Safe Token price plummeted 42% after currency version resumed transfers

  • The security token plunged 42% to $1.88 on April 30 after enabling token transferability.
  • The DAO suspended token issuance to promote “progressive decentralization.”
  • The Safe team revealed that the goal of the project is to establish an ownership framework for the network.

After Safe unlocked token transferability, its native token SAFE experienced a significant drop amid market volatility. Safe was trading at $3.26 on April 23, according to Coingecko data. However, it changed hands for $1.88, a significant increase of 42% since token transfers were resumed.

Safe's token contract resumed on April 23, allowing holders to initiate token transfers. The tokens are restricted for two years following the project's decision to become a Decentralized Autonomous Organization (DAO) in 2022.

The decision comes after SafeDAO voted on a proposal regarding token transferability, with 99.1% of participants voting in favor of the proposal.

A Safe representative revealed that the DAO chose to suspend token issuance to promote “gradual decentralization.” The community collaborated to develop a comprehensive roadmap covering governance processes and resources…

The post Safe Token price drops 42% after transfers resume appeared first on Coin Edition.

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