Precisely three months after asserting a beta model of its crypto wallet for testing, developers with SafeMoon have launched the wallet on the Google Play store.
The value of the altcoin asset duly sprung upward 20% in a 24-hour span, as if headed to the moon. Sadly for the token’s holders, it has spent the last three months barreling down a cliff.
SafeMoon is a token on the Binance Smart Chain. Not like many altcoins, it is neither a governance token (e.g, COMP or UNI) that unlocks voting rights on a protocol nor a utility token (e.g. BAT or Filecoin) that provides to a protocol’s functionality. It is more akin to a meme token resembling Shiba Inu, existing for the sheer enjoyable of shopping for and promoting it—and hopefully making money from speculating.
However SafeMoon does have a few unique qualities. First, it taxes holders 10% each time they promote. This serves as a gentle disincentive for cashing out. Furthermore, half of that 10% tax is proportionally cut up amongst SafeMoon holders primarily based on how much they own, whereas the opposite half goes into a liquidity pool. Last, like Ethereum, SafeMoon tokens are being steadily burned to put deflationary strain on the asset. The objective is to create a “safe” way for the token to “moon” or, go up, in price.
That hasn’t happened yet. Since reaching an all-time high of $0.00001094 on May 11, it has sputtered to an even-lower fraction, dropping 84% of its value—despite a screwball announcement by Barstool Sports founder Dave Portnoy that it’s his most popular shitcoin.
One potential purpose for that is that SafeMoon is not straightforward to get or swap—it trades in low volumes in comparison with different crypto in the top 100 of market cap—as it is not available on any major exchanges.
Even those who have listed the token have had bother doing so. BitMart, which first made the asset out there in April, wasn’t capable of incorporate the token’s redistribution system till mid-May and could only replace customers on their rewards each month. (PancakeSwap, responsible for most SafeMoon trading, has been offering daily redistributions.)
A pockets ought to solve for that, if done correctly, as it will possibly incorporate the tokenomics directly. Holders will get their rewards—their share of tokens from those that bought—every day into their wallet.
However such tokens should additionally show themselves to a skeptical public, ever on guard for scams amidst the steals. And a few have warned that the corporate’s massive stake is a “manipulation risk.” Nonetheless, at least for today, as practically each different token swims in a sea of red, SafeMoon’s holders are glad to be buoyed by the first piece of positive information in months.