What The Media And Cryptocurrency Community Get Wrong About Safemoon

27/12/2021

N.C

Our other articles about Safemoon:

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SafeMoon is a cryptocurrency token created in March 2021[3] on the Binance Smart Chain blockchain.[4][5][6]

The token charges a 10% fee on transactions, with 5% redistributed (or reflected) to token holders[7][8] and 5% directed to wallets in a different currency,[9] Binance Coin (BNB), controlled by the coin’s authors, described as a liquidity pool,[10] to create a “solid price floor and cushion for holders”.

SafeMoon was released in March 2021. The slogan of SafeMoon, “Safely to the moon”, took inspiration from the popular phrase “To the moon”, meaning “to quickly rise in price”. The CEO of SafeMoon is John Karony, a former analyst for the United States Department of Defense.[4] After its launch, SafeMoon quickly gained over one million holders of the cryptocurrency.[1]

SafeMoon multiplied rapidly in value after a wave of celebrity endorsements,[11] including from rapper Lil’ Yachty, YouTuber Logan Paul, and sports blogger Dave Portnoy.[3]

In May 2021, SafeMoon announced making a presentation to The Gambia to provide “technology for innovation and learning purposes”.[12][13]

In June 2021, the project invited applications for beta testing of the SafeMoon wallet.[14][15]

The SafeMoon wallet app was released on Google Play in September 2021[16] and the App Store in October 2021.[17]

In December 2021, SafeMoon released V2, an updated version of the SafeMoon contract.[18] The updated contract includes a 1000:1 consolidation that is similar to a reverse stock split. SafeMoon has said that V2 will also feature “increased quality, security and accessibility of SafeMoon”.[19]

SafeMoon has announced plans to launch its own blockchaincryptocurrency exchange, and hardware wallet.[4][20]

The token has been described in May 2021 as a “meme coin” alongside Dogecoin and Shiba Inu, with much of its value attributed to the result of a market frenzy.[3]

The developers of SafeMoon have been described as having “little proof of previous success”,[6] with the token having been described by some financial experts as “the furthest thing from safe”[23] and that it “doesn’t do anything”.[23]

After the price of a SafeMoon token multiplied by 12x during a single week in April 2021,[24] opinion columnists in various financial magazines likened SafeMoon to a ponzi scheme[25] or pyramid scheme, where gains to early investors were paid only by incoming investors who expected a similar rate of return, with some citing the fact that each transaction sends a portion of the transacted value to existing holders of the token, as well as a portion of the transacted value to a wallet controlled by the coin’s authors.[26]

This all seems well and good but it doesn’t explain why Safemoon is so hated by the media and cryptocurrency community at large, why is this?

Go to visit the r/Cryptocurrency subreddit and you will see a torrent of hate for Safemoon along with many coins from Bitcoin Maxis and Ethereum lovers who refuse to ever think any other coins will be successful.

It seems that there is an inability to accept Safemoon as it is not conventional.

How can a coin have such a huge community amid such detraction and not be listed to a major cryptocurrency exchange?

The Future is incredibly bright for Safemoon and too the moon and beyond it will go.

God Speed.

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