SafeMoon (SFM), a coin that operates as a BEP-20 token on the Binance Smart Chain (BSC), remains in focus amid the ongoing transition toward the coin’s second iteration, dubbed SafeMoon V2.
As we detailed in our previous post, SafeMoon is a coin designed for HODL-ers – a term that means Hold On for Dear Life and which refers to the propensity of a community of investors to stick to their original investment thesis even amid adversity. As an illustration, the project discourages short-term speculation by charging a 10 percent fee on all token sales. From the resulting cash pool, around half is reverted to the long-term holders of the coin in a move known as reflection, while the residual half is sent to liquidity pools such as PancakeSwap, where the SafeMoon coin is converted to Binance coin (BNB) in order to bolster the liquidity of the SFM/BNB pair. Given this unconventional structure, some critics have dubbed SafeMoon a glorified Ponzi scheme – a charge that is vehemently contested by the token’s managing team.
SafeMoon V2, an entirely new iteration of the coin, went live on Sunday. The upgrade brings a number of changes, including an updated contract that will entail a 1000:1 consolidation, thereby reducing the supply in circulation by a factor of 1000 without affecting the overall user balances. At the time of writing, there are 115,769 unique wallet addresses that…
