Finance:SafeMoon

From HandWiki
Short description: Cryptocurrency token
SafeMoon
SafeMoon Logo.svg
Logo of Safemoon
Ticker symbolSAFEMOON[1]
Development
White papersafemoon.net/whitepaper
Code repositoryhttps://github.com/safemoonprotocol/Safemoon.sol
Development statusActive
Developer(s)SafeMoon LLC
Websitesafemoon.net
Ledger
Block explorerbscscan.com/token/0x8076c74c5e3f5852037f31ff0093eeb8c8add8d3
Circulating supply572,933,120,848,364 ((As of October 2021))
Supply limit1,000,000,000,000,000
Valuation
Market cap$3,646,766,397 ((As of October 2021))

SafeMoon is a cryptocurrency token created in March 2021[2] on the Binance Smart Chain blockchain.[3][4][5]

The token charges a 10% fee on transactions, with 5% redistributed (or reflected) to token holders[6][7] and 5% directed to wallets in a different currency,[8] Binance Coin (BNB), controlled by the coin's authors, described as a liquidity pool,[9] to create a "solid price floor and cushion for holders".

History

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.[3] 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,[10] including from rapper Lil' Yachty, YouTuber Logan Paul, and sports blogger Dave Portnoy.[2]

SafeMoon has announced plans to launch its own cryptocurrency exchange.[3]

In May 2021, SafeMoon announced making a presentation to The Gambia to provide "technology for innovation and learning purposes".[11][12]

On 15 June 2021, the project invited applications for beta testing of the SafeMoon wallet.[13][14]

The SafeMoon wallet app was released on Google Play in September 2021[15] and the App Store in October 2021.[16]

Security

In May, the token was audited by security auditing firm CertiK, receiving a score of 82/100.[17] The audit report identified no critical issues, but noted one 'major issue' that the project's owners have "control over tokens funded by SafeMoon's seller fee".[18][19]

In response to the one 'major issue' raised by CertiK, the SafeMoon team stated that "In regards to owner control, we are a fair launch governed by a central board which is subject to governmental regulations and law. We are a legally registered entity in accordance to the law and jurisdictions in which we operate".[17]

As of October 2021, the CertiK Security Score for SafeMoon is 91/100.[17]

SafeMoon has an A Transparency Rating (Full Transparency) from Nomics.[1]

Criticism

The token has been described as a "meme coin" alongside Dogecoin and Shiba Inu, with much of its value attributed to the result of a market frenzy.[2]

The developers of SafeMoon have been described as having "little proof of previous success",[5] with the token having been described by some financial experts as a "meme stock",[2] "the furthest thing from safe"[19] and that it "doesn't do anything".[19]

After the price of a SafeMoon token multiplied by 12x during a single week in April 2021,[20] opinion columnists in various financial magazines likened SafeMoon to a ponzi scheme[21] 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.[22]

See also

References

  1. ↑ 1.0 1.1 1.2 "SafeMoon". https://nomics.com/assets/safemoon-safemoon. 
  2. ↑ 2.0 2.1 2.2 2.3 DeCambre, Mark (2021-05-18). "Here's What Crypto SafeMoon Is and Why It's Trending". https://www.marketwatch.com/story/why-is-crypto-safemoon-trending-and-why-is-dave-portnoy-using-it-to-diversify-his-bitcoin-exposure-11621361310. 
  3. ↑ 3.0 3.1 3.2 "What is SafeMoon coin? A Bitcoin, Ethereum, and Dogecoin challenger". 2021-05-17. https://fortune.com/2021/05/17/what-is-safemoon-coin-cryptocurrency-bitcoin-ethereum-dogecoin/. 
  4. ↑ Brooks, Matt (2021-05-07). "What is SafeMoon? New cryptocurrency explained, how to buy in UK - and could it rival Dogecoin in popularity". The Scotsman. https://www.scotsman.com/lifestyle/money/what-is-safemoon-new-cryptocurrency-explained-how-to-buy-in-uk-and-could-it-rival-dogecoin-in-popularity-3207467. 
  5. ↑ 5.0 5.1 Conway, Luke (2021-05-26). "Is SafeMoon Really a Safe Investment?". https://www.thestreet.com/crypto/defi/is-safemoon-really-a-safe-investment. 
  6. ↑ Ostroff, Caitlin (2021-05-06). "Dogecoin's 12,000% Rally Spurs Hunt for Next Crypto Winner". https://www.wsj.com/articles/dogecoins-12-000-rally-spurs-hunt-for-next-crypto-winner-11620293371. 
  7. ↑ Harper, Chris (2021-04-23). "What is SafeMoon". https://www.birminghammail.co.uk/news/uk-news/what-safemoon-new-cryptocurrency-how-20453449. 
  8. ↑ "Contract 0x8076C74C5e3F5852037F31Ff0093Eeb8c8ADd8D3". https://bscscan.com/address/0x8076c74c5e3f5852037f31ff0093eeb8c8add8d3#readContract. 
  9. ↑ "Safemoon Whitepaper". https://safemoon.net/whitepaper. 
  10. ↑ "To the Moon: How One Cryptocurrency Made People Millions Overnight". https://www.vice.com/en/article/4avd8p/safemoon-cryptocurrency-made-people-millions. 
  11. ↑ "Cryptocurrency - SafeMoon To Implement Operation Phoenix in Gambia" (in en-US). 2021-05-18. https://www.chronicle.gm/cryptocurrency-safemoon-to-implement-operation-phoenix-in-gambia/. 
  12. ↑ "SafeMoon sets out for Africa". 2019-11-08. https://aibc.world/en-mt/aibc/safemoon-sets-out-for-africa. 
  13. ↑ Rearick, Brenden; Jun 15, InvestorPlace Assistant News Writer; 2021; June 15, 11:46 am EDT; 2021 (2021-06-15). "#SafeMoonWallet: What to Know as SafeMoon Launches Its Crypto Wallet" (in en-US). https://investorplace.com/2021/06/safemoonwallet-what-to-know-as-safemoon-launches-its-crypto-wallet/. 
  14. ↑ Thapa, Anuz (2021-06-16). "SafeMoon Wallet: What Is It?". https://www.thestreet.com/video/safemoon-wallet-explained. 
  15. ↑ Trajcevski, Milko. "Should you buy SafeMoon after the beta launch of their cryptocurrency wallet?". https://invezz.com/news/2021/09/15/should-you-buy-safemoon-after-the-beta-launch-of-their-cryptocurrency-wallet/. 
  16. ↑ Jeffries, Scott. "What Is SafeMoon and Is It a Good Investment?". https://www.msn.com/en-us/money/markets/what-is-safemoon-and-is-it-a-good-investment/ar-AAPili9. 
  17. ↑ 17.0 17.1 17.2 "SafeMoon". https://www.certik.org/projects/safemoon. 
  18. ↑ Smith, Sarah; Market, s (2021-05-03). "SafeMoon Audit: 9 Things to Know About the SafeMoon CertiK Findings". https://investorplace.com/2021/05/safemoon-audit-9-things-to-know-about-the-safemoon-certik-findings/. 
  19. ↑ 19.0 19.1 19.2 "Should You (or Anyone) Buy Safemoon?". https://www.nasdaq.com/articles/should-you-or-anyone-buy-safemoon-2021-05-29. 
  20. ↑ "'This is a scam': Crypto influencers speak out about Safemoon 'pyramid scheme'". 21 April 2021. https://stockhead.com.au/cryptocurrency/this-is-a-scam-crypto-influencers-speak-out-about-safemoon-pyramid-scheme/. 
  21. ↑ "Is the SafeMoon Crypto a Scam? 3 Insiders Weigh In on the Controversy". https://markets.businessinsider.com/news/stocks/is-the-safemoon-crypto-a-scam-3-insiders-weigh-in-on-the-controversy-1030334687. 
  22. ↑ "Is SafeMoon a Pyramid Scheme? Why Some Investors Are Skeptical". https://marketrealist.com/p/safemoon-pyramid-scheme/. 

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