I have been invested in Safemoon since June 2021 and see a lot of potential with this.
Safemoon first launched in March of 2021 as a cryptocurrency token, but since that time, has developed into becoming more of a tech company with a variety of products that have been released and in development surrounding this token. Initially, this token had a lot of hype, between celebrity endorsements to piggybacking off the crypto hype that we saw in late 2020 and early 2021. Since that time, the price of Safemoon has fluctuated, and much of the Safemoon community has either been very supportive of the company or spreads a lot of fear mongering. Let's dive into the short history of Safemoon and see if they have the potential to be one of the biggest cryptocurrencies in the future.
What is Safemoon?
Safemoon is a tech company founded by CEO John Karony based out of Pleasant Grove Utah in the business of developing blockchain technology. The company first launched with the V1 Safemoon token in March 2021 and has had a lot of hype and a lot of fud spread about it since. What makes Safemoon unique from Bitcoin for example is the use of tokenomics, which basically means when someone sells their Safemoon, a portion of that sale is distributed to existing shareholders. Now, Safemoon did not create tokenomics, but it has become more popular because of them and many altcoins have began to utilize this since.
What Products Have Been Developed and Released
The first major product for Safemoon was the Safemoon Wallet, which was launched towards the end of 2021. While it took a few extra days to fix a few bugs, once the wallet was released, it has continued to develop and has received positive feedback since. Shortly after the launch of the Safemoon wallet, V2 of the Safemoon token was launched in December 2021, which was a consolidation of the amount of tokens in circulation and reduced a few zeros off of the price per token. Similar to a reverse split by a stock, this was done to generate interest and improve the security and function of the token. All this was accomplished within a nine month time span, which is incredible for a new cryptocurrency.
What Products are Coming Soon
At the time this article is published, Safemoon has the Safemoon card, the hard-wallet, and the Safemoon exchange that are planned to be released within the next year. The Safemoon card is intended to allow you to purchase anything using cryptocurrency, while converting it to fiat simultaneously. In addition to this all the usual features of a credit or debit card. For the hard wallet, these have been becoming more popular in recent years, and Safemoon plans to add another option to the mix with high level encryption. The Safemoon exchange is the most eagerly anticipated launch. What Safemoon's exchange will have unlike any other is the use of tokenomics for all cryptocurrencies on their platform, this would include Bitcoin. Imagine being rewarded every time you hit refresh for being a holder of a crypto you believe in. If Safemoon pulls this off, this will be revolutionary for exchanges.
Other endeavors in the pipeline for Safemoon includes a deal with the Gambia, a country in central Africa that at the time of this article, we know little about. Perhaps this would lead to an opportunity for a country to adopt Safemoon as a national currency. Another rumored idea is as a way to cut back on the amount of electricity to burn the tokens, would be to use wind power instead. In addition to this, the idea has been brought to the table to potentially have an NFT to allow investors to have shares in a mill that is powering the burn rate. All these ideas are not too clear at the time of this article, but more news will develop in time.
How Does Safemoon Stand Out from Bitcoin or other Cryptocurrencies?
As mentioned previously, current holders of Safemoon are constantly being rewarded more tokens every time someone sells. This is a way to incentivize holding for the long-term. As mentioned previously as well, Safemoon acts more as a tech company that happens to utilize a token. This has allowed Safemoon to be more centralized in the hopes to having long-term credibility and utility. The point being, unlike most cryptocurrencies that do not have much more to offer than hype, Safemoon is a product.
Will SFM's Price Ever Go Up Again?
Safemoon has many upcoming releasing in their pipeline, and many more we do not know of for the time being. With a potential contract with the Gambia, the use of Wind power to burn the token, and the various products in the pipeline announced and unannounced, I think Safemoon has a lot of potential for the future. Will the price ever reach $1, or $10, or even more? We will see in the future. In the meantime, it is still an early investment and lots of potential to grow that investment in the years to come. Safemoon has had many arguments from both spectrums, some fanatically supportive of the brand, others claim it to be a Ponzi scheme, only time will tell. If Safemoon fulfills all its promises, which has had a very good track record of completing up to this point, I think many will find Safemoon to be one of the top cryptocurrencies of the future.
This article is accurate and true to the best of the author’s knowledge. Content is for informational or entertainment purposes only and does not substitute for personal counsel or professional advice in business, financial, legal, or technical matters.
© 2022 Jason