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Safepal (SFP) price prediction: Can the token regain momentum?

By Hermione Taylor

Edited by Jekaterina Drozdovica

15:11, 16 February 2022

Safepal crypto currency digital payment system blockchain concept. Cryptocurrency isolated on earth night lights world map background. Vector illustration
Safepal (SFP) price prediction: Can the token regain momentum? – Photo: Shutterstock

SFP token has seen a bearish start to the year. It’s currently trading at almost 80% below its March 2021 peak.

Yet, 2021 saw huge strides for the token. SFP is listed on 31 exchanges. Veronica Huang, SafePal’s CEO, called it a “splendid year for SafePal”, full of “wonderful moments”.

With crypto seemingly entering a bear market, can SFP recover its past highs? We look ahead to the SFP price prediction. 

SAFEPAL COIN PRICE FORECAST

What is SafePal token?

Founded in 2018, the token’s parent company, SafePal, according to the project’s whitepaper, is powered by four core components.

The first is SafePal hardware and software wallets, which represent the company’s key offering.

Secondly, SafePal Earn, an asset management platform which aggregates CeFi and Defi wealth creation programmes. 

The third pillar of SafePal’s business model is its ‘ecosystem’, which it describes as the relationships between partners, developers and the SafePal community. 

And finally, the SFP Token, which acts as’ the fuel of the SafePal ecosystem’.  The token is the native cryptocurrency issued on the Binance Smart Chain and has a fixed supply of 500m.

A key feature is that users can access discounts on SafePal products when they pay using the SFP token, including SafePal wallets and trading services within the App.

The token also allows users to stake SFP to yield extra interest from the SafePal Earn programs. Tokens also come with voting rights. Users can (subject to holding requirements) create proposals and vote for the Treasury fund usage and new features such as adding new blockchains on SafePal products. 

Crucially, STP token holders gain access to campaigns launched on the SafePal platform such as Wallet Holder Offerings (WHOs) and Giftbox campaigns. The five 2021 WHO campaigns dropped a total value of $40,134,359.04 based on ATH price to the SafePal community, with the average value captured per user reaching $2,365.43.

SFP/USD price analysis

According to data from ICO Drops, SFP token’s initial coin offering (ICO) was launched on 8 February 2021, with an opening price of $0.98. The price spiked to a high of $3.44 on 9 February 2021, before dipping to $2.47 by the following day - around a 28% decrease. 

On 16 February 2021 Kraken Security Labs identified vulnerabilities with the flagship SafePal S1 hardware wallet, including ineffective tamper detection and open source licensing violations. SafePal responded, stressing that Kraken had not been able to steal cryptocurrency from the wallet. The price rallied to $3.24 on 17 Feb. 

SafePal price chart 2018-2022

After dipping to $1.47 on 28 February 2021, SafePal’s first Wallet Holder Offering announced on 16 March 2021 saw the token push to an all-time high. Between 16 March and 22 March, SFP climbed from $2.83 to $3.56, an increase of over 25%. 

Issues of network congestion and DeFi hacking in the spring of 2021 contributed to SFP’s bear run, and the token reached an all-time low of $0.64 on 24 June.

On 9 October 2021, SafePal announced its first exclusive GameFi event with DreamsQuest. The campaign period (9 October -12 October) saw the SFP token price spike from $1.09 to $2.81 (an increase of 157.8%), before falling to $1.89 on 16 October.

This bear run continued, with the SafePal coin price dropping to $1.27 by 18 November 2021, before recovering to $2.41 by 26 November, when another Wallet Holder Offering with YokaiSwap was issued.

With crypto entering a bear market, 2022 has opened with a drip, the price having fallen from $1.54 on 1 January 2022 to $0.8446 on 16 February 2022.

According to CoinMarketCap, out of the total supply of 500m SFP tokens, only 108.2m are currently in circulation - 22%. At the time of writing (16 February 2022), SFP has a market capitalization of over $91.303m and a rank of 413. 

DOGE/USD

0.13 Price
+7.160% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

SOL/USD

173.70 Price
+2.020% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652

ETH/USD

3,516.77 Price
+0.160% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

XRP/USD

0.60 Price
+3.170% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

Technical analysis conducted by CoinCodex showed that short-term sentiment on the SFP token was bearish at the time of writing (16 February 2022), with 12 indicators signalling bullish signals, and 14 signalling bearish signals. 

Latest drivers of the SFP token price

One of SafePal’s defining features is its integration of the token, wallet and asset management streams. We take a closer look at how these core components shaped the SafePal token price in 2021.

Wallet Holder Offerings 

WHO is an exclusive airdrop program designed to increase SFP demand by rewarding SafePal software and hardware wallet users by providing access to airdrop tokens from SafePal partners. 2021 saw SafePal partner with emerging projects in different niche market segments, such as decentralised finance (DeFi), GameFi and non-fungible tokens (NFT).

WHO announcements have been a significant driver of token price movement since the ICO. On 16 March 2021, SafePal premiered its Wallet Holder Offering (WHO) scheme. To qualify, SafePal Wallet users needed to hold SFP tokens in their wallets. The announcement fuelled demand, pushing the token to an all time high of $3.56 22 March 2021.

On 9 October, SafePal announced its first exclusive GameFi event with DreamsQuest, allowing SafePal users to play to earn $DREAMS tokens and access an NFT event. Across the campaign period (9 October -12 October), the price spiked from $1.09 to $2.81 - a jump of over 150%. 

After November 2021’s bear run saw the SFP token price fall to $1.27 on 18 November, the announcement of another Wallet Holder Offering with YokaiSwap saw the SFP token price recover to $2.41 by 26 November. 

SafePal Earn 

SafePal Earn represents one of SafePal’s key offerings, and aims to deliver convenient asset management to users. SafePal Earn integrates protocols from different blockchains in one place, and aims to provide a safe and convenient way for users to yield from their crypto holdings, and was launched in October 2021.

The launch was beset by difficulties. Originally expected to go live in Q2 2021, the release was delayed after a series of DeFi hacking cases necessitated a longer security audit.

In an April 2021 SafePal news update, the company also announced that “rapid user growth and the bull market have brought up new problems that need to be solved with higher priority”, blaming network congestion on Ethereum and the Binance Smart Chain for diverting resources away from SafePal Earn. 

Following these difficulties, SFP token fell to $0.82 on 23 May, and bottomed out to an all time low of $0.64 on 24 June 2021. 

CHART

Discounts

A key utility of the SFP token is that it allows access to discounts on SafePal products and services, including SafePal’s flagship wallets.

On 25 December 2021, SafePal issued a Christmas Giftbox offer, giving 10% $SFP cashback to customers who purchased an S1 Hardware Wallet using SafePal Pay. The SFP price rose from $1.59 to $1.78 by day’s end - an increase of almost 12%.    

Safepal (SFP) price prediction 2022-2030

Wallet Investor’s algorithm-based safepal price prediction was bearish on SFP at the time of writing (16 February), calling the stock a “bad long term investment”. 

Based on the site’s analysis of SFP’s past performance, Wallet Investor’s SFP prediction saw the coin price plummeting over the course of 2022. According to Wallet Investor’s SFP coin price prediction, the price could fall to $0.40 by the start of June, drop to $0.16 by 1 August and $0.07 by the close of the year.

The site projected the token to trade at around $0.07 in February 2023, falling to $0.04 by February 2024. According to Wallet Investor’s safepal prediction, the price could rally in 2025, rising to $0.11 by February 2027. 

The safepal crypto price prediction from DigitalCoinPrice did not support this bearish forecast. It saw the price rising as we look towards 2030. According to its SFP crypto price prediction, the token could hit $1.13 in 2022, $1.91 in 2025 and $4.58 in 2031. 

Price Prediction also had a more bullish average safepal coin price prediction, expecting the average price to reach $1.20 in 2022, $3.74 in 2025 and $25.93 by 2030. The estimate for SFP/USD indicated that it could reach $36.24 by 2031. 

When looking for SFP coin predictions, bear in mind that algorithm-based targets can be wrong. These SFP forecasts are based on  the token’s past performance, which is no guarantee of future returns.

It’s essential to do your research and remember that a decision to trade depends on your attitude to risk, your expertise in the market, the spread of your portfolio and how comfortable you feel about losing money. You should never invest or trade money that you cannot afford to lose.

FAQs

Is SFP coin a good investment?

Whether SFP is a good investment for you depends on your personal circumstances and risk appetite. Cryptocurrencies are high-risk assets. You should do your own research and  evaluate the level of risk you are prepared to accept before investing. Never invest money you cannot afford to lose.

How high can the SafePal token go?

According to the SFP/USD forecast from PricePrediction (as of 16 February 2022), it could reach $36.24 by 2031. But price forecasts differ, with Wallet Investor’s algorithmic projections predicting the coin could see its value plummet to $0.11 by February 2027. 

Note that predictions can be wrong. Forecasts shouldn’t be used as a substitute for your own research. Always conduct your own due diligence before investing. And never invest or trade money you cannot afford to lose.

What is SafePal used for?

SafePal (SFP) token is a decentralised digital asset based on the Binance Smart Chain, with a limited total supply of 500m coins.

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