The SafeMoon Phenomenon
You may not have owned a single SafeMoon token in your life, but you keep on hearing about it. Through the use of social media, this deFi token is creating havoc in the world of cryptocurrency. Through this article, we will discuss the reason behind SafeMoon’s popularity.
SafeMoon’s on Fire: Born to Burn
SafeMoon is a BEP20 Defi token that runs on the Binance Smart Chain ecosystem. It was introduced in the crypto market on March 8, 2021. Within a month of its release, the price of safeMoon skyrocketed by a whopping 20,000%, and the social media handle of SafeMoon started getting tons of followers. Right now, the official Twitter handle of SafeMoon has a total of one million followers. SafeMoon is also a trending topic of discussion in Reddit, where it also has a dedicated Community with more than 263,000 members in it.
So what is the fact that is making this brand new cryptocurrency so special? (aside from the powerful marketing effort the team SafeMoon is putting into) Unlike other cryptocurrencies, SafeMoon has a particular feature, and it penalizes the users who trade or sell this token. Therefore those people who buy SafeMoon and hold them for the longest amount of time possible get rewarded handsomely.
To promote the use of SafeMoon, the developers of this token have taken a particular approach, that is, to tax the sellers of this token with a 10% fee. %5 of the charged tax goes back to all the existing holders of the coin, whereas the other half goes to the SafeMoon-Binance liquidity pool. All of this summarizes the point that if a user holds SafeMoon tokens for the longest amount of time, the greater the profit he will eventually receive.
If you dig deeper, the intention of SafeMoon is to convey the complexity of impermanent loss in decentralized finance (Defi). This digital token has attracted 2.7 million users. The result of which is the burning of 40% of the total supply of 1 quadrillion SafeMoon tokens. At its launching period, the developers of SafeMoon had burned their 223 trillion tokens, and the remaining 777 trillion tokens were offered in a fair inaugural event on DxSale. Like everyone else, developers also took part in the initial coin offering. Right now, there are over 577 trillion SafeMoon tokens in circulation.
The Team Behind the Phenomenon
The CEO of SafeMoon is John Karony, a former analyst for the United States Department of Defense. He was also the founder of TANO, a game streaming platform. He is proactive on Twitter, with more than 259 thousand followers. John Karoly uses his Twitter account to give regular updates and the latest development on SafeMoon.
Thomas Smith, also the co-founder of TANO, is the CTO of SafeMoon. As an entrepreneur, he has enough experience in the field of technology. He has also served as Director and CTO of various tech companies, as well as being a dedicated programmer.
