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Highlights
- SafeMoon is a decentralised finance (DeFi) protocol which was launched in March 2021
- SafeMoon created ripples in the market on Tuesday itself following its failed launch of SafeMoon Wallet.
- CertiK, a blockchain security firm in fact in its auditing found 13 vulnerabilities in the crypto.
SafeMoon has got the cryptocurrency market buzzing around on Wednesday. In fact, SafeMoon created ripples in the market on Tuesday itself following its failed launch of SafeMoon Wallet. The cryptocurrency ran into unexpected technical issues, shortly following its release which saw the price of its native token SAFEMOON drop by more than 20% following the issues.
SafeMoon, which had seen a rally of over 50%, is now suddenly fallen out of favour of the investors. CertiK, a blockchain security firm, in fact in its auditing found 13 vulnerabilities in the crypto. The CertiK identified a significant security flaw, risk in the functioning of SafeMoon.
What is SafeMoon?
SafeMoon is a decentralised finance (DeFi) protocol which was launched in March 2021. It is a peer-to-peer chain blockchain network that helps in seamless financial transactions without the intervention of a centralised authority. Just like any other cryptocurrencies, SafeMoon operates on a blockchain network.
SafeMoon is built to the components such as reflection – it means it whenever
SafeMoon transaction takes place, a fee is charged which gets distributed among its holders in the form of token. The fee of the transaction will be given on various liquidity pools such as Pancake Swap. With each trade, the token is burnt and fresh one is created.
Is it a Ponzi scheme?
There have been many sceptics who have termed SafeMoon a ponzi scheme. In fact, on 29 August, SafeMoon was trending under the hashtag #safemoonwallet as the project saw a colossal failure on three different products -- iOS and Android compatible safemoon (SAFEMOON) wallet. There have been many who call the crypto to be a legitimate one.
SafeMoon on Wednesday was facing the aftereffects of the jolt and was trading in red. According to CoinMarketCap, the SAFEMOON is trading at US $0.000002 with a 24-hour trading volume of US $1,00,04,594. At the time of writing (BST 2:30 pm), SAFEMOON was down by 3.25% in the last 24 hours. SAFEMOON currently has a live market cap of US $1,34,37,18,627. It has a circulating supply of 58,55,36,36,64,02,812 SAFEMOON coins.
Conclusion
It is safe to say that SafeMoon for now has fallen away from the investors list. The failed launch has raised question marks on the cryptos real intention of going ahead with the launch in the first place. The SAFEMOON team needs to quickly regroup and collectively resolve the crisis before it gets beyond them.
