SafeMoon which debuted in March has received an increased response from the public and managed to grow faster than other cryptocurrencies that exist for a lot longer. According to the cryptocurrency’s creators, 1.4 million people have bought the coin and 2 million people are members of the community. In this article, we will point out what is SafeMoon, who are its creators, and what are its plans.
Summary
- SafeMoon which debuted in March has received an increased response from the public and managed to grow faster than other cryptocurrencies that exist for a lot longer. According to the cryptocurrency’s creators, 1.4 million people have bought the coin and 2 million people are members of the community.
- According to the SafeMoon website, SafeMoon has three functions that take place during each trade: Reflection, LP Acquisition, and Burn.
- SafeMoon plans to implement a new project in the Gambia according to CEO John Karony. The new project is called Operation Phoenix in The Gambia. SafeMoon does not intend to replace Gambia’s Dalasi in its cryptocurrency Instead, the blockchain’s main focus is to serve as technology for innovation and learning purposes.
Critics of SafeMoon complain that there’s not enough information when it comes to how the coin can be used or what are its future plans.
What is SafeMoon?
SafeMoon is another cryptocurrency and its Protocol is a decentralized finance (DeFi) token. According to the SafeMoon website, SafeMoon has three functions that take place during each trade: Reflection, LP Acquisition, and Burn.
SafeMoon protocol is a combination of RFI tokenomics and an auto-liquidity generating protocol. According to an article, SafeMoon plans to develop a non-fungible token (NFT) exchange, as well as charity projects and crypto educational apps.
The coin’s launch on March 8, 2021, has been a very successful one since it has grown faster than Ethereum and Bitcoin did.
Moreover, the SafeMoon protocol, according to the white paper, works in the following way: in each trade, the transaction is taxed with a fee of 10%, which is then cut in half. While 5% of the fee is redistributed to all of the token holders at the time, the other 5% is then split in half again, with 50% (2,5%) sold by the contract into BNB, and the remaining 50% automatically paired with the aforementioned BNB and added to PancakeSwap as a liquidity pair.
SafeMoon’s Team
SafeMoon consists of six members with CEO John Karony, who previously served as an analyst for the U.S. Department of Defense, according to his LinkedIn profile. CTO, Thomas Smith has spent the last years working with other organization on blockchain and decentralized financial products and together with CEO and community manager Trevor Church are working on an independent video game. COO Jack Haines is also a former manager of Ben Phillips Media (4 Million YouTube Subscribers).
The VP of Research and Development, Henry Wyatt based in Pennsylvania, U.S. is also the CEO, and Founder of HLWGroup, LLC, a software development company focused on development in the video game industry. Last piece of the puzzle is the WEB developer Jacob Smith.
Source: https://safemoon.net/ The Team
SafeMoon Plans
SafeMoon plans to implement a new project in the Gambia according to CEO John Karony. The new project is called Operation Phoenix in The Gambia. Karony will represent SafeMoon personally Gambian’s Ambassador-at-Large Sankung Jawara.
This gives the community a lot of hopes that SafeMoon can potentially find a use. Moreover, Karony again stated that SafeMoon does not intend to replace Gambia’s Dalasi in its cryptocurrency operations. Instead, the blockchain’s main focus is to serve as technology for innovation and learning purposes.
Furthermore, SafeMoon also aims to go mainstream and increase adoption in the Gambia. In fact, SafeMoon aims to gain more than 2 million users within the Gambian diaspora.
The team is also trying to eliminate daily trades on the coin in order to avoid price fluctuations and to stabilize the coin with more holders. To do this, SafeMoon aims to discourage day trading of its coin and to reward long-term holders by charging a 10% fee on each sale. Half of the fees collected are earmarked for existing coin owners, who receive a sort of dividend in the form of additional coins.
Along with that to take it one step further, the team is about to grow 35% and eventually open a UK or Ireland-based office. It is still operating charities and plans to finish its SafeMoon Exchange, app, wallet, and games.
Final Note
Whether this started as a scam or not, it has now grown so fast that is not a joke anymore. The team is actively trying to give the coin a use. Stock market news twitted yesterday that Dave Portnoy said that the shitcoin he bought is Safemoon, at about $40,000.
Previous to this announcement, some critics say, “Owner owns more than 50% of the liquidity and refuses to fix it,” the account tweeted. “He could pull LP and sell tokens, creating a rug pull [meaning an exit scam]. Likeliness of losing all funds: Absolute.”
Disclaimer – I/we have no position in any stock mentioned. I wrote this article myself, and it expresses my personal opinions. I am not receiving any compensation for it, other than FDGT Academy. I do not have or had in the past any business relationship with any company that is mentioned in the above article.
Natalia C. - Junior Analyst at FDGT Academy
I am a stock analyst/investor with prior experience and knowledge to BSc Accounting and Finance. After completing my degree and exposure to the accounting firms I decided that the direction I should choose is towards the Investment world. I completed my masters in Investment Management where it gave me solid fundamentals to build my career on. I have examined a lot of different aspects of investment, from REITS, derivatives, currencies, bonds, equity and hedge funds. I never stopped learning about the market which is why I can analyze and write articles for FDGT community always personally opinionated. My passion are green energy and electric vehicles stocks as a whole. I also had my share of analyzing the work form home stocks that are coming to take over in the upcoming years.
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