SafeMoon has been trending as the company offered new products including a proprietary crypto wallet. However, it hasn’t been smooth sailing with the team announcing setbacks and news of the CTO leaving causing unrest on social media. As the hype wanes for this coin, SafeTitan sees increased support despite repeated pushbacks on its ICO.
Safemoon Dropping by 40% in Bear Market
One of the main difficulties regarding SafeMoon and other coins is the ability to distinguish its legitimacy. Since cryptocurrency relies mainly on hype to gain attention and growth, many coins capitalize on this at the expense of investors. So far, SafeMoon has been called a Ponzi scheme and a scam coin.
This, coupled with scarce interest from investors is causing a major downfall in the token price. The coin is expected to plunge 40% to a value of $0.00000113 in the coming days. Longer-term perspectives show a downward parallel trend that makes it a bear market with little possibility to rebound.
Despite a recent spike to $0.00000330, roughly 138%, the downward trend continued. Whether the bulls can rescue the coin and generate optimism is doubtful, especially amid increased controversy surrounding the crypto token.
Social Media Questions Safemoon’s Legitimacy
When the company announced its new SafeMoon Wallet, the hashtag of the same name saw a trend on Twitter. The idea was a wallet that is iOS and Android compatible to store and trade the company’s tokens. But a post from the SafeMoon Twitter stated problems with launching the new products.
“Thank you for bearing with us,” the post reads. “We’ve experienced unforeseen technical issues launching all 3 products at the same time.”
An advertisement on the official website reads “Out Now” and “Safemoon Wallet”. Beneath the words are two buttons, one for Android and Apple downloads, but as one user noted the ad doesn’t work.
“When those buttons are clicked, the code that fires has never done anything other than reload the page. Ever. The moment they added the buttons, they were set ‘disabled’ and non-clickable, then they made it clickable, but only fires a reload”
Meanwhile, other users take to social media to denounce the accusations and restore confidence. One user simply wrote: “@safemoon is definitely not a scam. #SAFEMOONWALLET was highly anticipated and #SAFEMOONARMY overloaded the servers. Be patient. Greatness is coming soon!”
A Heavy Accusation and Audit for Safemoon
Among the chaos on digital media platforms, one post stood out accusing the company from siphoning millions from the liquidity pool. This came as Doxxlocker released an audit on the coin which showed major discrepancies in funds. Reddit user u/tngsystems outlined their case on the coins community page:
“Yesterday, on the 27th August, the team at Doxxlocker released their audit on Safemoon,” the post reads. “According to Doxxlocker, they are commissioned to perform on-chain analysis to find discrepancies or evidence of wrongdoing on BSC tokens. An analysis of the protocol deployer (V1 Liquidity Pool [LP]) and the contract owner’s wallet (interacts with the V2 LP) has found that generated liquidity from the contract (5% tax on transactions) has not been fully returned to the liquidity pool”.
The commentator went on to detail how more than 28 trillion tokens were transferred to wallets not recognized by the company’s team. This equals roughly $68-million USD worth of tokens. However, the audit was also questioned due to reports that it shilled a previous token called Hyperdeflate (HDFL).
SafeTitan on the Rise as Safemoon Crumbles
SafeTitan, a new BEP20 coin offering for the crypto market, stands in sharp contrast to the controversy plaguing the Safemoon community. The coin has not been officially released yet but it is backed up by a community sharing any new information they can gather. A recent presale of the tokens reserved for early registrants also showed strong support from investors and helped widen its reach.
Notably, SafeTitan ($STTN) is currently developing its own cross-chain DEX to facilitate trading in Eastern countries. As is well known, China’s continuing restrictions on crypto trading leaves a massive market of traders with little recourse than to seek decentralized exchanges.
The new SafeTitan swap DEX would offer all the benefits and possibilities of trading without breaking any banking bans. Of course, this also means that the BNB-paired token will be moving into an independent stage in the future, operating off it’s on blockchain.
Pre-sale Shows Strong Support for STTN
The presale for SafeTitan tokens lasted two days and allowed users to purchase tokens at a locked-in price of 0.005 cents. Those who participated had to make a minimum purchase of 100 USD with an upper limit of 1000 USD to protect against crypto whales. According to the company, the funds raised during the presale would go toward marketing efforts to expand the token’s reach.
One of the advantages users see with SafeTitan is great transparency from the team concerning all new developments. For example, the company offered a recent update on reddit on the “SafeTitan Swap” name and airdrop.
The presale allocated 1% of all tokens to those who had already registered, and divided them into two groups. The early-birds would get a chance to buy up 0.05% of tokens, while the other 0.05% was for other registrants selected randomly. Additionally, those who did purchase during the presale received a 20% bonus in tokens.
SafeTitan Recruits Bigger Team for ICO Launch
The original ICO date was set for July, but the company cited a pushback to August due to security upgrades. Then the company again delayed the launch in August, a post on the official blog described a growing team and plans for the new DEX swap as reasons for the delay.
Particularly, the company hired two new senior developers for the ICO date saying that they were necessary for a successful launch. “Security and stability are two of the fundamental standards within the SafeTitan foundation,” the blog post reads.
In order to purchase the STTN tokens users will need to register on the online app by October 9th. The Initial Coin Offering launch will then begin on their website on October 14th, 2021. Many users are eagerly awaiting the registration date in the hopes of gaining massive returns on their investment. Various social media platform commentators suggest between 100x to 1000x returns based on generated user interests and the crypto’s DEX plans.
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