SafeMoon V2 Is Finally Live Now as Holders Bet on an Epic Bull Run To a New All-time High
SafeMoon (SAFEMOON), a coin that functions as a BEP-20 token on the Binance Smart Chain, has just recorded a historic milestone by implementing a much-anticipated upgrade.
As a reminder, BEP-20 is a standard used for tokens that run on Binance’s native blockchain. SafeMoon is a centralized funding (CeFi) ecosystem where assets are managed by an intermediary exchange – in this case, Binance. Similar to Dogecoin (DOGE) and Shiba Inu (SHIB), SafeMoon is characterized by its lack of utility. Instead, investors are incentivized to hold the coin for the long term through an innovative tripartite system. By way of illustration, around 5% of the transaction processing fee is returned to longtime coin holders in a movement known as “Reflection”. In addition, an additional 5% is sent to liquidity pools, such as PancakeSwap, where the SAFEMOON coin is converted into a Binance coin (BNB) in order to strengthen the liquidity of the SAFEMOON / BNB pair. Finally, the project also sets up periodic burns to reduce the overall supply in circulation.
While long-term holders are rewarded through the thought process, the project also discourages short-term speculation by charging a 10% fee on all token sales.
SafeMoon V2 is online
This brings us to the crux of the matter. SafeMoon V2 is now available:
– John Karony (@CptHodl) 12 December 2021
The upgrade brings three major changes:
- A revalued contract that will result in a 1000: 1 consolidation, reducing the outstanding supply by a factor of 1000 without affecting overall user balances
- Improving the quality, security and accessibility of SafeMoon
- Unlocks a host of future developments
Readers should note that SafeMoon remains an extremely volatile financial bet. After hitting a zenith of $ 0.00001399 earlier this year following high-profile approvals from rapper Lil Yachty, YouTuber Jake Paul and acclaimed sports blogger Dave Portnoy, the coin is currently trading at around 87% below this level. In fact, Portnoy had played a major role in creating hype with a $ 40,000 of personal investment in SafeMoon, only to see the room crash in May. Nonetheless, many investors see SafeMoon V2 as the key to unlocking new historic highs. In anticipation of this upgrade, the number of unique addresses that hold assets in the network has experienced a major boom, increasing by more than 15% over the past month to reach 14,610 currently. The token is currently the 217th largest cryptocurrency by market cap, with a capitalization of just over $ 1.7 billion.