SafeMoon is a coin explicitly created to be deflationary and destined to grow in value over time, at least that is what its developers say. Immediately after its launch, SafeMoon's price had an excellent growth rate, but it lasted only a little bit more than a month. Since then, SFM has never been able to recover its highs, it even struggled to stay upright. What is going on with SafeMoon?
A Tough Test for SafeMoon
It was early September 2021 when the price of Safemoon was performing at about -80% from its all-time high. During that time, some employees left the project, including the CTO Hank Wyatt. The community has not reacted well, and the criticisms of the SafeMoon project have grown despite the fact that the actual causes of the abandonment remain unknown. The concern is that the team won't be able to fulfill the commitments made at launch.
Things got worse in March 2022, when two different groups of investors started a class action against the company and its promoters. SafeMoon has been charged with misleading investors by using false statements to market and sell digital assets. Notably, the team has been accused of disguising their control over SafeMoon and a significant percentage of the SAFEMOON tokens. The company also touted that the protocol's favorable "tokenomics" would allow investors to earn substantial returns.
What Steps Has the Team Taken to Ensure the Community?
Whatever the outcome of the class action, the development team is working on some new features that might encourage investors who have previously given up on the project to do so once more.
After completing the transition to an updated version of the SafeMoon token contract (V2), the development focused on releasing the unprecedented multi-currency debit card, which is now in the pre-launch phase. This card will be usable both online and offline and should be globally accepted.
In addition, SafeMoon promises to create and make available a hard wallet and—most significantly—its own cryptocurrency exchange. It is not yet clear how this will be structured and what its features will be, but it could become a demand factor for the SFM token. The community expects an acceleration in the development of this project, also because the token is not yet available on all major exchanges. I believe now you get the answer to the question “what is going on with SafeMoon?”.
