Technology

Moonshot Crypto: 11 things to know about the new Token Driving Chatter

Interest in cryptocurrencies is growing rapidly. With this growing interest comes a new frontier, a Wild West of new cryptocurrencies and tokens popping up every day. Today, one of these tokens is Moonshot (CC:MOONSHOT-USD). So what is Moonshot crypto?

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Moonshot has continued to develop its customer base since its initial launch. With 28,800 subscribers on board since the end of March and skyrocketing trading volume, it’s clear that investors are trying their luck with the token. In fact, the jumpstart would have landed on a billboard in Times Square. However, one needs to be sure that you are aware of the facts surrounding Moonshot.

A little healthy skepticism is badly needed with these small cap, high supply cryptos. In fact, Moonshot looks almost exactly like SafeMoon (CCC:SAFEMOON-USD), a token recently criticized for its lack of transparency and audit results. With Moonshot being an even smaller token than SafeMoon, it’s even harder to tell if it’s the real deal.

With that knowledge in mind, here are the facts about Moonshot, so you can invest with caution.

Moonshot Crypto: Know the Facts, Invest Cautiously

Moonshot is a fork of SafeMoon. This means that its protocol is a version of SafeMoon, with some modifications. However, these are separate tokens; changes in movement or protocol do not affect the other. The launch of Moonshot was very recent, with the presale taking place at the end of March. The Moonshot protocol is based on the Binance smart chain. Moonshot Tokens can be purchased primarily through PancakeSwap (CCC:CAKE-USD). The total supply of Moonshot tokens is exceptionally high, with 1 quadrillion tokens. Binance itself cites this as a warning sign of a “malicious contract” on its smart channel. Moonshot’s white paper discusses the token roadmap. Essentially, the utility of the coin (which at the moment is just about building a user base and hopefully gaining value) will be to purchase Moonshot-branded non-fungible tokens (NFTs). via “Moonboxes”. There are no details behind this plan yet. Beyond Moonboxes, the developers plan to launch a Moonshot Arcade where users can link their wallets and play classic Moonshot-branded arcade games. They will also introduce a lottery where users can play with Binance coins. Moonshot operates using an automatic liquidity pool, like its ancestor SafeMoon. Those who sell their Moonshot must pay a 10% fee. Holders get 4%, while the remaining 6% splits in half. Half go into a liquidity pool and the other half convert to BNB before entering the pool. The Moonshot protocol consists of approximately 1,100 lines of code. For reference, Bitcoin (CCC:BTC-USD) contains 77,000 lines of code. Moonshot’s market cap is only $ 11,430, according to CoinMarketCap. This is the result of the high total supply and the current token price, and it suggests high levels of volatility.

As of the publication date, Brenden Rearick does not hold (directly or indirectly) any position in the securities mentioned in this article.

InvestorPlace Media print article, https://investorplace.com/2021/05/moonshot-crypto-11-things-to-know-about-the-new-token-driving-social-media-chatter/.

© 2021 InvestorPlace Media, LLC

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