The crypto currency SafeMoon is to be listed on two new exchanges, its developers have announced in a roundtable “Ask Me Anything”.
In the roundtable, the currency’s developers, including CEO John Karony and CTO Thomas Smith, discussed updates to the currency, including their own exchange platform, which is under development.
Few details were available at this point – it was not disclosed which two exchanges SafeMoon will be listed on. Viewers were encouraged to check again on Wednesday or Thursday for more information.
The currency is currently listed on the BitMart exchange, but not on the major leading platforms Coinbase or Binance.
During the AMA, Smith said that SafeMoon’s own token exchange was “in the architectural phase”.
He added that the exchange would work similarly to the token, as people are rewarded for not selling – what is known as a “hold” – and are penalized for selling.
“So if you have your bitcoins with us and someone is transferring bitcoin on our platform, you will be reflected by that user, part of that bitcoin,” said Smith.
“The same goes for all other coins and tokens and things that we support. That will be the core function of the exchange.”
The team tried to raise $ 1 million to set up SafeMoon Exchange. Currently the fundraiser has raised approximately $ 774,000.
The team also announced some sort of NFT support in the SafeMoon wallet app.
SafeMoon has become one of the most speculated cryptocurrency tokens on the internet in the past few weeks amid the Dogecoin surge. SafeMoon is currently worth around four millionths of a dollar.
The currency has received a lot of support from fans, while some cryptocurrency enthusiasts have expressed skepticism.
A Reddit post yesterday said, “SafeMoon’s market cap is over $ 1 billion and only exists for a month! We’re making history.”
Analyst and crypto blogger Lou Bagel writes, “As far as I can see the coin has no use. I wouldn’t argue that this is a Ponzi scheme, but I see the same up and down trend.
“Advantage: Investors earn money as long as new people buy. The 5% of transactions that go to current investors ensure this. Doom: It falls apart if no one wants to buy anything new. If no one buys, then investors.” receive 5% of nothing and no demand, which leads to a drop in prices. “
Newsweek approached Lou Bagel and SafeMoon for a comment.
It is not uncommon for new cryptocurrency tokens to be introduced as developers attempt to enter the market.
CoinMarketCap, a cryptocurrency price tracking website, currently lists a total of 4,743 different cryptocurrency tokens. Bitcoin and Ethereum are the two most popular and valuable.
An archive image shows a person holding a credit card over a laptop. SafeMoon is currently listed on the BitMart exchange.
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