Note that people who hold their original SafeMoon tokens in crypto wallets will not have their coins migrated automatically to V2. The new token aims to consolidate the original version at a ratio of 1 to 1000, and significantly lower transaction costs. In December 2021, SafeMoon launched an updated version of the token called SafeMoon V2. It doesn’t facilitate any automated contracts or decentralised applications, like Ethereum. SafeMoon does not have any other special use case besides being a store of value. SafeMoon takes the proceeds of all sales fees and gives 50% to current token holders in a distribution that is called a “reflection.” The other half of the fee goes into a liquidity pool that SafeMoon uses to maintain price stability. “The developers of SafeMoon say that this is done to encourage long-term holding, by both discouraging selling and rewarding holders of the coin,” says Shaun Heng, vice president of growth and operations at CoinMarketCap, a price tracking website for cryptocurrencies. This is in addition to any fees you may owe a crypto exchange for facilitating the sale. In other words, if you sold $1,000 of SafeMoon, you would pay a $100 fee on the sale. The most distinctive feature of SafeMoon is that it charges a 10% fee whenever you sell the token. This helped quickly drive up SafeMoon’s value, although as of writing its price has fallen nearly 90% from its peak. Throughout 2021, SafeMoon received celebrity endorsements from the likes of sports blogger David Portnoy, rapper Lil Yachty and YouTuber Jake Paul. SafeMoon is a cryptocurrency token that launched in early 2021, using blockchain technology developed by Binance.
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