Exactly three months after the beta version of the wallet was announced, the developers of SafeMoon (SAFEMOON) published the wallet in the Google Play Store.
SAFEMOON price table | Source: Tradingview
SAFEMOON has continuously decreased in the last three months. However, the price has increased nearly 30% in the past 24 hours, according to the news.
SafeMoon is a token of the Binance Smart Chain. In contrast to other Altcoins, SAFEMOON is not a governance token like COMP or UNI – that unlocks voting rights for a protocol or a utility token like BAT or Filecoin – that extends the functionality of the protocol. It resembles a token meme like Shiba Inu that exists out of the sheer joy of buying and selling in the hopes of making a profit.
But SafeMoon has a couple of unique features. First, it collects a 10% tax every time the owner sells it. This is a measure to limit cash withdrawals. In addition, half of this 10% tax is distributed to holders in proportion to their SAFEMOON amount, while the other half is added to the liquidity pool. Finally, like Ethereum, SAFEMOON is slowly burned to create deflationary pressure. The aim is to create a safe way for SAFEMOON to increase prices.
It hasn’t happened yet. Since hitting an all-time high of $ 0.00001094 on May 11, SAFEMOON has lost 84% in value, despite Barstool Sports founder Dave Portnoy saying it was a coin, his favorite shitcoin.
One possible reason is that SafeMoon is not easy to buy or exchange, it trades in much lower volume than other top 100 cryptocurrencies by capitalization as it is not available on any platform.
Even the exchanges that have listed SAFEMOON have liquidity problems. BitMart, which has been offering assets since April, wasn’t able to integrate the SAFEMOON redistribution system until mid-May and was only able to inform users of their rewards on a monthly basis. PancakeSwap is responsible for the majority of the SafeMoon transaction and offers daily redistributions.
A wallet solves this if done correctly as it can integrate tokenomics directly. The holders get a reward – get tokens from the traders in their wallets.
Some have warned that the large amount of tokens the project holds poses a “tampering risk”. At least for today, since SAFEMOON has recorded a sharp decline, the owners are happy about the first positive news of the month.
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