- The Safemoon community have been celebrating after a Certik revealed no critical findings
- Safemoon has been criticized as a pump and dump scam
- Celebrating a code audit highlights the desperation by supporters to be taken seriously
The Safemoon community has been celebrating after an audit by Certik found zero critical errors in their code, although many have been left disappointed by the lack of price action following the audit. The fact that some in the community expected the token price to rebound because of a positive code audit highlights a lack of cryptocurrency experience in the Safemoon community and also just how many are underwater in their positions.
Safemoon Community Makeup Reflect Its Path to Fame
Safemoon captured the attention of the crypto world in April when it came out of nowhere to put on 5,000% in just a couple of weeks, making headlines in crypto and non-crypto news outlets alike. The most common practice with coins that go up so much in a short space of time is to sell and never look back, but in such situations there always remains a residual core following who see more in the project than just a pump and dump and continue to promote it long after the hype has died.
These core followers are usually made up of two sorts of people – those who genuinely see promise in the project and, more often than not, those who are holding at a loss and are desperate for the price of the token to pump again so they can break even. It is understandable then that both sets of ‘supporters’ champion any positive news, especially when Safemoon has been thoroughly ridiculed as a pump and dump or flat out scam.
Code Was Never The Issue
It is for this reason then that the completion of a Certik audit has been met with such excitement and fervour by the community, as if this is some kind of holy grail or a stamp of authenticity, proof that Safemoon is legit. However, all it means is that the Safemoon code, which is copied and pasted from BEE (the project from which Safemoon forked) complies with Certik’s blockchain auditing standards. It doesn’t take into account the intentions of the founders, the plausibility of their aims, or the desirability of Safemoon in the long run.
All a blockchain certification does is confirm that the code is up to scratch (according to one auditor), and even then it’s not a guarantee of anything – Certik approved the PAID Network’s smart contracts and they still got hacked after the private key was compromised.
Token Price Still on a Downtrend
It is understandable that the Safemoon crew would celebrate a Certik audit as they believe it answers the critics, but the code was never really the issue – the issues that many have with Safemoon are the intentions and integrity behind the project, none of which is resolved with a code audit.
The fact that the token price didn’t budge on the Certik news and remains in a steady downtrend following its highs last month may have disappointed some in the community, but thinking that confirmation of the code would resurrect a token that is having a natural cooling off after its massive run illustrates the inexperience of many in the space. There is no saying of course that Safemoon won’t rise like Lazarus once the selling is done, but a Certik code audit is not going to appease those who have seen such antics time and time again.