SafeMoon has continued to dominate the cryptocurrency market despite a slight downtrend. At the time of press, the SAFEMOON V2 token was exchanging hands at $0.00169 with an increase of 8.47% within 24-hours. The asset noted a diluted market capitalization of $1,695,132,254 million.
The current volatility in the market could be a result of the transition from V1 to V2. The official SafeMoon handle on Twitter confirmed on Thursday that the V1 tax will be changing to 100% as they move on from V1 to V2.
The tweet read,
Watcher.guru had earlier reported the upgrade from V1 to V2 on 13th December which included a 1000:1 consolidation, similar to a reverse stock split. As per the team, V2 will also feature “increased quality, security, and accessibility of SafeMoon.”
The CEO of SafeMoon, John Karony also informed users of the changes. He noted in a tweet,
“V1 is now closed, BUT THE GATE TO MIGRATE TO V2 will remain open! (You can still migrate)
Welcome to the first step forward out of 2021, and into an amazing 2022.”
SafeMoon migration
While this was good news for the future of SafeMoon as it plans on launching its blockchain, crypto exchange, and hardware wallet, it was certainly a bit confusing for the V1 token holders. As the V1 tax was now 100% the holders won’t be earning any incentives to continue holding SafeMoon V1. Instead, anything the users buy or sell on V1 will be directly sent to the liquidity.
To safeguard one’s coins, the users will have to migrate their tokens from the V1 platform to the V2. As per the team, migration will “remain open indefinitely” and users were warned to not buy SafeMoon V1 as “you will NOT receive any tokens following this change.”
It concluded,
“Exchanges have received communications on migration and are responsible for their own implementation.”