In cryptocurrency, there are enough coins, projects, and information to keep any aspiring investor busy for all eternity. New projects are being created and marketed daily, providing ample opportunities to invest in innovative new technology as early as possible. With all of the possibilities, it can be difficult to determine which project to choose as a novice, or even seasoned, crypto investor. The Vegas Take’s “Crypto Project of the Week” provides thorough analysis of a particular project that could provide great value and utility to its holders.
This week’s pick is SafeMoon (SFM). Safemoon was founded by current CEO John Karony on March 9tth of 2021. The token opened at .000000001426 and reached an all time high of .0000011 on April 20th 2021. Despite being difficult to buy it has a massive online following, millions of holders and an extremely low market cap relative to potential upside.
SFM’s home is on the Binance Smart Chain (BSC) blockchain. BSC is a dual-chain architecture aimed to empower users to build digital assets and decentralized apps on a singular blockchain. Similar to Avalanche, BSC has 1/10th of the costs associated with Ethereum creating a smaller barrier to entry for most developers and investors.
SFM was designed to encourage long-term investment and discourage investors from selling. It started out with one quadrillion tokens and instead of making/mining/minting more, like Bitcoin, it burns existing tokens. To do this, the protocol charges sellers a 10% tax, with 4% going to reflections, 3% to liquidity, 2% to the token burn, and 1% for growth within the SFM ecosystem. This contract actively helps maintain the price stability of the SFM token, while simultaneously allowing for growth to continue.
Over the last month the price of SFM has dropped 47.26%, which is similar to most of the crypto market. As it stands the company has a market cap of $982 million and continues to gain momentum in the market. The protocol is currently ranked #94 on CoinGecko per their market cap, while having 2.9 million holders of the token, which predicts more stability in the future. The token has very little whale dominance. The top 25 holders own only 17.5% of all Safemoon tokens in circulation.
Like most protocols SFM’s V1.0 had a glitch that needed to be fixed. The SFM team ran a comprehensive audit on their entire protocol and found the issue which has since been taken care of. Looking to the future, in late 2021 SFM announced a partnership with Unicrypt. Unicrypt is a multichain decentralized protocols and services network that provides liquidity lockers, token vesting, farming, and staking to its clients. In early December 2021 Safemoon went through a 1,000/1 consolidation and branded it as V2. The Unicrypt partnership allowed the migration to SFM V2.0 to be extremely secure and safe.
SFM is far from just a token. Karony aptly describes it as a “Tech Company”. Inside of the SafeMoon ecosystem there is Mooncraft, which is a multiplayer Minecraft server made by SFM. Not only is the protocol jumping into gaming, but also to other areas of decentralized finance. They also have the SafeMoon Exchange coming out in the near future. This exchange they state will be “a revolutionary new idea that will bring tokenomics to all of crypto on its platform.” They term this “cryptonomics”. The idea is interesting and could result in colossal gains to the protocol’s value. Safemoon is also in the process of connecting real life items to the blockchain by labeling them NFT’s.
To buy SFM go to their website on their “How to buy” page https://safemoon.net/buy. They do a good job outlining the exact steps to take in order to become an investor in their protocol. This can be beneficial for both the new and experienced investors, depending on your exposure to BSC. Safemoon also has a custom-downloadable wallet to secure your tokens. Safemoon hasn’t been on any high-volume exchanges like Binance, CoinBase, Gemini, KuCoin, or Crypto.com, but the CEO has consistently hinted at “imminent” exchange listings.
In conclusion, SFM is a unique protocol that is building a number of attractive products into its portfolio. Not only does it have a fully documented team but also an expanding ecosystem to allocate their funds appropriately, minimizing risk.
Thanks for reading! This article is part of the “Crypto Project of the Week” series where I highlight different projects that are using the medium of cryptocurrency to change the world. As a reminder, I am not a financial advisor, and this is not investment advice. Please always do thorough research before investing.