Interest in cryptocurrencies is rapidly growing. With this growing interest comes a new frontier, a Wild West of new crypto coins and tokens popping up every day. Today, one of those tokens is Moonshot (CC:MOONSHOT-USD). So what is the Moonshot crypto all about?
Moonshot has been steadily growing its following since its initial launch. With 28,800 followers jumping aboard since late March, and trade volume rocketing, it’s apparent that investors are taking their chances with the token. In fact, the jumpstart allegedly landed itself on a billboard in Times Square. However, one should be sure to be aware of the facts surrounding Moonshot.
A healthy bit of skepticism is absolutely necessary with these small-cap, high-supply cryptos. In fact, Moonshot looks almost exactly like SafeMoon (CCC:SAFEMOON-USD), a token that has come under fire recently for its lack of transparency and audit results. With Moonshot being an even smaller token than SafeMoon, it’s even harder to tell whether or not it is the real deal.
With this knowledge in mind, here are the facts about Moonshot, so you can invest with caution.
Moonshot Crypto: Know the Facts, Invest With Caution
- Moonshot is a fork of SafeMoon. This means that its protocol is a version of SafeMoon’s, with some alterations. However, they are separate tokens; one’s movement or protocol changes does not affect the other.
- Moonshot’s launch was very recent, with the presale occurring at the end of March.
- The Moonshot protocol is built upon the Binance Smart Chain.
- Moonshot tokens can be bought primarily through PancakeSwap (CCC:CAKE-USD).
- The total supply of Moonshot tokens is exceptionally high, with 1 quadrillion tokens. Binance itself cites this as a warning sign of a “malicious contract” on its Smart Chain.
- The white paper for Moonshot discusses the token’s road map.
- Essentially, the coin’s utility (which as of right now is simply building a user base and hopefully gaining some value) is going to be for purchasing Moonshot-branded non-fungible tokens (NFTs) via “Moonboxes.” There are no details behind this plan yet.
- Beyond Moonboxes, the developers plan on launching a Moonshot arcade where users will be able to link their wallets and play Moonshot-branded classic arcade games. They will also introduce a lottery where users can gamble with Binance Coins.
- Moonshot operates using an automatic liquidity pool, like its progenitor SafeMoon. Those who sell their Moonshot must pay a 10% fee. Holders receive 4%, while the other 6% splits in half. Half goes into a liquidity pool, and the other half converts to BNB before going into the pool.
- The Moonshot protocol consists of about 1,100 lines of code. For reference, Bitcoin (CCC:BTC-USD) has 77,000 lines of code.
- Moonshot’s market capitalization is only $11,430, according to CoinMarketCap. This is a result of the high total supply and and the current token price, and it suggests high levels of volatility.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article.