The value of SAFEMOON tokens has risen by more than 20% following the developer's release of their wallet on Google Play, and the market capitalization of the project exceeded $1 billion.
SAFEMOON is one of the Binance Smart Chain tokens, somewhat reminiscent of a meme coin in its purpose. It does not have a specific purpose not as a control token that unhitches deciding rights nor as a service token that expands the protocol's functionality.
But the coin still has several unique characteristics. For example, 10% is a mandatory tax for all its owners, which is charged every time they sell cryptocurrency. This decision was made to limit drawing by token holders. At the same time, half of the tax amount is distributed amid SAFEMOON holders, based on the number of tokens they store. The rest of the tax is sent to the project liquidity pool.
As in the case of ETH, SAFEMOONs are burned over time to generate deflationary influence on the cryptocurrency to ensure a gradual rise in the value of the asset.
Three months after the beta version of the cryptocurrency wallet was available for testing, the developers presented users with a full release of the application on Google Play. App for iOS, most likely, will also appear after some time, but so far the developers have not even announced an approximate release date for the software wallet for Apple devices.
After hitting a record high of $0.00001399 in May this year, SAFEMOON has been slowly and surely falling, having lost more than 80% of its price list. Therefore, many who actively followed the project were probably pleased with the news about the growth of the token over the past day.
One of the reasons why community members believe in the rise of SAFEMOON was not even its name, but the fact that the project tokens are not easy to obtain or exchange. They are sold in extremely modest volumes, especially in comparison with the first hundred of the top CoinMarketCap, and are not available for purchase on the largest cryptocurrency exchanges like Huobi, Binance, FTX, and others.
Indeed those who did try to sell their stocks had difficulties. BitMart, which provided users with access to SAFEMOON in April this year, failed to activate the coin redistribution system until mid-May. Therefore, till that moment, I limited myself only to sending monthly rewards to users.
The software wallet is designed to solve such problems by “enabling” tokenomics and simplifying the use of tokens by holders.
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