Another property of Safemoon which has attracted wide criticism is the ownership pattern of the current supply of the token. A large proportion of Safemoon’s total liquidity is owned by members of the founding team. Although these funds are in a so-called lock-up, such concentration of ownership is often a cause for serious concern in the crypto space. In part, this concern is because of the influence that major holders—called whales—have over price movements when they sell.
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Other criticism of the founding team has come on the back of several promised developments of a Safemoon ‘ecosystem’ (including a bespoke wallet application) that have thus far fallen short of expectations.
That lack of widespread adoption, plus crypto’s volatility, limits its use as a currency, says Roger Aliaga-Díaz, principal and senior economist with Vanguard Investment Strategy Group.