what happened with SafeMoon

What Is Happening to the Much-Discussed SafeMoon?

Editorial Team Avatar
Jun 7, 2022
3 min reading time

A little over a year ago a new cryptocurrency had managed to catch the attention of many young crypto lovers and become viral on social media. We are talking about SafeMoon, a coin created specifically to be deflationary and destined to grow in value over time, at least that is what its developers say. Immediately after its launch SafeMoon 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. Will it be able to see its highs again?

The Last Few Months Have Been 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, even though the crypto market was recovering after a downward phase. During that time, some employees left the project, including the CTO Hank Wyatt. The real reasons for the abandonment are not known, the fact is that the community has not reacted well and the criticisms about the SafeMoon project have intensified. The fear is that the team does not have the ability to deliver on those promises 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 accused of misleading investors by promoting and selling digital assets through false statements. Notably, the team has been accused of disguising their control over SafeMoon and a significant percent of the SAFEMOON tokens. Moreover, the company touted the ability for investors to make significant returns due to the favorable “tokenomics” of the protocol. These are very serious allegations that could change the fate of SafeMoon in the near future.

What Is the Team Doing to Reassure the Community?

Regardless of how this class action ends, the development team is working on some new features that could push investors who have abandoned the project in the past to focus on SafeMoon again. 

After completing the transition to an updated version of the SafeMoon token contract (V2), the development focused on the release of the unprecedented multi-currency debit card, which is now in the pre-launch phase. Users will be able to use this card online or in-store and it should be globally accepted.

SafeMoon is also promising to develop and release a hard wallet and, most importantly, 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.

At the Moment, Where Can People Buy SafeMoon?

SafeMoon Wallet allows users to buy BNB through the MoonPay widget and to swap it for SFM. The process seems simple for those who already have experience of using decentralized wallets, but it is not for newbies. Another method might be to use the decentralized exchange Pancakeswap, but the process is a bit more difficult than the former.

The most convenient and safe way is to use the Gate.io crypto exchange platform, which offers the possibility to buy the SFM token by using the stablecoin USDT. Gate.io has always been a point of reference for crypto traders, as it is one of the most durable in the industry and also one of the most secure and reliable.

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