What is Safefloki ($SFK)? Is It Really Safe?
Safefloki is a cryptocurrency that has garnered some attention recently because of a massive price increase. This is a memecoin and play to earn project on the Binance Smart Chain, so it has all the usual problems you would expect from a memecoin and play to earn project.
With that in mind, this article will cover absolutely everything you need to know about Safefloki.
What is Safefloki?
As mentioned in the introduction, Safefloki is a memecoin on the Binance Smart Chain. It gets its name from two somewhat popular memecoins – Floki and SafeMoon.
These probably aren’t the best tokens to name a token after due to the many issues that both tokens have had since their inception.
Safefloki has had its own share of issues over its relatively short history.
The stated goal of Safefloki is to combine 1% of the SafeMoon and Floki communities under the Safefloki banner. This would give the token a market cap of $100 million USD.
Note: We already dislike that idea for reasons we will cover in the next section.
Now, the token has similar tokenomics as SafeMoon and most other memecoins. There is an 8% buy tax (3% rewards, 5% marketing) and an 11% sell tax (4% rewards, 7% marketing). The token also has a total supply of 1 quadrillion (1 higher than trillion).
Again, we have issues with these tokenomics, which we will cover in the next section.
The roadmap includes a plan to launch a play to earn game. Interestingly enough, the project even has a short demo game available. It’s a fairly basic 2D game, but it is something.
To summarize, Safefloki is both a memecoin and an attempt at a play to earn game. Unfortunately, it appears that the project has mostly fallen flat. We will cover why this occurred in the following section.
Our Problems With Safefloki
We have a lot of problems with Safefloki. In fact, it raises quite a lot of red flags that make us extremely skeptical about it as an investment. These red flags include the following:
Our first problem with Safefloki is that it has anonymous founders. We know that a lot of memecoins have anonymous founders, but it is still something that we do not like to see in a project.
That’s not to say that having doxxed founders makes a project legitimate, but it certainly increases the trustworthiness of a new project. Especially in the memecoin market where so many scams are launched by projects with anonymous founders.
It Plans On Taking Taking Community Members From SafeMoon and Floki
Another major issue we have is that this project states that it will attract community members from SafeMoon and Floki.
How does it plan on taking market cap from two of the most popular memecoins on the Binance Smart Chain?
The developers don’t seem to know how they will do that. It appears the only plan is to combine the names of both of those projects.
That is a terrible idea in our opinion and one almost certainly doomed for failure. Both those communities have very dedicated members that will almost certainly not jump to a new project simply because it shares the name (or half the name).
Really, the naming of this token was likely done because “Safe” and “Floki” both have a rather large amount of clout in the memecoin market associated with them.
It’s On The Binance Smart Chain (BSC)
Every blockchain has a lot of scams and rugs in it. But it’s undeniable that the Binance Smart Chain has the most scams and rugs on it and it’s really not even close.
SafeFloki appears to have all the makings of another scam memecoin on the Binance Smart Chain – anonymous founders, unoriginal name, and no real direction.
No Community Engagement
We cannot really find much community for Safefloki on the English speaking internet.
This is a really bad sign for a project. Especially when the project has a relatively large 24 hour trading volume ($38,000 to $4.5 million at its peak).
A multi-million dollar trading volume with little to no discussion on the internet usually indicates that the project artificially inflates its trading volume.
Safefloki’s Price Information and History
Safefloki launched sometime in January 2022. The price has stayed mostly at 0 since inception with one pretty significant exception.
The price had an enormous spike in price on April 3, 2022:
Unfortunately, the price tanked almost immediately after that. It has not really recovered since then.
The market cap of Safefloki ($SFK) is pretty abymysall at $300,000. That is a self-reported market cap as well, which means it’s certainly open to manipulation.
The 24 hour trading volume is somewhat high for a cryptocurrency of this market cap at $38,000. Again, this is a fairly easy metric to manipulate, so take that number with a massive grain of salt.
Is Safefloki ($SFK) Safe?
No, we would not classify $SFK as a safe investment. It has enough red flags for us to believe that it’s a scam project.
Anonymous founders of a BSC memecoin with an unoriginal name just seems like it would be a scam.
Further proving our suspicions are reports from CoinMarketCap users that they cannot sell the cryptocurrency. One user suspects that the developer uses bots to drive up the price to entice investors to the coin. The developer then dumps the coin onto the unknowing investors.
We also see some reports that this is a honeypot scam. Personally, we find the likelihood of this being a honeypot less likely.
It’s far more likely that this is simply a pump and dump scheme driven by bot trading.
Where to Buy Safefloki ($SFK)?
You can buy Safefloki ($SFK) on PancakeSwap. We are not sure why anyone would want to waste money buying this token, but it’s certainly possible to buy it on PancakeSwap.
To wrap things up, Safefloki appears to be another scamcoin on the Binance Smart Chain. Anonymous founders, suspiciously high trading volume, and an uroriginal name give us enough reason to believe this project is a scam.
We can add on that many CoinMarketCap have reported that they cannot sell the token and it is in fact a scam. Also, just one look at the all-time price chart leads us to believe that this is a scam.