The price of Matic is inching towards the 15, 20 & 25 moving averages The yellow lines represent the range between which Matic has been trading since July The expectation is for the price of Matic to drop to 0.76 in the next few days Note: Trading decisions should not be based on the opinion in this article, investors should conduct their own due diligence before buying the cryptocurrency. This article is purely based on my own research and understanding of the cryptocurrency in the article.
Recently I have been getting a lot of questions regarding decentralized finance (DeFi) tokens that generate passive returns for their holders by holding the currency/token and investing in Liquidity provide (LP) tokens. This is similar in nature to the SAFESTAR token that I covered recently.
In each SafeMoon trade, the transaction is charged a 10% fee, 5% of which is redistributed to the existing token holders and the remaining 5% has two parts to it. Half of the 5% is added as a liquidity pair on Pancake Swap and the remaining 50% is burned.
I went through their whitepaper to understand the background and goals that the SafeMoon team is trying to achieve and how far have they achieved their targeted goal. Furthermore, I tried researching about the team running SafeMoon so get a sense of their background and expertise. I strongly feel that when you pick a stock or cypto to invest in, you are not only investing in the company but in the leadership as well.
After going through intended future goals in the whitepaper, it felt as if they had no clear vision of future of SafeMoon and what they intend to achieve. Why do I say that? Their whitepaper lists a couple of goals that has no link to each other whatsoever, in my opinion. It seems as if they are intending to be 'Jack of all trades, but masters of none'. Their listed goals range from NFT Exchange, video game integration, Integration into African markets & Charity.
Furthermore, call me crazy but a recent official fundraiser pitch for SafeMoon's exchange from its CEO was not the kind that I would expect from a CEO trying to run a protocol. They however did manage to raise the intended $1 million for their exchange
Moreover, like I mentioned earlier, investing in a stock means investing in the leadership as well. Most of the core team listed on SafeMoon's website does not seem to possess the experience in the blockchain space as compared to the leaders of a few well known cryptocurrency companies. They do however have expertise working for gaming companies hence video game integration being one of their defined goals.
Overall, lack of blockchain expertise among the senior leadership and scattered goals does not rank SafeMoon as one of the top cryptocurrency investment ideas for me.
Note: Trading decisions should not be based on the opinion in this article, investors should conduct their own due diligence before buying the cryptocurrency. This article is purely based on my own research and understanding of the cryptocurrency in the article.
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