A Look Back at SafeMoon
The year 2021 has come and gone, with various projects on Binance Smart Chain having different experiences. In this review, we bring the popular SafeMoon memecoin under the spotlight. How did SafeMoon fare during the year? Dive in with us as we look at SafeMoon’s highlights for 2021.
SafeMoon was launched on March 8, 2021, through a team led by the CEO, John Karony. Riding on its catchphrase, “Freedom of the unbanked”, the memecoin quickly attracted a large following in a short while. Barely 2 months after launch, SafeMoon token ($SFM) had over 1 million holders and got to a record market capitalisation of $5 billion.
The community of holders came to be known as the #SafeMoonArmy, and has been growing in numbers ever since.
SafeMoon, like most memecoins, started its journey with no real-world product. It thrived under the influence of hype but soon realised the need to do more in order to escape being tagged as a shitcoin and establish its long-term relevance. Some of the team’s attempts to add utility include:
The first utility that the team created for SafeMoon was a set of goods that could be purchased using the SafeMoon token. The goods include branded hoodies, mugs, nose masks etc. The service may have been discontinued as the SafeMoon Shop link is unavailable as of press time.
- Blockchain Products
SafeMoon made moves to launch several blockchain products such as a BSC-ETH bridge, mobile wallet, hardware wallet, crypto exchange, and even its own blockchain! However, it seemed that SafeMoon got its hands too full. By the end of 2021, the project could only achieve the bridge and the mobile wallet.
- SafeMoon V2
Perhaps the most resounding event of the year was the migration of the SafeMoon protocol to Version 2 which happened in December. The main purpose for V2 was to shrink SafeMoon’s massive supply to a manageable size using a V1 to V2 migration ratio of 1000:1. That is, holders received 1 V2 SafeMoon token for every 1,000 they held in V1.
The year 2021 was not a very smooth one for SafeMoon. Early in its life, the project had to fight off a lot of fear, uncertainty and doubt (FUD). Also, there were insinuations that the project could be a ponzi scheme. SafeMoon has been working hard to deliver utility that will disprove its naysayers.
Other difficulties experienced by the project include:
- Roadmap Struggles
SafeMoon had a hard time keeping up with its timelines. As earlier reported by BSCNews the project had planned to launch WAX and EOS blockchain bridges in September, SafeMoon Exchange in October, and SafeMoon blockchain in December. As the year 2021 drew to a close, none of those plans was actualized.
Struggling to meet its targets may seem to suggest SafeMoon’s development team is not very robust in terms of experience, or that they simply bit more than they could chew.
- COO’s Exit
In a September 10 tweet, SafeMoon’s CEO announced that the project’s chief operating officer (COO), Jack Haines, had left the project. Jack was a key part of the development team, and his exit apparently affected the confidence of a section of SafeMoon’s community. The price of the SafeMoon token went down by about 30% after the news about Jack went public.
Like its popular counterparts, the #SafeMoonArmy is not small in number. The project’s Telegram group has about 160,000 members, and its Twitter handle 1.3million followers. As of November 22, the SafeMoon token was held by more than 2.9 million wallets. To see it in good perspective, the number of SafeMoon’s holders is twice the number of holders of SafeMoon’s large-community counterpart, Baby Doge Coin.
According to Coingecko and before migration to SafeMoonV2, the price of SafeMoon was at an all-time low of $0.000000044360 on March 14. Two months later the price hit an all-time high of $0.00001094. The percentage increase of its all-time-high from the all-time-low is about 24,562%. This sort of unreal increase is often what attracts a lot of people to memecoins like SafeMoon. Because of the extremely low price of such memecoins, many people accumulate a huge bag and hope to make crazy returns. However, The last price tracked by Coingecko for SafeMoonV1 indicates that the token is down by about 85.9% from the all-time high.
It is pivotal to SafeMoon’s continued relevance that its community keeps faith with the project. As such, SafeMoon will need to sustain the confidence of its community by delivering results that have real utility.
If in 2022 SafeMoon fulfils in good time its pledge to launch a functional exchange, SafeMoon Card, SafeMoon blockchain etc, the project sure can count on its ever-vocal #SafeMoonArmy to ramp up its hype and price again. It’s been many days of promises, now the community’s question is: would the team deliver?
Where to find SafeMoon:
Source : bsc.news
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