SafeMoon Wallet launch encountered technical issues

The SafeMoon (SAFEMOON) wallet

launch encountered unexpected technical issues shortly after its release. Sponsored Sponsored

According to a tweet from SafeMoon

s official Twitter account, the problems affected all three wallet products. Namely, the buy and exchange feature on the website, the Android wallet

, and its iOS counterpart. In the tweet, we can read:

We’re working around the clock to fix issues and ensure we’re giving you the quality experience you deserve. We can manage demand, so we’ll be launching each product in a staggered approach (one by one) – starting with the website today.

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At the time of writing this was the only information from SafeMoon

. As of yet, it is unknown if the problems persist or have been fixed.

The decentralized financial protocol (DeFi) released its long-awaited wallet at 17:00 CET on August 28. However, less than 30 minutes after that, Safemoon CEO John Karony posted a tweet

saying that they had encountered ” technical issues”.

SafeMoon followed this up a little later with a message

to their community:

“YOU’VE CRASHED #SAFEMOON THERES NO OTHER WAY TO SAY IT. WE WILL UPDATE YOU AS SOON AS POSSIBLE […] WE CAN’T WAIT TO HAVE YOU ALL HOME SOON…”

Wallet has been the subject of excitement for some time now, especially among the SafeMoon community. Earlier this month, John Karony posted a video

showcasing the “security, quality and availability” of the product.

In addition, the hashtag #SAFEMOONWALLET was trending on Twitter for several days leading up to the planned launch. It also appeared on a billboard at Piccadilly Circus

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in London.

However, following technical issues, the DeFi protocol was met with criticism and FUD. Some users of the

icy Twitter users have even accused SafeMoon of scamming their users.

SafeMoon token drops 20%.

Prior to SafeMoon’s wallet launch, the price of its token was on a steady upward trajectory. Starting the week at $0.00000184, the price rose to $0.00000365 by August 28. However, this proved to be a short-lived streak for SAFEMOON, as two hours after the scheduled release of the wallet, the price fell back to $0.00000292. From that number, the token’s value continued to fall. At the time of publication, SAFEMOON had lost 22.2% and was worth $0.00000281.

The week was much more successful for some other DeFi tokens. Kava.io (KAVA) hit an all-time high on August 22, and data shows that it has since made several more attempts to reach those highs. In addition, Terra (LUNA) also reached its most recent all-time record, trading at $36.61 on the morning of August 29. This milestone comes on the back of an impressive total increase of nearly 30%. It also brings the token closer to a spot in the top 10 most valuable cryptocurrencies by market capitalization. LUNA is currently in 11th place.

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