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. SafeMoon LLC is a cryptocurrency and blockchain company created in March 2021.
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