The Safemoon Story

Many crypto traders and enthusiasts have been asking questions about the newly created altcoin Safemoon. These questions are a result of the outstanding growth SafeMoon has experienced since its inception. In this edition of crypto stories, we will discuss the Safemoon story in all its entirety.

The Safemoon History

The Safemoon project began on March 8, 2021, when it was launched on the Binance Smart Chain (BSC) ecosystem by a group of six. This team of six includes John Karony as CEO, Hank Wyatt as CTO, Thomas Smith as Chief Blockchain Officer, and three other members.

The token started with the focus on three core components: Reflection, Liquidity, and Token Burn.

We can not talk about the history of Safemoon without discussing the Reflection and Liquidity components of the token. To achieve these two components, the Safemoon team attached a 10% penalty on the token sale.

When a token holder sells his token, a 10% penalty is deducted from the total number of tokens a holder sells their tokens. 5% of that 10% charge is redistributed to token holders as rewards for holding the token, while 5% is added to the SafeMoon/BNB liquidity pools.

The token burning part of the goal wasn't as transparent as achieving reflection and liquidity. The project’s whitepaper states that the project intends to have manual token burns done by the team. Burns are carried out at the discretion of the team. So far, over 40% of the tokens have been burned, according to Coinmarketcap.

The Safemoon Development

Safemoon has experienced outstanding growth within a short space of time.

Other Key milestones include a partnership with Simplex (SafeMoon Card), verification on Bscscan, Certik certified, and partnership with Anonymous Keys Technology.

Currently, Safemoon does not have any digital products. However, the Safemoon team is working hard to deliver several projects in line with their roadmap. These projects include creating a Safemoon wallet, Hardware wallet, Safemoon Exchange that incorporates Safemoon tokenomics for all digital assets on the platform, and integration with more significant exchanges like Coinbase, Binance, Kraken.

Recently, the Safemoon team requested beta testers for the Safemoon wallet via their Twitter page. Hopefully, we can see a fully optimised Safemoon wallet anytime soon.

Concerning upcoming projects, Safemoon CEO John Karony spoke about a top-secret project called Operation Phoenix. There are very few details about this project except that the CEO hinted the project would provide Freedom for the Unbanked.

The project plans to integrate the token with the people in Africa as the SafeMoon team travelled to The Gambia to discuss integrating the token with government officials in the country.

Questions surrounding the project

There have been a lot of criticisms and doubts cast onto the project since its existence. Let us try to find answers to a few of them in this video. First, is the Safemoon token safe? This is the first time a token with a penalty built-in is widely known in the crypto community. Certik has audited the SafeMoon token with a security score of 86.

Based on this certification, the SafeMoon project contract should have sound fundamentals. For newcomers into the crypto space, Certik is a crypto-security platform that certifies crypto projects for safety and security in their contracts.

The final question we will consider is the Fundamental Flaw of the project. The main flaw of the Safemoon project is that the token does not have a use case. Until a use case is developed for this token, we expect to see questions about the project's growth in the long term.

## Price prediction

In terms of price, Safemoon has experienced outstanding growth within a short space of time. It went from $0.0000001 region in March to over $0.00001 by mid-May, which’s more than 100x growth in 2 months.

After falling considerably from its All-Time-High, SafeMoon is currently trading in the $0.00000280 region. It needs to steer clear of the critical support level at 272, retest 295 and then journey towards 338 to resume the bullish bias. On the flip side, if SafeMoon price breaches the range low at $0.00000257, it will invalidate the optimistic outlook, which might trigger a crash to 198.

## Future of the projects

This video will not be complete without a look into the prospects of the Safemoon project. So what can we expect from Safemoon in the short term and long term?

Regarding expected growth in the short term, we expect to see more growth with the launch of the Safemoon wallet by the end of July 2021. Additionally, in a tweet from Safemoon CEO Jack Karony, on July 5, 2021, the devs team on this project has begun to receive listing applications from other crypto projects who want to be listed on the Wallet. Currently, the Wallet would include Dogecoin, Bitcoin, and Binance Coin (BNB).

Another achievement that Safemoon has recorded recently is creating a Bridge for Safemoon on the Ethereum network. With this bridge in place, crypto traders on the Ethereum network can easily buy the Safemoon token.

In the long term, a project that will massively increase the value of Safemoon is the launch of its very own exchange. Yes, it’s an exchange. I know you might be thinking that there are several exchanges out there, and this is just another addition to the list. Currently, under design, one thing that will set Safemoon Exchange apart from the rest is incorporating the unique tokenomics of the Safemoon token across all assets. Well, what does that mean for you?

It simply means that users of the Safemoon Exchange will get reflections for holding tokens on the exchange.

If the team can accomplish the goals in its roadmap, and develop some product that brings real value to the token holder, the safemoon project, might be something to keep an eye on.

And that is the story of Safemoon. Thanks for watching and subscribe for more Crypto stories.