July 24, 2024
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SafeMoon Price Did A 20% Rise Due to Wallet Release

SafeMoon developers releases its crypto wallet on the Google Play store. Additionally, this was exactly three month after announcing the beta version for testing.


Consequentially, The price of the altcoin asset did 20% uprising in a 24-hour span. Meanwhile, The Token had a rough three month of downward movements losing 84% of its value.


Originally, SafeMoon is a token on the Binance Smart Chain. Furthermore, It’s neither a governance token like UNI that unlocks voting rights on a protocol. It’s not also a utility token like BAT or Filecoin that adds to a protocol’s functionality.


However, It’s more of a meme token like the Shiba Inu. It’s just for the purpose of buying and selling it in the bid to make money via speculating.


But, SafeMoon has few qualities that makes it different from other meme coins. For instance, it taxes holders 10% every time they sell.

Related Posts – Polkadot (DOT) Sees A 10% Surge As BTC Struggles At $46k


Moreover, half of that 10% tax is proportionally split among SafeMoon holders judging on how much they own. Then, The other half goes into a liquidity pool.


Lastly, SafeMoon tokens are being burned in order to place deflationary pressure on the asset. This will of course, me the price of the toke to moon ie go up.


However, Safemoon trades in low volumes compared to other crypto in the top 100 of market cap. This is because its not trading on major exchanges, this will affect the price from mooning.