Earlier this year, in the spring of 2021, SafeMoon burst onto the scene and saw an impressive increase in popularity. According to Coinbase, the crypto experienced a 910% in its share price in just a mere four-day period in April. It appeared as thoughSafeMoon was going to be the top dog for a while, but the price has dropped recently, and people are beginning to question SafeMoon’s fee structure and its lack of use in the real world. With an increased interest in cryptocurrency, there has been an increase in the number of cryptocurrencies available. One of such new cryptocurrencies is HUH Token, which is expected to launch any day now.
The Rise And Fall Of SafeMoon
SafeMoon launched in March this year and already has an impressive two million users investing in their cryptocurrency. Success came quickly to SafeMoon and on the 20th of April of this year, crypto exchange Binance had to briefly halt withdrawals due to an influx of investors in SafeMoon. Fast forward to May, CoinMarketCap revealed that SafeMoon was featured on more users’ watchlists than the well-renowned Bitcoin! With SafeMoon sitting at 1.3 million users compared to Bitcoin’s 1.2 million users.
So, with SafeMoon’s promising start, where did it begin to go wrong for the cryptocurrency? Well, one of the concerns that emerged around SafeMoon is their 10% fee to ‘Buy and Sell’ structure. This raised red flags for several crypto investors as charging a 10% fee to buy and another 10% to sell is an unusual practice in the crypto realm and can be quite expensive for investors to front. Other critics of SafeMoon have questioned the authenticity of the cryptocurrency and have labelled it as an unsafe option to invest in.
So, where have these safety concerns come from? The Financial Conduct Authority (FCA) raised a few concerns, including the following:
- SafeMoon, like many other cryptocurrencies, is subject to extreme price volatility.
- The complexity of the cryptocurrency world can make it difficult for potential investors to understand the associated risks of investing in them.
- SafeMoon has the potential to be difficult to convert back into cash.
SafeMoon experienced significant success early on, however, cryptocurrency is a continuously changing game and the needs and desires of investors are becoming more sophisticated. Hence, a coin with no real utility is rapidly declining in popularity, due to the rise of cryptocurrencies such as HUH Token, which do have real-world value.
Why Is HUH Token A Threat To SafeMoon?
SafeMoon’s success is reflective of the time that it launched. However, as with anything in life, trends are continuously changing, and it appears that SafeMoon might be going out of trend and HUH Token might be coming in. For those of you who are unfamiliar with HUH Token, it is a new alt-cryptocurrency that is dropping any day now. The creators of this token have stated that their goal is to ‘challenge the status quo and create a source of income for everyone’. This is big talk coming from the developers and it will be interesting to see how things pan out for the token in the coming months.
According to their whitepaper, HUH Token is a cryptocurrency that has an intelligent and easy to use referral system. In theory, this referral system could change how the whole game is played. The HUH Token developers state on their website that they have created a way for investors to earn extra income passively through a one-of-a-kind referral system. The idea is that if you refer someone, you then get 10% BNB from their first purchase. If the person you refer goes on to refer someone else, you also get 2% of that person’s purchase. The fun doesn’t stop there, as you both receive a discount sales tax from 20% to 10%.
The creators of HUH Token are putting their money where their mouth is and are putting an impressive $300,000 of liquidity into the token. With all of this in mind, SafeMoon might quickly be forgotten.
HUH Token has found a way to make its token unique and relevant to what investors want today. After such a turbulent couple of years, investors want stability and not volatility, and HUH Token presents just that. While this might sound boring to some, they have added an element of intrigue with their unique referral system and the ability to refer an unlimited number of people and receive 10% of each referees’ first purchase gives investors that quick feeling of excitement.
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