SafeMoon made a comeback in the list of top 100 cryptocurrencies this week as its price rose by over 20%. The current surge is triggered by the launch of SafeMoon’s crypto wallet, which was released for beta testing in June.
Cryptocurrency project SafeMoon -- which is often criticized as a Ponzi scheme -- made some notable progress with a product recently. The network’s crypto wallet was released on Google Play Store, leading to a 22% price rally in the past 24 hours.
Launched in March 2021, SafeMoon is a Binance Smart Chain (BSC) token that has been in a downswing for the last three months. The currency has lost more than 60% of its value in the last two weeks alone.
Unlike other altcoins, SafeMoon has no utility and provides no governance rights to its holders. It exists solely for speculative trades, making it similar to meme coins like Shiba Inu.
However, the cryptocurrency does offer some unique benefits, including a 10% tax on every transaction, whether that’s buying or selling. Additionally, half of this tax is split among other SafeMoon holders, while a portion goes into a liquidity pool. The project also gradually burns some of its tokens to keep prices under check.
Despite an endorsement from some in the crypto community -- including Barstool Sports founder Dave Portnoy -- SafeMoon has had a difficult time since its launch. After reaching an all-time high of $0.00001094 on May 1, the token lost 84% of its gains.
Inaccessibility has played a huge part in SafeMoon’s instability until now. The token isn’t easy to acquire or swap since it’s not available on major exchanges, many of which have found it difficult to list SafeMoon. BitMart, for instance, listed the token in April, but couldn’t incorporate its redistribution system till mid-May. Due to this, the platform was only able to issue monthly updates on user rewards.
If SafeMoon’s wallet is implemented correctly, it could solve many of the outstanding issues with its accessibility. Token owners could potentially get daily updates on their rewards -- something that’s already occurring on PancakeSwap.
However, for the time being, SafeMoon owners could gladly hold on to their profits, while most of the market declines further.