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SafeMoon

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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 supply581,125,108,625,860 (as of 21 June 2021)
Supply limit1,000,000,000,000,000
Valuation
Market cap$4,180,000,000 (as of 1 June 2021)

SafeMoon is a cryptocurrency token created in March 2021[2] on the Binance Smart Chain blockchain.[3][4][5][6]

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,[9] Binance Token (BNB), controlled by the coin's authors, described as a liquidity pool,[10] to create a "solid price floor and cushion for holders".

History

SafeMoon multiplied rapidly in value after a wave of celebrity endorsements,[11] including from rapper Lil' Yachty, YouTuber Logan Paul, sports blogger Dave Portnoy[2] and former Backstreet Boys member Nick Carter. SafeMoon hit a high of $0.00001375 in April 2021 before falling to $0.000002868 in May 2021 during the 2021 cryptocurrency crash.[12]

According to the official website, SafeMoon was first listed on PancakeSwap on the 1st March 2021, followed by:

Exchange Name Date Listed
BitMart 5th April 2021
WhiteBit 5th April 2021
Gate.IO 23rd April 2021
HotBit 23rd April 2021
ZBG 11th May 2021
MXC 11th May 2021
Burrency 12th May 2021
BitBns 14th May 2021

In May, the project announced making a presentation to The Gambia to provide "technology for innovation and learning purposes",[13][14] as part of the deliberately-spelled "Operation Pheonix".[15]

On the 15th June, the project invited applications for beta testing of the SafeMoon wallet.[16][17][18][19]

Security

In May, the token was audited by security auditing firm CertiK, receiving a score of 82/100.[15][20] 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".[21][22]

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".[20] The CTO of SafeMoon, Thomas Smith, further stated the team was "aware of the issues" and "[has] policies and procedures around how the contract operates to alleviate risk".[23]

A separate security audit identified a "vital vulnerability" in SafeMoon and hundreds of other projects which all forked from the same parent project containing the vulnerability.[24][better source needed]

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",[6] with the token having been described by some financial experts as a "pump and dump",[15] a "cult stock",[15] "meme stock",[2] "the furthest thing from safe"[22] and that it "doesn't do anything".[22]

After the price of a SafeMoon token multiplied by 12x during a single week in April 2021,[25] opinion columnists in various financial magazines likened SafeMoon to a ponzi scheme[26][27] 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.[28][29]

See also

References

  1. ^ "SafeMoon price today, SAFEMOON live marketcap, chart, and info". CoinMarketCap. Retrieved 1 June 2021.
  2. ^ a b c d DeCambre, Mark (18 May 2021). "Here's What Crypto SafeMoon Is and Why It's Trending". Barron's (newspaper). Retrieved 14 June 2021.
  3. ^ "What is SafeMoon coin? A Bitcoin, Ethereum, and Dogecoin challenger". Fortune (magazine). 17 May 2021. Retrieved 1 June 2021.
  4. ^ 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.
  5. ^ Murrison, Pip (29 May 2021). "SafeMoon price: Will SafeMoon tokens ever reach $1?". Express.co.uk. Retrieved 1 June 2021.
  6. ^ a b 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 0x8076C74C5e3F5852037F31Ff0093Eeb8c8ADd8D3".
  10. ^ "Safemoon Whitepaper".
  11. ^ "To the Moon: How One Cryptocurrency Made People Millions Overnight".
  12. ^ "CoinMarketCap: SafeMoon".
  13. ^ "Cryptocurrency - SafeMoon To Implement Operation Phoenix in Gambia". The Chronicle Gambia. 18 May 2021. Retrieved 1 June 2021.
  14. ^ "SafeMoon sets out for Africa". AIBC News & Events. 8 November 2019. Retrieved 14 June 2021.
  15. ^ a b c d Browne, Ed (10 May 2021). "SafeMoon AMA unveils Simplex partnership, community testing plans". Newsweek. Retrieved 1 June 2021.
  16. ^ Browne, Ed (15 June 2021). "SafeMoon price update as crypto's fans await wallet beta test sign up form". Newsweek. Retrieved 16 June 2021.
  17. ^ 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.CS1 maint: numeric names: authors list (link)
  18. ^ Thapa, Anuz (16 June 2021). "SafeMoon Wallet: What Is It?". TheStreet. Retrieved 18 June 2021.
  19. ^ "SafeMoon's Beta Wallet Sign-Ups Are Live". Yahoo Finance. Retrieved 20 June 2021.
  20. ^ a b "SafeMoon". CertiK Security Leaderboard. Retrieved 14 June 2021.
  21. ^ Smith, Sarah; Market, s (3 May 2021). "SafeMoon Audit: 9 Things to Know About the SafeMoon CertiK Findings". InvestorPlace. Retrieved 14 June 2021.
  22. ^ a b c "Should You (or Anyone) Buy Safemoon?".
  23. ^ Avan-Nomayo, Osato (25 May 2021). "Critical $20M SafeMoon vulnerability? Project devs say no cause for alarm". Cointelegraph (in Bosnian). Retrieved 14 June 2021.
  24. ^ "Blockchain Firm Uncovers Vulnerability in SafeMoon and 100 Other Projects". 7 June 2021.
  25. ^ "'This is a scam': Crypto influencers speak out about Safemoon 'pyramid scheme'". 21 April 2021.
  26. ^ "Is the SafeMoon Crypto a Scam? 3 Insiders Weigh In on the Controversy".
  27. ^ "SafeMoon Acquires 1 Million Users As Crypto Influencer Warns Of Ponzi Scheme". 21 April 2021.
  28. ^ "SafeMoon: New Dogecoin or Ponzi scheme?". 31 May 2021.
  29. ^ "Is SafeMoon a Pyramid Scheme? Why Some Investors Are Skeptical".

External links