% on August 17, going from a high of $0.47 to a low of $0.3973. This was in response to the market falling after Elon Musk’s SpaceX offloaded millions of dollars worth of Bitcoin (BTC). It soon recovered, though, reaching a high of $0.6037 on August 23. This meant it rose 55% in less than a week. By September 4, it was down nearly 9% from recent highs but up more than 40% from recent lows.
It is hard to say. While its recent upgrades and partnerships have seen the token rally, it is still a long way from the heights it enjoyed in 2021. Not only that, but with the Klaytn wallet being limited edition, it is entirely possible that the SFP price will fall again soon.
As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in SFP.
No one can really tell right now. While the SafePal crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up.
Before you decide whether or not to invest in SafePal, you will have to do your own research, not only on SFP, but on other, related, coins and tokens such as Trust Wallet (TWT). Either way, you will also need to make sure that you never invest more money than you can afford to lose.
SafePal is a platform which supports a series of crypto wallets. Crypto entrepreneur Veronica Wong founded SafePal in 2018. The system offers both hardware and software wallets, which allow people to store their crypto safely and securely. SafePal launched its eponymous crypto token in early 2021.
SafePal is based on the Binance (BNB) blockchain. People who hold their crypto in a SafePal wallet can use an app to manage their money.
SafePal consists of a series of pillars. These are
SFP gives people discounts on wallets and transactions. Holders can also propose and vote on changes to the network. People can also buy, sell, and trade SFP on exchanges.
One thing to remember is that, because Safepal is based on the Binance blockchain, it is a token, not a coin. You might see references to such things as SafePal coin price predictions, but these are wrong.
On September 4 2023, there were 500 million SFP in circulation, representing the total supply.
It might do, but not for a while yet. Both DigitalCoinPrice and PricePrediction.net say it will break $10 in 2032.
Keep in mind that SFP’s highest ever price is $4.39, which it reached in February 2023.
SFP holders can vote on changes to the SafePal network. People can also buy, sell, and trade the crypto on exchanges.
Ethereum Price Prediction 2023: What is Ethereum (ETH)?
tomiNet Price Prediction 2023: What is tomiNet (TOMI)?
Toncoin Price Prediction 2023: What is Toncoin (TON)
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.