If you have already browsed the hashtag #SAFEMOONWALLET that was screaming on Twitter today, you may not realize that the $2.5 billion tokens—sometimes derided as Ponzi schemes—have some actual product news. The cryptocurrency project SafeMoon today opened the registration of a closed beta version of its wallet. It welcomes 500 users to test the product, and it is said that the product will hold SafeMoon tokens. Since the emergence of cryptocurrencies, dozens of Bitcoin forks, Ethereum admirers, and even counterfeit products of Dogecoin have emerged for a few days, but they have been thrown into the trash can of CoinMarketCap servers forever. Unless they achieve some utility other than currency transactions, people will not buy “shitcoins” for a long time.
SafeMoon uses a “safe” way to increase the price of tokens. It tries a very non-bitcoin way to incentivize people to hold their tokens. At this time, these tokens cannot be used except for other cryptocurrencies. For anything. SafeMoon uses a “safe” way to increase the price of tokens. It tries a very non-bitcoin way to incentivize people to hold their tokens. At this time, these tokens cannot be used except for other cryptocurrencies. For anything. Cover your ears, Grover Norquist, but it does this: A 10% tax is imposed on every transaction, whether it’s a sale. Part of the tax also goes directly to the liquidity pool. The idea is not to reduce supply in order to increase prices, but to stabilize SafeMoon’s price floor. According to the number of tokens they own, half of the cost is shared among the remaining holders. SafeMoon refers to these rewards as “reflections.” So theoretically, every time a whale cashes in, it may cause a short splash, but it will not produce a lasting ripple.
In fact, since its launch in March 2021, the price of SafeMoon has been everywhere. According to CoinGecko’s data, it is currently down about 60% from its all-time high, but it is up 9,624% from its introductory low. Nevertheless, after recovering from the May plunge, its bottom remained at a similar level. With extra tokens in hand, those who are HODL may not panic. At least some people who bought at high levels are waiting to receive a response to bring them back to zero-but they have to wait for others to trade first, which has led many people to call SafeMoon a Ponzi scheme.
The redistribution mechanism of tokens makes exchanges tricky. Their task is to help tax tokens get into customers’ wallets. Currently, most transactions occur on the decentralized exchange PancakeSwap and the Cayman Islands-registered exchange BitMart. Although BitMart listed SafeMoon in April, it did not fully integrate the token economy solution to allow daily reflection. Instead, it plans to add reflections to users’ wallets every month. It completed its first release on May 12. This explains some of the appeal of a wallet dedicated to SafeMoon, which promises to “integrate [sic] token economics.” SafeMoon can further incentivize people to store tokens in their official wallets by cutting taxes on certain transactions.
But just like Ethereum Max, a problematic ERC20 token also provides token holders with a share of each transaction, and SafeMoon is also very clear about the details of its product. The Google Form used as a registration form requires users to determine which phone they have, so it’s not clear whether the app is designed for Android, iPhone, or both. According to SafeMoon’s announcement, “We want to test how the wallet works on low-power devices, so if you have a non-flagship phone, please don’t let this prevent you from applying to become a Beta tester.” In addition, Beta testers must sign a non-disclosure agreement. Means that no more details will be announced. Unlike Ethereum Max, it does not have the support of Kim Kardashian or Floyd Mayweather. However, it does have a voice on social media. It may have the equivalent of Dogecoin cheerleader Elon Musk, who played an important role in increasing the price of DOGE from less than $0.01 to $0.73 (now its value is less than half) .