Skip to content

SafeMoon declines despite beta wallet launch

SafeMoon declines despite beta wallet launch

Despite the announcement encouraging SafeMoon fans to join up for the beta testing stage of the token’s future SafeMoon Wallet, the price is down more than 4% in the last 24 hours.

According to CoinMarketCap, the coin is hovering at $0.0000045 at the time of writing. SafeMoon’s market capitalization was about $2.6 billion, but 24-hour trading volume was down 20% to $17.9 million. 

SafeMoon Price Chart: Coinmarketcap.com

Beta test goes live

The token has captured the attention of the crypto world in a few months, relying on several variables, including a value proposition that rewards long-term holders. 

On Monday, a member of SafeMoon’s core team announced on Reddit that a sign-up form for individuals who wish to help beta test the token’s upcoming SafeMoon wallet—which the company describes as “a secure place to store and trade your SafeMoon”—would go live the following day.

On Tuesday, the sign-up form for the wallet’s beta test went online. According to the developers of SafeMoon, the wallet platform will allow individuals to store and sell their SafeMoon tokens.

To register, users must agree to sign a non-disclosure agreement (NDA); however, the details of the NDA remain unclear.

An (NDA) is a legally enforceable contract that guarantees secrecy between the parties concerned. People who sign on usually promise not to divulge any sensitive information received in connection with the NDA. 

In business, it is customary for NDAs to be signed between firms if they engage in a contract together, allowing the firms to communicate information without the risk of it leaking.

Sentiments online 

The release of the form prompted several posts on the SafeMoon Reddit page as users urged others to abide by the NDA’s terms if chosen to test the wallet. Many fear revealing whether one gets selected to participate in the beta test in case they become a target.

The creators intended the token to penalize individuals who sell a 10% tax, with 5% redistributed to investors who are still hodling and the remaining 5% burnt.

Celebrities such as musician Lil Yatchy and YouTuber Jake Paul have also endorsed the token, which first appeared in March. However, analysts, on the other hand, believe SafeMoon may be a ‘pump and dump’ scam that has risen off the back of other meme coins such as Dogecoin

The cause of SafeMoon’s drop is unknown; however, cryptocurrencies are renowned for their price volatility, and experts have already cautioned investors of the risks of trading them.

[binance]

[robinhood]

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in 70+ cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. eToro USA LLC does not offer CFDs, only real Crypto assets available. Don’t invest unless you’re prepared to lose all the money you invest.

Read Next:

Weekly Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts

Disclaimer: The information on this website is for general informational and educational purposes only and does not constitute financial, legal, tax, or investment advice. This site does not make any financial promotions, and all content is strictly informational. By using this site, you agree to our full disclaimer and terms of use. For more information, please read our complete Global Disclaimer.