In addition to Dogecoin (DOGE), SafeMoon is no less impressive in stealing the attention of crypto investors. Not sure what is interesting about this coin, however there is a guarantee of rewards to hodlers (long -term investors).
With hype from Youtube celebrity Jake Paul, and rapper Lil Yatchy, SafeMoon managed to record an all -time high (ATH), $ 0.00001399 last month.
However, this coin has declined sharply over 67% since April with the current value of this article being written recorded at $ 0.000004768.
The question arises, why SafeMoon failed to show positive price movements despite some great projects, for example the latest they have partnered with crypto and fiat infrastructure platform, Simplex.
Blockchain securities firm HashEx in its latest smart contract audit report revealed SafeMoon has at least 12 security issues of which 5 are categorized as ‘critical’ and ‘highest severity’.
HashEx also stressed SafeMoon is at high risk in the face of a short -term ownership attack that would result in a $ 20 million loss. Not only that, the founders of the SafeMoon contract control most of the coin’s liquidity.
Many are also unhappy when SafeMoon is linked to the Ponzi Scheme. But, SafeMoon’s objective of encouraging its investors to buy and save, isn’t that a question worth considering? Like crypto investors, Lark Davis equates SafeMoon with the ponzi scheme of Bitconnect.
Bitconnect was for a brief moment a top 10 #crypto, the people making money did not want to accept it was a ponzi, they made every excuse to justify it, and attacked anyone who stated the obvious.
Then it rug pulled and everyone lost big time. #safemoon is no different.
- Lark Davis (@TheCryptoLark) April 21, 2021
It should be noted, the developers of SafeMoon so far do not have any convincing achievements yet related to crypto. While investing in crypto requires caution, it is possible that SafeMoon investing requires ‘extra’ caution before acting.
With no legitimate value added, SafeMoon investments can be classified as purely speculative. Analysts are also skeptical of the coin’s ability to reach higher levels, describing it as a ‘dump and pump’ token.
