Safe Token’s Price Dips by 42% After Resumption of Transfers
- Safe tokens plummeted by 42% to $1.88 on April 30th after enabling token transferability.
- DAO paused the token release to facilitate “progressive decentralization.”
- Safe team disclosed the project’s aim to establish the internet’s ownership framework.
Following Safe’s unlocking of token transferability, its native token, SAFE, experienced a significant dip in market movement. According to Coingecko data, Safe traded at $3.26 on April 23rd. However, it is changing hands at $1.88, marking a significant 42% since the resumption of token transfers.
Safe’s token contract resumed on April 23rd, allowing holders to initiate token transfers. Following the project’s decentralized autonomous organization (DAO) decision in 2022, these tokens were restricted for two years.
This decision came after SafeDAO voted on a proposal regarding token transferability, with an overwhelming 99.1% of participants voting in favor of the proposal.
A representative from Safe revealed that the DAO opted to pause the token release to facilitate “progressive decentralization.” The community partnered on a comprehensive roadmap covering governance processes and resource all…
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