A company run by John Karony's mother ECG LC, was set up in May 2021 to deliver this project. The project was dubbed "Project Pheonix" (the misspelling of Phoenix being intentional), SafeMoon released a familiar crypto pitch of serving the "unbanked" and claimed to be working with local governments to adopt the token as a local currency. In May 2021, SafeMoon announced making a presentation to The Gambia to provide "technology for innovation and learning purposes". 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".
The company and the token have been the subject of several controversies since conception by being compared to a " ponzi-scheme", not delivering on products, having multiple class-action lawsuits filed against them, and facing serious fraud allegations. The SafeMoon company has released a minimal-function cryptocurrency wallet and has announced plans to release other cryptocurrency products. As of December 2022, it has since dropped 98.7% in value to $223m. The token reached its all time high market cap in April 2021 of $17b. 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 BNB Chain blockchain. One Reddit user said: “I completely agree that once they get listed on an exchange this could easily blow up.SafeMoon LLC is a cryptocurrency and blockchain company created in March 2021. Some cryptocurrency enthusiasts are excited about the coin, whilst some are sceptical. Occasionally PancakeSwap will drop an error when swapping to SafeMoon, click the settings icon and set your slipping rate to 11% (or slightly higher if it doesn’t work). It is not officially on the PancakeSwap list, so enter the token (0x8076C74C5e3F5852037F31Ff0093Eeb8c8ADd8D3) or go directly here.Ħ. Go to the DApps tab at the bottom, open up pancake swap, connect your Trust wallet, and swap your Binance coins for SafeMoon.ĥ. Swap your coins to BNB smart chain in the Trust Wallet app.Ĥ. Make a Trust Wallet account and transfer your BNB into it.ģ. SafeMoon rewards participants by levying a ten per cent penalty tax on sellers and redistributing five per cent of the proceeds to those who already own the currency.Ī whitepaper report that outlines the features of a product such as a cryptocurrency-was reported to be accessible on the website by one Reddit user, but others said they couldn’t find it.Ģ.
Going “to the moon” is a term popularized recently by the Reddit group WallStreetBets, who use it to describe an asset’s price skyrocketing. To buy SafeMoon, cryptocurrency users have to buy a Binance Coin (BNB) first, and then essentially swap it for SafeMoon. The recently launched SafeMoon claims it will reward people who buy and hold on to the cryptocurrency and issue a penalty to those who sell it on. Little is known about the cryptocurrency so far, though developers have held live Ask Me Anything (AMA) meetings to answer some questions. SafeMoon the new CryptoCurrency is gathering interest amongst enthusiasts, search trends show.
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