SafePal’s native token SFP is up nearly 40% in one month, driven by strategic partnerships and soaring trading volume.
SFP, the native token of the crypto wallet platform SafePal, is experiencing a remarkable uptick in value. At the time of writing, it has surged by 17% in just one week and an impressive 36% over the past month.
What is SafePal?
SafePal is a comprehensive crypto wallet suite founded in 2018. Backed by industry giants like Binance and Animoca Brands, the platform has a global user base exceeding 10 million.
SafePal offers a range of crypto asset management solutions, including cross-chain swapping, trading, and yield-generating tools. The SFP token, a decentralized BEP-20 and ERC-20 utility token, acts as the growth engine of the SafePal ecosystem. It offers multiple use cases, from purchasing SafePal products at a discount to seamless gas conversion across chains.
The platform supports 15 languages and over 100 blockchains, including their tokens and NFTs. It aims to empower users to own their crypto adventure by providing secure, accessible, affordable non-custodial products and services.
You might also like: Chainlink partners with SWIFT while Ethereum stumbles
Why has SafePal become popular?
SafePal has been strategic in forming partnerships that enhance its market presence. A recent collaboration with Klaytn Foundation led to the launch of a limited edition phygital wallet, combining physical experiences with digital collectibles.
?Hello Korea?@iSafePal is in town with @klaytn_official for the Korean Blockchain Week? https://t.co/EUTKt4D2yG pic.twitter.com/lia6bpcrXT— SafePal – Crypto Wallet (@iSafePal) September 5, 2023
The platform has been proactive in adding new networks to its supported blockchains. It also introduced the S1 Pro, an addition to its flagship S1 wallet line, signaling a focus on product innovation.
Also, SafePal aims to serve as the backbone of Web3 adoption. It has been making concerted efforts to globalize web3 and decentralized finance (DeFi) adoption, attracting a tech-savvy user base.
Why is the $SFP price going up?
SFP’s price surge could be a reason for several factors coming together. A symmetrical triangle breakout in SafePal’s price chart suggested a bullish trend in early August, which resulted in this week’s surge. The same triangle pattern is forming at SFP’s current price point. Market analysts anticipate that if the current retest proves successful, the asset’s value could surge further in the coming months.
There’s also been a staggering 714.72% increase in trading volume for the SFP/USDT pair on Binance’s spot market, which has caught traders’ attention. Such spikes often indicate strong interest and activity that can lead to significant price movements.
While the reasons for the trading volume surge remain speculative, it has led to divided opinions within the trading community. Some see it as a precursor to further bullish movements, while others adopt a more cautious stance.
Read more: Circle rolls out USDC stablecoin on Base and OP Mainnet