You may not have known the $2.5 billion market-cap token—sometimes criticized as a Ponzi—has some genuine product news if you scrolled past the #SAFEMOONWALLET hashtag on Twitter today.
Today's SafeMoon cryptocurrency startup launched sign-ups for its wallet's limited beta version. The SafeMoon token is to be tested by 500 people. This is supposed to hold.
Several hundred Bitsch forks, Ethereum want tobes, and even Dogecoin knockoffs have been pushed into the CoinMarketCap's servers merely for several days after cryptocurrencies arrived. If they don't have any use beyond monetary transactions, consumers won't acquire long-haul 'shitcoins.' SafeMoon has tried a highly non-Bitcoiner method, as in a "safe" method, to encourage users to keep their tokens, that can't be used on anything but other cryptocurrencies at this time.
Grover Norquist, cover your ears, because it's like this: a 10 percent tax on all transactions, whether you purchase or sell. Part of the tax also enters a liquidity pool directly. The objective is to stabilize the SafeMoon price floor instead than lowering supply to increase prices. The remaining holders pay half of the cost, based on their own tokens. SafeMoon calls these "reflections" prizes.
In principle, it may produce a short-term splash, but no permanent ripples every time a whale cashes out. In actuality, from the introduction in March 2021, the price for SafeMoon has been everywhere. According to statistics from CoinGecko, it is now approximately 60% down, but up 9,624% from its introduction low. However, following a May boost, his floor stayed on a similar level. The ones that HODL would probablyn't panic with more tokens in their hands. And at any rate a few of them who purchased at the head wait for thoughts which bring them back to scratch—but wait until other people first transact, which has resulted in many people labeling the SafeMoon scam of Ponzi.
The structure of the token redistribution has made it difficult for exchanges to enable taxed tokens to get into the wallets of consumers. Currently, the majority of trading takes place on the PancakeSwap decentralized bourse and on the BitMart established in the Caiman Islands.
Although SafeMoon was launched in April, BitMart did not have a fully integrated tokenomics framework that allows daily reflection. Instead, it intended to add monthly reflections to the wallets of consumers. The initial distribution was finished on 12 May.
Like Ethereum Max, which pays token holders a portion of every transaction, SafeMoon is, however, a dubious ERC20 token which also offers details about its offering. Google's signup form asks users to determine which phone they have, so whether the app is built for Androids, iPhones, or both, is not apparent. "We want to evaluate how a pouch is even running on low energy smartphones," says SafeMoon, "so please don't allow a non-flagship phone to prevent you from applying to a beta testing device." In addition, beta testers need to sign a non-disclosure agreement which will not give further details.
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