#Safe moon crypto price today how to#

Instructions for how to migrate to SafeMoon V2 depend on the type of wallet you have: Like the earlier version, 50% of the fee is distributed to current token holders and the other 50% is divided between the SafeMoon liquidity pool and managers of the SafeMoon ecosystem. In December 2021, SafeMoon upgraded the token to SafeMoon V2 ( SFM-USD), which consolidated the original version at a ratio of 1 to 1000, and lowered the transaction fee to 2%. The SafeMoon ecosystem includes the SafeMoon Wallet which is available for download on the Google Play and iTunes stores. In other words, it's prone to manipulation. While these tokens are in 'lock-up', such a heavy concentration of tokens in so few hands means that the holders can have outsized influence over price movements if they sell. This serves to increase the value of investors' holdings, while the remaining 50% of the exit fee is placed into a liquidity pool that's designed to maintain the token's price stability.Īn issue affecting SafeMoon is that a large number of its tokens are owned by its founders. SafeMoon takes the proceeds from the exit fee and distributes 50% of it to all current SafeMoon token holders in a process SafeMoon describes as a 'reflection'. The purpose of this exit fee is to discourage investors from selling their tokens. It had a unique feature: the SafeMoon smart contract charged a 10% exit fee in addition to any fees charged by a cryptocurrency exchange. SafeMoon first launched in March of 2021. SafeMoon is managed by smart contracts on Binance’s blockchain. They are written for specific blockchains and won't work on other blockchains. Smart contracts create digital tokens and control the supply of those tokens. The Binance Smart Chain has many of the same protocols and applications as the Ethereum Network, with one being the ability to host software programs known as smart contracts.

A crypto token operates on an already-existing blockchain.įor example, Bitcoin operates on the BTC blockchain and Ether operates on the Ethereum blockchain while SafeMoon operates on the Binance Smart Chain (BSC).

A crypto coin operates on its own blockchain.SafeMoon is not a crypto coin but rather it is a crypto token, the difference is that: SafeMoon's name is derived from the cliché phrase 'to the moon', a common meme stock term that market manipulators say to try to get others to buy the stock in hopes that it'll rise to extraordinary heights. SafeMoon ( SAFEMOON-USD) is what's known as a memecoin, a crypto token or coin that is based on an internet meme. Sjo/E+ via Getty Images What Is SafeMoon Crypto?