SafeMoon

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

SafeMoon
Logo of Safemoon
CodeSafeMoon V1: SAFEMOON[1]
SafeMoon V2: SFM[2]
Development
White papersafemoon.com/whitepaper.pdf
Code repositoryhttps://github.com/safemoonprotocol/Safemoon.sol
Development statusActive
Developer(s)SafeMoon LLC
Websitesafemoon.com
Ledger
Block explorerSafeMoon V1: BscScan
SafeMoon V2: BscScan
Circulating supplySafeMoon V2: 564,965,664,425 (as of 17 April 2022)[2]
Supply limitSafeMoon V1: 1,000 Trillion
SafeMoon V2: 1 Trillion
Valuation
Market capSafeMoon V2: $469,249,198 (as of 17 April 2022)[2]

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, Binance Coin (BNB), controlled by the coin's authors.[9]

History

SafeMoon was released in March 2021. The slogan of SafeMoon, "Safely to the moon", derived from the 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]

According to Vice, between March 14 and April 21, 2021, SafeMoon increased in value by 23,225% following celebrity endorsements from musicians Lil' Yachty and Nick Carter and YouTuber Logan Paul, social media hype, new exchange listings, and retail investors. At that time, Vice said that "cryptocurrencies like Safemoon still have no real-world use."[10]

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

In June 2021, the project began beta testing of the SafeMoon wallet.[13][14] The app was released on Google Play in September 2021[15] and the App Store in October 2021.[16]

In December 2021, SafeMoon released Version 2 (SafeMoon V2), an updated version of the SafeMoon contract.[17]

SafeMoon has announced plans to launch its own blockchain, cryptocurrency exchange, hardware wallet, and macro Internet of things infrastructure on its own blockchain.[18][19][4]

Security

In May 2021, the V1 version of the token was audited by security auditing firm CertiK, which identified a "major issue" that the project's owners have "control over tokens funded by SafeMoon's seller fee".[20][21]

Criticism

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"[21] and that it "doesn't do anything".[21]

After the price of a SafeMoon token multiplied by 12x during a single week in April 2021,[22] opinion columnists in various financial magazines likened SafeMoon to a ponzi scheme[23] 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.[24]

London Capital's head of research Jasper Lawler noted that the Manual Burn aspect of Safemoon paired with the controlling companies large stake in the coins opens the project up to manipulation by the project controllers.[25]

See also

References
  1. "Token SafeMoon". Retrieved 11 January 2022.
  2. "Token SafeMoon". Retrieved 13 December 2021.
  3. DeCambre, Mark (18 May 2021). "Here's What Crypto SafeMoon Is and Why It's Trending". Barron's. Retrieved 14 June 2021.
  4. "What is SafeMoon coin? A Bitcoin, Ethereum, and Dogecoin challenger". Fortune. 17 May 2021. Retrieved 1 June 2021.
  5. Brooks, Matt (7 May 2021). "What is SafeMoon? New cryptocurrency explained, how to buy in UK - and could it rival Dogecoin in popularity". The Scotsman. Retrieved 1 June 2021.
  6. Conway, Luke (26 May 2021). "Is SafeMoon Really a Safe Investment?". The Street. Retrieved 1 June 2021.
  7. Ostroff, Caitlin (6 May 2021). "Dogecoin's 12,000% Rally Spurs Hunt for Next Crypto Winner". The Wall Street Journal. Retrieved 1 June 2021.
  8. Harper, Chris (23 April 2021). "What is SafeMoon". BirminghamLive. Retrieved 14 June 2021.
  9. "Contract Address 0x8076c74c5e3f5852037f31ff0093eeb8c8add8d3 | BscScan". Binance (BNB) Blockchain Explorer.
  10. "To the Moon: How One Cryptocurrency Made People Millions Overnight". www.vice.com.
  11. "Cryptocurrency - SafeMoon To Implement Operation Phoenix in Gambia". The Chronicle Gambia. 18 May 2021. Retrieved 1 June 2021.
  12. "SafeMoon sets out for Africa". AIBC News & Events. 8 November 2019. Retrieved 14 June 2021.
  13. Rearick, Brenden; Jun 15, InvestorPlace Assistant News Writer; 2021; June 15, 11:46 am EDT; 2021 (15 June 2021). "#SafeMoonWallet: What to Know as SafeMoon Launches Its Crypto Wallet". InvestorPlace. Retrieved 15 June 2021.{{cite web}}: CS1 maint: numeric names: authors list (link)
  14. Thapa, Anuz (16 June 2021). "SafeMoon Wallet: What Is It?". TheStreet. Retrieved 18 June 2021.
  15. Trajcevski, Milko. "Should you buy SafeMoon after the beta launch of their cryptocurrency wallet?". Retrieved 20 September 2021.
  16. Jeffries, Scott. "What Is SafeMoon and Is It a Good Investment?". Retrieved 10 October 2021.
  17. Gottlich, Max. "SafeMoon implements V2 upgrade, new wallet features; tokens dip". Retrieved 14 December 2021.
  18. Willing, Nicole. "Safemoon price prediction: will the price break out?". Retrieved 16 November 2021.
  19. Armstrong, Vanessa. "SafeMoon's emphatic fanbase won't let it fail". Retrieved 31 December 2021.
  20. Smith, Sarah; Market, s (3 May 2021). "SafeMoon Audit: 9 Things to Know About the SafeMoon CertiK Findings". InvestorPlace. Retrieved 14 June 2021.
  21. Daly, Lyle. "Should You (or Anyone) Buy Safemoon?". The Motley Fool – via NASDAQ.com.
  22. "'This is a scam': Crypto influencers speak out about Safemoon 'pyramid scheme'". 21 April 2021.
  23. GmbH, finanzen net. "Is the SafeMoon Crypto a Scam? 3 Insiders Weigh In on the Controversy". markets.businessinsider.com.
  24. "Is SafeMoon a Pyramid Scheme? Why Some Investors Are Skeptical". Market Realist. 23 April 2021.
  25. "Crypto SafeMoon's Rules to Tamp Down Selling Raise Red Flags". www.bloomberg.com. Retrieved 20 January 2022.
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