The SafeMoon token began its crypto journey not so long ago, being launched in March 2021. Even though it is this young, SafeMoon is very famous and has millions of followers on its social media accounts. But when it comes to the credibility of this token, many investors tend to criticize it because of its tokenomics and low liquidity.
However, as time passed by, SafeMoon proved its credibility and became more and more transparent.
Why Isn’t SafeMoon Listed on Binance?
Binance does not have any official criteria that should be met for cryptocurrencies and tokens to be listed in their exchange. Nevertheless, they provide some guidelines and an application form for the crypto projects that intend to be listed. You can do this by going to their website.
But why isn’t SafeMoon listed on Binance? Well, there are numerous reasons why Binance declines applications.
First off, any cryptocurrency or token that wants to be listed on the Binance exchange has to go through rigorous inspection. They want only high-quality tokens to be listed in their exchange… after all, they are the biggest centralized cryptocurrency exchange at the time.
Secondly, SafeMoon contained many indicators that the token might be a scam or even a rug-pull. During its first days, people criticized the token for being highly centralized, with more than 35% of its total supply being allocated to only a few wallets. Most people believed these wallets belonged to the founders, and so they did. Moreover, the SafeMoon team was anonymous at first, something that made SafeMoon look like a rug pull.
Last but not least, SafeMoon was considered dead by most people, with its market capitalization dropping from $6 billion to less than $1 billion in just a few months.
Conclusion: Will SafeMoon Get Listed on Binance?
When looking at the current position of SafeMoon, we can assume that we might see SafeMoon listed on Binance during the upcoming year. SafeMoon has been working on itself quite a lot recently, successfully launching its wallet and testing its future projects. Moreover, SafeMoon announced that they will be releasing SafeMoon V2, following their migration to their own blockchain.
To wrap it up, SafeMoon is only 6 months old and has a long way to go. Having such huge plans, SafeMoon is likely to be listed on Binance in the near future.
Also read: SafeMoon Price Prediction 2021 and Beyond – Is SAFEMOON a Good Investment?
Takeaways
- SafeMoon has been labeled as a scam many times before, although it proved itself as a credible project.
- Binance is very strict when it comes to listing new cryptocurrencies and tokens.
- SafeMoon was considered a scam because it had many elements that scam tokens had.
- This token is very young and has a long way to go before it reaches its full potential.
- So, even though SafeMoon is not listed on Binance, it might get approved sometime in the future.