The token has been described pejoratively in May 2021 as a " meme coin" alongside Dogecoin and Shiba Inu, with much of its value attributed to the result of the 2021 crypto market frenzy. The token has dropped 98.7% in value from its all-time high in April 2021. Criticisms and legal issues F1: Safemoon price adjusted to V2 from launch to December 2022. The company also has plans to launch a blockchain, hardware wallet, and to become a macro Internet of things infrastructure on its own blockchain. Since the appointment of Karony in 2021, SafeMoon has announced plans to launch its own cryptocurrency exchange by October 2021, however, this was pushed to December 2022 and has again been pushed back to the end of 2023. Although the card was supposed to be released in July 2022, as of December 2022 its release has been delayed. Some experts criticized paying an additional fee to pay for goods, contrasting it to 's card which instead rewards users with a percentage return in crypto depending on how much of their native token they are holding. The Safemoon card was promoted as a debit card that can be used to pay for goods using SafeMoon (and other cryptocurrencies) for a 2.5% fee. In April 2022, Safemoon announced a new product, the Safemoon card. The team also released a decentralised exchange titled "Safemoon Swap" as the only place where this migration could happen. As part of consolidating to V2, the SafeMoon team implemented a deadline to migrate their tokens, or else investors would be faced with a 100% tax. In December 2021, SafeMoon developed Version 2 of their token (SafeMoon V2), an updated version of the SafeMoon contract. Thomas Smith, who was the CTO for Safemoon, left the company in December 2021 for a role as a blockchain advisor for StrikeX, however, was dismissed by the company after the fraud allegations uncovered by Stephen Findeisen. Critics dubbed the wallet to be a copy of the Trust Wallet owned by Binance. The app was officially released on Google Play in September 2021 and the App Store in October 2021. In June 2021, the project began beta testing of the SafeMoon wallet.
On August 27, 2022, John stated that his reasons for discontinuing his work in West Africa were due to supply chain problems, which is disputed by his mother in the ongoing Project Pheonix lawsuit. A company run by John Karony's mother ECG LC, was set up in May 2021 to deliver this project. The project was dubbed "Project Pheonix" (the misspelling of Phoenix being intentional), SafeMoon released a familiar crypto pitch of serving the "unbanked" and claimed to be working with local governments to adopt the token as a local currency. In May 2021, SafeMoon announced making a presentation to The Gambia to provide "technology for innovation and learning purposes". Before this appointment, Karony served as a former analyst for the United States Department of Defense from January 2015 to January 2021. After the substantial rise in price, the unknown developers of the token appointed Braden John Karony as the CEO of Safemoon and registered as a Limited liability company with aims of providing utility to the token.
At that time, Vice said that "cryptocurrencies like SafeMoon still have no real-world use." These celebrities were later sued by many SafeMoon investors as part of a class-action lawsuit branding SafeMoon to be a part of a pump and dump scheme. Upon release, Vice reported that between March 14 and April 21 of 2021, SafeMoon increased in value by 23,225% following celebrity endorsements from musicians Lil' Yachty and Nick Carter, YouTuber Logan Paul, social media hype, new exchange listings, and retail investors. The token had no utility and team when it was launched. The token was released with the slogan of landing "Safely to the moon", derived from the slang phrase used in the cryptocurrency community "To the moon" which is used to describe a crypto token "to quickly rise in price". The company and the token have been the subject of several controversies since conception by being compared to a ponzi-scheme, not delivering on products, having multiple class-action lawsuits filed against them, and facing serious fraud allegations. The SafeMoon company has released a minimal-function cryptocurrency wallet and has announced plans to release other cryptocurrency products. As of December 2022, it has since dropped 98.7% in value to $223m. The token reached its all time high market cap in April 2021 of $17b. The token charges a 10% fee on transactions, with 5% redistributed (or reflected) to token holders and 5% directed to wallets in a different currency, Binance Coin (BNB), controlled by the coin's authors. The company also has a SafeMoon token (SFM) which trades on the BNB Chain blockchain. SafeMoon LLC is a cryptocurrency and blockchain company created in March 2021.
0 kommentar(er)
