What’s SafeMoon? Your guide to the cosmic-themed cryptocurrency
A relatively new cryptocurrency is attempting to achieve the moon, like Bitcoin, Ethereum, and Dogecoin before it.
SafeMoon, which debuted in March, has received increased buzz recently, based on a pitch so it’ll steer clear of the wild price fluctuations endemic to Bitcoin, Ethereum, and recently, Dogecoin.
Up to now, 2 million people have purchased SafeMoon, in line with the currency’s creators. Their value is a fraction of a cent—$.000007— but that is up 202% previously month as cryptocurrencies within the table have soared in value.
Critics of SafeMoon complain that there’s inadequate information about it or how maybe it’s used.
But SafeMoon does fill what seems such as a bottomless appetite for cryptocurrencies. The worthiness of Dogecoin, which received a huge boost from Tesla CEO Elon Musk, recently exploded in value. Others like Shiba Inu, another dog-themed cryptocurrency, and Internet Computer, which debuted last week, also have gained traction.
Here is what we realize about SafeMoon.
SafeMoon is yet another electronic currency similar to Bitcoin and Ethereum, with a couple of crucial differences. Its creators say they would like to fix some of the problems—like price volatility—common in other digital coins. To make this happen, SafeMoon aims to suppress day trading of its money and to prize long-term slots by receiving a 10% payment on each sale. Half the costs collected are earmarked for existing money owners, who get a kind of dividend in the design of extra coins.
“The goal listed here is to avoid the larger dips when whales decide to offer their tokens later in the overall game, which keeps the price from varying just as much,” SafeMoon said in explaining its currency, utilizing the term for investors who hold large levels of digital coins.
SafeMoon also says it opts for manual burns versus continuous burns when digital coins are purposefully taken off circulation. Manual burns, in line with the creators, give SafeMoon more control over the coin’s supply. Less supply with increasing demand would raise the coin’s price.
Who leads SafeMoon?
SafeMoon lists a team of six leaders. Towards the top is CEO John Karony, who previously served as an analyst for the U.S. Department of Defense, according to his LinkedIn profile. He, alongside SafeMoon’s chief technology officer Thomas Smith and community manager Trevor Church, can be working on an independent gaming studio called TANO, an acronym for “technically a brand new operation.”
Smith has spent yesteryear two years working with different organizations on blockchain and decentralized financial products. SafeMoon’s chief operating officer, Jack Haines-Davies, based in the United Kingdom, lists two companies on LinkedIn, LikeandShare and Ben Phillips Global, as his former employers. It’s unclear what those companies do.
What’re SafeMoon’s plans?
SafeMoon has organized a road map for the year. In the initial quarter, the company said it had doubled how big its team is and begun an advertising campaign. Next, the company plans to perform a SafeMoon app (though it’s unclear what that app will do), a budget, and games. Additionally, it says it intends to explore allowing trading of its currency on exchanges like Binance, begin building a unique trade, expand its team by 35%, and begin a U.K./Ireland office. Within the last half of the year, the company said it plans to finish its SafeMoon Exchange and open an African-based SafeMoon office.
What do critics say?
The lofty plans have some skeptics raising their eyebrows at SafeMoon, especially as the purchase price rises.
For example, a Twitter account called WarOnRugs identifies itself as a “community-basedcommunity-based, grassroots movement” that aims to expose crypto scams and criticized SafeMoon last month.
“Owner owns more than 50% of the liquidity and refuses to correct it,” the account tweeted. “He could pull LP and sell tokens, creating a rug pull [meaning an exit scam]. The likeliness of losing all funds: Absolute.”