Before this appointment, Karony served as a former analyst for the United States Department of Defense from January 2015 to January 2021. After the substantial rise in price, the unknown developers of the token appointed Braden John Karony as the CEO of Safemooon and registered as a Limited liability company with aims of providing utility to the token.
At that time, Vice said that "cryptocurrencies like SafeMoon still have no real-world use." These celebrities were later sued by many SafeMoon investors as part of a class-action lawsuit branding SafeMoon to be a part of a pump and dump scheme. Upon release, Vice reported that between March 14 and April 21 of 2021, SafeMoon increased in value by 23,225% following celebrity endorsements from musicians Lil' Yachty and Nick Carter, YouTuber Logan Paul, social media hype, new exchange listings, and retail investors. The token had no utility and team when it was launched. The token was released with the slogan of landing "Safely to the moon", derived from the slang phrase used in the cryptocurrency community "To the moon" which is used to describe a crypto token "to quickly rise in price". It has been the subject of several controversies since its conception by being compared to a " ponzi-scheme", not delivering on products, having multiple class-action lawsuit filed against them and facing serious fraud allegations. Īs a blockchain and cryptocurrency company, SafeMoon has released a minimal function cryptocurrency wallet and has plans to release several cryptocurrency products in the future. As of October 2022, it has since dropped in 85% in value to $290m. The token reached its all time high market cap in May 2021 at $10.9b. The token charges a 10% fee on transactions, with 5% redistributed (or reflected) to token holders and 5% directed to wallets in a different currency, Binance Coin (BNB), controlled by the coin's authors. The company also has a SafeMoon token (SFM) which trades on the Binance Smart Chain blockchain. (Description provided by CryptoCompare.SafeMoon LLC is a cryptocurrency and blockchain company created in March 2021. SafeMoon protocol has an ambitious roadmap thanks to its growing popularity and they wish to be listed on the leading exchanges, launch a decentralized exchange (DEX), and increase their partnerships by the end of 2021.SafeMoon launched on Mar. SafeMoon protocol will gain value over time thanks to its coin-burning strategy, making it a deflationary digital currency.SafeMooon Protocol will be expanding to include an NFT marketplace and coin launchpad which will allow users to create their own cryptocurrencies via the platform. This can be up to an 80% APY, which is staggering when compared to traditional interest accounts. With SafeMoon protocol, token holders will earn more SAFEMOON depending on how many coins they have. According to an article, SafeMoon plans to develop a non-fungible token (NFT) exchange, as well as charity projects and crypto educational apps. According to the SafeMoon website, SafeMoon has three functions that take place during each trade: Reflection, LP Acquisition and Burn.SafeMoon protocol is a combination of RFI tokenomics and an auto-liquidity generating protocol. SafeMoon Protocol is a decentralized finance (DeFi) token. 7 Blue-Chip Dividend Stocks That Won’t be Impacted by Rising Interest Rates.7 Mid-Cap Stocks That Can be the Perfect Fit at Any Time.7 Stocks to Buy to Outrun Rising Interest Rates.7 Sports Betting Stocks to Buy for Their Long-Term Possibilities.
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