SafeMoon: The Next Big Thing In Crypto Market! Really? Lets see!
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Cryptocurrency trading has recently been mainstream practise, especially given the amount of money put in them by investors and collectors.
We already know how volatile the bitcoin sector is. This argument is supported by recent price movements and the decline of several cryptocurrency exchanges.
Ethereum, bitcoin, StopElon, and Dogecoin are some of the most recent crypto exchanges to dominate the market. There are numerous choices available in this market as well.
SafeMoon is one of the most recent cryptocurrencies to receive widespread notice.
If you’re a crypto enthusiast, you’ve probably heard of SafeMoon. And how does it function?
What Exactly Is SafeMoon?
SafeMoon is one of the most recent bitcoin and blockchain companies to acquire traction in the preceding year. SafeMoon was launched in March 2021 and quickly gained popularity when its price skyrocketed in April of the same year.
It has lost nearly 99% of its value from its high in April 2021, thus losing all of it. It charges a 10% fee to selling, with a portion of that fee returned to current holders, and was designed to reward long-term investors.
The token charges a 10% transaction fee, of which 5% is given to token holders and 5% is sent to wallets in Binance Coin, the coin of the creators.
Who Is Responsible for SafeMoon?
John Karoly, the CEO of SafeMoon, is also an All-Source Analyst for the US Department of Defense. SafeMoon’s CTO is Thomas Smith, who recently filed as the CIO of Goldsmith Blockchain Consulting.
This currency’s Manager is Ben Philips, and its COO is Jack Haines-Davies, who previously worked for LikeAndShare LTD.
How Does It Function?
SafeMoon was designed to encourage long-term investment while discouraging short-term trading, but it has yet to gain popularity after its initial price increase. To better maintain price stability.
The blockchain security firm CertiK uncovered during an audit of the platform that SafeMoon’s owners acquire tokens created from the liquidity pool, giving them power over tokens created as part of the fee.
This was noted as a major problem in CertiK’s assessment, and the company was encouraged to tighten its security procedures.
SafeMoon addresses the issue of value instability by prohibiting the trading of their coins on certain days. SafeMoon devised a compensation method for long-term and primary token holders.
Those who sell tokens will face 10% penalty exchange costs, with 5% of these penalty exchange charges given to existing token holders.
This scheme is intended to discourage the selling of tokens and instead encourage their ownership. The concept benefits current coin owners while compelling retailers to hesitate before selling tokens.
This strategy seeks to reduce the abrupt losses in value caused by the sale of cryptos, which generate fluctuating prices and market declines.
How Do I Buy SafeMoon?
The purchase can be made through PancakesWap, according to SafeMoon’s official website. The first step is to construct a trustworthy wallet. The next phase is to turn BNB to a smart chain and grow SafeMoon using a trusted wallet.
PancakesWap can be used to transition from Binance Smart Chain to SafeMoon. SafeMoon will be delivered to the wallet following the transaction.
SafeMoon has received some criticism in some circumstances. Experts argue that investing in SafeMoon is a risky venture due to the lack of any defined ways of direction.
A Ponzi scheme parallel has been made because the organisation claims the majority of the liquidity. SafeMoon has pardoned its critics and announced its specific direction for the foreseeable future.
The organisation intends to collaborate with African Markets, investigate alternative exchanges like as Binance, and possibly launch its own exchange.
Lawsuits And Controversy Faced by SafeMoon
As of July 2022, several class-action lawsuits were filed against the SafeMoon founders, saying that they artificially inflated the coin’s value by making false claims regarding its financial security.
The SafeMoon founders and celebrities who backed the coin are accused of scamming investors through a “pump and dump” scheme that cost token holders hundreds of millions of dollars.
According to the charges, SafeMoon LLC failed to register the tokens as securities with the US Securities and Exchange Commission.
Instead of locking the 10% transaction fees into LPs, SafeMoon allegedly had access to these pools, providing SafeMoon the opportunity to redirect money and jeopardising the token’s value.
SafeMoon’s founders are accused of imposing a 100% tax on the original coin in December 2021 without prior notice, compelling investors to move to a second form of the coin.
SafeMoon’s founders allegedly duped investors into purchasing an unstable currency and profited from their losses.
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