![]() ![]() The “V2” aspect of it, which you’ll see floating about, is the name Safemoon has been given since upgrading from Safemoon V1 in December 2021. Once upon a time, that was sort of all there was to it, with no real-world functions. Safemoon also has a big “selling tax” and part-redistributes to owners. This creates demand and, in theory, means its price will go up. Deflationary is the opposite of inflationary, meaning that the number of coins in circulation decreases over time. In its original form, it didn’t really do a lot beyond exist as a “deflationary token”. Safemoon protocol is a decentralised finance (DeFi) token, often abbreviated to SFM, which was created on Binance’s blockchain. The new surge of interest comes as Safemoon announces a load of new features, following a steady rise in value for a token that has naturally pricked people’s ears. The account has 1.4m followers and, during its first peak, Jake Paul and Lil’ Yachty were among those to have jumped on the bandwagon. On Twitter, it’s currently the ninth most popular crypto coin, despite being ranked 3020 th in terms of market cap. Recently, the Safemoon community has become something of a cult, ever-present across social media. ![]() ![]() But this all-time high quickly settled down, as the coin slipped off most people’s radars… Even in crypto terms, this value increase across a month and a half is ridiculous. Meanwhile, a hundred quid investment would’ve reaped £23,325. If you bought £1 of Safemoon on 9 th March, that would have increased to £233.25 by 21 st April. What is preventing them from selling everything and creating a rug pull, making it impossible for other traders to sell? All funds would be lost, and we would only be witness to an exit scam.Safemoon was first created in March 2021, but you probably first heard about it in April 2021, when the crypto token rocketed in value by a parabolic amount. For example, SafeMoon owns more than 50% of the liquidity and refuses to fix it. The project does have its critics, though. Related: The Missing Piece of the Crypto Puzzle: Inventing a Fair Stablecoin Critics of the SafeMoon project The last half of the year will be dedicated to finish the SafeMoon exchange and open an office in Africa. Additionally, they would like to build their own exchange – where they would offer NFTs –, keep expanding their teams and open offices on the old continent. SafeMoon is also looking to be listed on major cryptocurrency exchanges like Binance. The next steps in the plan are the development of an app - though it is still unclear for what purpose aside from facilitating SafeMoon trading - a wallet and some games. The first quarter let SafeMoon double the size of its team and start working on a marketing campaign. ![]() The project laid out a roadmap for the year. The COO, Jack Haines-Davies, has only listed company names on his LinkedIn profile, though none of them seem to have a website explaining their purpose. SafeMoon's CTO, Thomas Smith, has spent the last two years working with multiple blockchain and DeFi organizations. The CEO is a man named John Karony who used to be an analyst for the U.S. We know little about the creators of SafeMoon, except that there are six leaders. Remember, even our favourite dog currency started off at a small price before shooting for the moon. Of course, these numbers are far from making it one of the top cryptocurrencies like Dogecoin - it is #202 in the top cryptocurrencies ranking as I write this - but it is already attracting a lot of attention, as it is relatively inexpensive and offers a new function to reward holding. Its current market cap has fluctuated between just under $3 billion and nearly $4 billion. SafeMoon's priceĪccording to CoinMarketCap, the SafeMoon Coin is worth $0.000005084 as of this writing, up from its $0.0000000010 launch value. SafeMoon believes that manual burning will give them more control of the coin's supply and price. burning being the destruction of coins to add scarcity and thus value to the currency. Additionally, the company decided to opt for manual burns instead of continuous burning, i.e. ![]()
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