Safemoon has been off to a strong start since its launched March 2021. Marketed as a community driven decentralized finance (DeFi) token with primary functions: Reflection, LP Acquisition, and burn functionality provided safemoon a unique tokenomics feature. This combined with the strong community support, helped to propel safemoon HODLers with 1,000% gains for early investors over a few short months.
However, more recently the safemoon team seems to be facing some headwinds following their failed wallet release after missing their inital proposed release date on August 28th following months of anticipated build up amongst the community supports. As expected this caused the price of safemoon to drop precipitously as a lot of speculation and FUD spread within the safemoon community.
As if this problem wasn’t already a big enough public relations nightmare. More recently, safemoon CEO John Karony announced that Hank Wyatt, CTO has left the Safemoon team, immediately.
While some may view this news as further insult to the already injurious Safemoon public image. Others seem to view this move more positively as the Safemoon team appears to be holding its leaders accountable following a failed release. As John Karony, CEO has previously stated he was unaware of the problems with the wallet until just prior to the wallet release date.
While only time will tell which theory hold up, it appears as though a once thriving safemoon team as stumbled upon some speed bumps while the team figures out how to overcome the present obstacle. Until the long sought after wallet is released it appears as though more negative news keeps finding its way back to safemoon.
Until next time,