The launch of the SafeMoon Wallet has run into some technical difficulties.

IN SUMMARY

  • Less than 30 minutes into the launch, technical difficulties arose.
  • All three SafeMoon wallet products - the Android and iOS versions, as well as the website's buy and swap function - were affected by the issues.
  • Following the concerns, the price of SafeMoon's native token dropped by more than 20%.



Shortly after its deployment, the SafeMoon (SAFEMOON) wallet fell into unexpected technical challenges.

All three wallet items were affected, according to a post from the official SafeMoon Twitter account. Specifically, the website's buy and switch feature, as well as the Android wallet and its iOS version.

The tweet told users, "We're working around the clock to fix the issues and guarantee we provide you the quality experience you deserve." “To further control demand, we will be [sic] delivering each product in a staggered (one-by-one) approach, beginning today with the internet buy & switch function.”

This was SafeMoon's most recent update at the time of publication; there was no proof that the problems were still present or had been resolved.

On August 28, at 17:00 CET, the decentralized finance (DeFi) system delivered its much-anticipated wallet. Safemoon's CEO John Karony, however, tweeted less than 30 minutes later that they were having "technical difficulties."

SafeMoon responded with a statement to its community a few days later:


“YOU CRASHED THE #SAFEMOON THERE IS NO OTHER WAY TO SAY IT. WE WILL KEEP YOU UP TO DATE AS SOON AS POSSIBLE [...] WE ARE SO EXCITED TO HAVE YOU ALL HOME SOON...”


For a long time, the wallet has been a source of excitement, particularly within the SafeMoon community. John Karony shared a video earlier this month demonstrating the product's "safety, quality, and accessibility."

In addition, for days before the planned release, the hashtag #SAFEMOONWALLET trended on Twitter. It was also seen on a billboard at Piccadilly Circus, London.

However, in the aftermath of the technical challenges, the DeFi protocol has been confronted with a barrage of criticism and misinformation. SafeMoon has also been charged of defrauding its subscribers by certain Twitter users.

The SafeMoon token has lost 20% of its value.

The price of SafeMoon's eponymous native coin had been steadily rising ahead of the wallet's launch. It began the week at $0.00000184 and by August 28 had risen to $0.00000365. However, there was only a little respite for SAFEMOON, as the price plummeted to $0.00000292 just two hours after the wallet was supposed to be released. The token's value has continued to fall since this point. SAFEMOON was down 22.2 percent at the time of publication, trading at $0.00000281.

Some of SAFEMOON's fellow DeFi coins have had a much better week. Kava.io (KAVA) reached an all-time high on August 22, and data shows that it has attempted to achieve those levels again since then. In addition, Terra (LUNA) touched a new all-time high of $36.61 on August 29. This achievement is the consequence of an almost 30 percent increase in overall revenue. It also puts the token closer to breaking into the top ten most valued cryptocurrencies by market capitalization. LUNA is presently in 11th place.

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