SafeMoon was debuted in March 2021, and has been receiving increased attention since its launch due to its pitch that it will not experience the wild price fluctuations that are endemic for Bitcoin, Ethereum, or more recently Dogecoin.
SafeMoon is a piker when compared to other established coins. Its market capital is $4.1 billion, as opposed to $792.3 billion Bitcoin (price $42,584) or $365.1 billion Ethereum (price $3,168).
SafeMoon critics complain that there isn’t enough information on how to use it.
SafeMoon is able to satisfy what appears to be a constant demand for cryptocurrency. Dogecoin’s value has exploded after it was given a huge boost by Tesla CEO Elon Musk. Others like Shiba Inu (another dog-themed cryptocurrency) and Internet Computer, which were launched recently, are also gaining traction.
Here are our top secrets about SafeMoon.
What Is SafeMoon?
SafeMoon, a digital currency that is similar to Bitcoin or Ethereum, has a few key differences. The creators of SafeMoon claim they are trying to solve some of the issues, such as price volatility, that are prevalent in other digital currencies. SafeMoon’s goal is to discourage day trading and reward long-term holders with a 10% commission on every sale. The other half of the fees are reserved for existing coin owners who get a kind of dividend in form of additional coins.
SafeMoon explained that the goal is to avoid larger dips in prices when whales decide later in the game to sell their tokens. This keeps the price from fluctuating too much.
SafeMoon claims it prefers manual burns to continuous burns. Continuous burns are when digital coins are deliberately removed from circulation. According to its creators, manual burns give SafeMoon greater control over the supply of the coin. The coin’s value would rise if there was less supply and more demand.
SafeMoon Has Six Leaders
SafeMoon has six leaders. According to his LinkedIn profile, John Karony is the CEO of SafeMoon. He previously worked as an analyst at the U.S. Department of Defense. Together with SafeMoon’s chief tech officer Thomas Smith, and Trevor Church, he is working on an independent videogame studio called TANO. This acronym stands for “technically a novel operation.”
Smith has been working for two years with various organizations to develop blockchain and decentralized financial products. Jack Haines-Davies (SafeMoon’s chief operational officer), is based in the United Kingdom and lists two companies as his former employers on LinkedIn: LikeandShare, Ben Phillips Global, and Ben Phillips Global. It is not clear what these companies do.
SafeMoon’s Future Plans
SafeMoon has created a roadmap for the year. The company announced that it had increased its team by two-thirds and launched a marketing campaign in the first quarter. The company will next develop a SafeMoon App (although it is not clear what that app will do), as well as a wallet and other games. It says that it will explore the possibility of trading its currency on exchanges such as Binance, build its own exchange, increase its team by 35% and open a U.K./Ireland branch.
The company stated that it will close its SafeMoon Exchange in the second half of the year and open an African-based SafeMoon Office.