The much-awaited update of Safemoon in the form of SafeMoon v2 is finally, and with this drastic update, the BEP-20 token has been upgraded with more characteristics than we had previously imagined. This cryptocurrency made a lot of name for itself in 2021 despite being a currency that was launched in the same year.
Although it is comparatively new to the crypto market, it has been able to gain enough attention and a few fans at that. This token works on the Binance Smart chain ecosystem, and most people consider the Safemoon coin to become the next Bitcoin that will eventually surge and take the investors to the Moon.
After being launched in the crypto market in March of 2021, the prices have indicated a long term return. As a meme coin, it has indicated a level of integrity in a very short period of time. Although it was going through a rough patch, for the time being, things took a positive turn when Safemoon v2 launched, which gave hope to the Safemoon investors and fans who are eagerly rooting and supporting this meme coin.
The coin is based on distributed ledger technology, and the most interesting feature of this coin, which has been adopted by the developers to ensure the stability of this crypto coin, is that it rewards those who hold the coin for the longest time and at the same time it punishes those who are into instant buy and sell.
To put it in simple terms, Safemoon takes a 10 percent fee for conducting transactions (which is a lot, by the way), but the 5 percent of the transaction fees are then distributed among the holders of this coin. This way, those people who want to sell the coin will think twice before doing so, and it will help the developers in stabilizing the value of this crypto coin. Moreover, the longer you hold onto this meme coin, the more rewarded you will be. The rest of the 5 percent cut from the transaction fees are delivered to the liquidity pool that has been created to stabilize the value of this coin.
The basics of Safemoon
The digital currency we know as Safemoon has been created in the same way the other famous digital coins like Bitcoin, Ethereum, Dogecoin, etc., have been created. The creators and developers of this cryptocurrency suggested that it has been designed to address the issues regarding decentralization, such as inflation, price volatility, etc.
The development of Safemoon has been conducted in such a way that it purely discourages the constant selling of cryptocurrency (Safemoon tokens in this regard), and they have done so by implementing a 10 percent transaction fee for every transaction. This way, the digital currency won’t be affected at large when big investors will sell their coins. Also, to keep its value intact, the developers also perform manual burns, and for your information, the very first burn (destroying a certain amount of coins to keep the coin’s value intact) was administered when the Safemoon token was released.
The current team of Safemoon consists of a total of six people who have already worked in several reputable organisations and gaming platforms. At the beginning of the first quarter of 2021, the team Safemoon began its marketing campaign mainly through social media platforms by increasing their team members by two folds. The team behind Safemoon have future plans to release several other mediums such as wallet, gaming apps and a Safemoon app. Additionally, they will also create an exchange platform later on. The games and the wallet will also be based on Safemoon cryptocurrency. The current market capitalization of this currency stands at US 1.9 million dollars, and this digital currency already has more than 2.9 million holders.
All about Safemoon v2
Safe moon v2 has been introduced by the Safemoon team to gain further reputation, wider adoption and increase the overall usage of the coin. The memecoin wants to attract more investors who can take the coin one step ahead. John Karoly, the CEO of Safemoon, had announced that they had introduced some new features in the Safemoon wallet. This update will also reduce the overall supply of the Safemoon coin by a 1k factor and that too without affecting the existing coin holders.
After getting security audited by the audit firm CertiK previously, it received a score of 82/100, and after this v2 update, the score reached 91/100. Also, note that the total circulation at the beginning or when the coin was released is 1,000,000,000,000,000, and after the circulation, the current limit is 1,000,000,000,000. The Safemoon wallet app was released in the Google Play store in September 2021 and the App Store in October 2021. There are other added features such as a web-swap option, QA process and a 2 click-consolidation process.
Safemoon, with its brand new features, can help its investors a lot compared to other cryptocurrencies. The features developed by the Safemoon team are doing pretty well in the market. But now, it is not the time to head over heels because even Bitcoin took its time to reach the position it currently has. Is the Safemoon token going to topple its predecessors and change the world? Only time can tell us that.