The token's redistribution mechanism has made things tricky for exchanges, who are tasked with helping the taxed tokens get into customers' wallets. And at least some of those who bought at the top are waiting to receive reflections that will take them back to zero-but they have to wait for others to transact first, which has led to many calling SafeMoon a Ponzi scheme. With extra tokens in their hands, those who HODL'd probably aren't panicking. Still, its floor remained at similar levels after coming down from a May bump. It's currently down about 60% from its all-time high, according to data from CoinGecko, but up 9,624% from its introductory low. In practice, the price of SafeMoon has been all over the place since the March 2021 launch. In theory, then, every time a whale cashes out, it may create a short-term splash but no long-lasting ripples. SafeMoon calls these rewards "reflections." Half of the fee is split among the remaining holders, based on the number of tokens they own. Instead of reducing supply to get a price hike, the idea is that this stabilizes SafeMoon's price floor. A portion of the tax also goes directly into a liquidity pool. SafeMoon, as in a "safe" way for a token to go up in price, has tried a very non-Bitcoiner way of incentivizing people to hold their tokens, which at this point can't be spent on anything except other cryptocurrencies.Ĭover your ears, Grover Norquist, but here’s the way it does it: a 10% tax on every transaction, whether that's buying or selling. Unless they fulfill some utility beyond monetary transactions, people just aren't buying "shitcoins" for the long haul. Since the advent of cryptocurrency, dozens of Bitcoin forks, Ethereum wannabes, and even Dogecoin knockoffs have pumped for a few days only to dump forever into the dustbin of CoinMarketCap's servers.
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