SafeMoon (CCC:SAFEMOON-USD) is trending on Twitter once again. The altcoin frenzy is showing no signs of slowing down, and as such, fledgling plays like SafeMoon have been able to soar. Now, with a new #SafeMoonWallet heading toward the beta stage, is the altcoin looking like a practical play?
SafeMoon launched in early March of this year, making it one of the newest cryptocurrencies as well as one of the most talked about. The token promises to reward all who hold it in their wallets through the redistribution of an exit fee on sellers. The developers also promise to manually burn some tokens as they are redistributed in an attempt to spur price booms from supply and demand economics.
Much of the criticism levied against SafeMoon is in the fact that there’s little to no utility for the token. The primary motive for investing is to play the long game. Investors hold on as long as they can while growing their portfolios through token rewards. They can’t use the tokens for any sort of blockchain functions, and they can’t buy anything with them.
Now, the developers are hoping to stoke some price booms and hush some criticism with a new #SafeMoonWallet. The beta stage for the wallet is launching today, and investors can sign up to take part. The wallet is a long-anticipated launch, initially teased around the time of the coming SafeMoon Exchange.
#SafeMoonWallet Trends on Twitter Ahead of Beta Launch
We know a few things about what the wallet will feature. It will have a contacts feature to easily send crypto to wallets you know. It will also feature a crypto converter so that one can swap their fiat currencies to SAFEMOON and vice versa, as well as a real-time price tracker.
Outside of these few features, the wallet is hoping to get by on user-friendliness. Much of the stock being put into the wallet by the development team is in the aesthetics over the function, with animation-heavy commercials tweeted out ahead of the beta.
The crypto has a sort of cult following that is constantly promoting the token on Twitter. With today’s product launch, the developers are starting the social media fire; they are asking investors to tweet out the #SafeMoonWallet hashtag if they want to sign up. As such, the tag has nearly 42,000 tweets.
TWEET #SAFEMOONWALLET IF YOU WANT IN 🚀🌕
(6pm GMT sign up link goes live!)
— SafeMoon (@safemoon) June 15, 2021
The hype around SafeMoon’s wallet is huge, and it stands to be a very important moment for the altcoin. Facing allegations that the token is but a sham, they can’t afford to deliver a less-than stellar-product. The beta launch will help to work out any kinks in the functions of the wallet, but it will be important to note see how far along the product is in development.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.