On March 29, 2023, it was reported that SafeMoon, a DeFi platform on the BNB Chain, had been hacked, resulting in an estimated loss of nearly $9 million from the liquidity pool.

The announcement from SafeMoon read, “We want to inform you that our LP has been compromised. We are taking swift action in an attempt to resolve the issue as soon as possible.”

According to on-chain data reported by BscScan, nearly $8.9 million was transferred out of the liquidity pool. Peckshield, a blockchain security company, reported that a recent update to the platform inadvertently created a “burn bug” vulnerability that leaked the admin key, enabling the hack to occur. “The upgrade, with the exploited public burn bug, was initiated by the official SafeMoon: Deployer. (Admin key leak?) And here comes the upgrade tx,” Peckshield tweeted.

@azcoinnews

The hacker allegedly inflated the price of SFM and then returned the tokens to the pool in the same transaction, allowing them to easily withdraw more than $8.9 million worth of WBNB from the contract.

SafeMoon is a DeFi protocol that provides profits for investors through distribution, LP buybacks, and token burning. However, the project has been previously accused of “pump and dump” schemes by high-profile individuals and the development team in February 2022.

This recent hack is just one in a long line of security breaches that have plagued the DeFi space in recent years. It highlights the need for continued efforts to strengthen security measures and prevent such incidents from occurring in the future. The SafeMoon team has not yet provided an update on the status of the situation or the steps being taken to recover the stolen funds, but the community is likely eagerly awaiting news and hoping for a positive outcome.

#SafeMoon #Binance #Defi #hack #azcoinnews

This article was republished from azcoinnews.com

What are Memecoins?
🔸 Definition: Memecoins are cryptocurrencies inspired by memes, jokes, or internet culture.
🔸 Origins: They typically start with no intrinsic value or utility.
🔸 Popularity: Often gain traction through viral moments and strong community backing.
🔸 Purpose: Initially for fun, but some have evolved into serious investments.
The OG Memecoin: #Dogecoin 🐶
🔸 Creation: Launched in 2013 as a joke, inspired by the "Doge" meme.
🔸 Community: Developed a large and loyal following over the years.
🔸 Influence: Boosted by social media and endorsements, particularly from Elon Musk.
🔸 2021 Boom: Gained mainstream attention and became a household name.

#ShibaInu : The "Dogecoin Killer" 🦊
🔸 Launch: Introduced in 2020 with ambitions to rival Dogecoin.
🔸 Supply: Features over 1 quadrillion tokens, which attracted a broad community, the #SHIBArmy.
🔸 Ecosystem: Led to the development of ShibaSwap, a decentralized exchange.
🔸 Market Impact: Quickly became one of the most talked-about memecoins.

#PepeCoin : The Frog with Attitude 🐸
🔸 Inspiration: Based on the "Pepe the Frog" meme.
🔸 Community: Less mainstream than $DOGE or SHIB but popular among meme enthusiasts.
🔸 Tokenization: Demonstrates that almost any meme can be turned into a cryptocurrency.
🔸 Niche Appeal: Found its place within a dedicated group of meme lovers in the crypto space.

#SafeMoon : The Meme That Went to the Moon 🌕
🔸 Nature: Combines memecoin elements with unique tokenomics, including rewards for holders and penalties for sellers.
🔸 Popularity: Became a viral sensation in 2021, though its meme status is debated.
🔸 Volatility: Its rapid rise and subsequent fall highlight the risky nature of memecoins.
🔸 Legacy: A symbol of the speculative frenzy that can drive memecoin prices.

The Risk Factor in Memecoins ⚠️
🔸 Speculative Nature: Memecoins are highly speculative investments.
🔸 Volatility: Driven by hype rather than intrinsic value, making them prone to extreme price swings.
🔸 Lack of Utility: Often have little to no real-world use case.
🔸 Caution: Only invest what you can afford to lose, and always do thorough research.
What's Next for Memecoins? 🚀
🔸 Future Trends: New memecoins may emerge and capture the market's attention.
🔸 Potential Bubble: The current memecoin trend could burst, or new opportunities could arise.
🔸 Market Dynamics: Memecoins show that with the right mix of culture, community, and luck, even a joke can be profitable.
🔸 Uncertainty: In the ever-changing world of crypto, anything is possible.
Conclusion: The Meme Revolution
🔸 Impact: Memecoins like $DOGE , $SHIB , $PEPE, and $FLOKI have reshaped the crypto landscape.
🔸 Power of Community: These coins demonstrate the influence of humor and community in driving growth.
🔸 Investment Responsibility: With the potential for great gains comes the responsibility to invest wisely.
🔸 Final Thought: Memecoins are fun, but they require careful consideration and risk management.

Key Insights
The memecoin market has boomed over the years on chains like Ethereum, Solana, and Binance’s Smart Chain.Memecoins on Binance’s Smart Chain and Solana typically benefit from their high throughput and low fees.The best memecoins to consider on Binance’s smart chain include Floki, SafeMoon, Baby Doge Coin, and Bonk.All of these were chosen based on deflationary aspects, track record, and potential to rally.

Memecoins have made a name for themselves, especially in the crypto space.
Ethereum used to be the most popular platform for hosting these special kinds of cryptocurrencies.
However considering the network’s issues with scalability and high transaction fees, memecoin deployers are migrating to Solana and Binance’s smart chain.
As 2024 matures and the next phase of the bull run inches closer, several BNB memecoins are gaining traction.
Here are some of the most attention-grabbing meme coins on Binance’s Smart Chain to consider this year.

BabyDoge Coin
This memecoin emerged from the success of the popular Doge community. It was launched in June 2021 and even has a real-world use case, unlike most other similar coins.
$BABYDOGE is focused on promoting animal adoption and welfare while building on Dogecoin’s legacy.

BabyDoge’s homepage
Source: BabyDoge
The memecoin’s development team has even donated over $1.5 million in cash and crypto to animal shelters.
BabyDoge Coin’s community is also tagged as one of the strongest in the space, with an estimated 1.3 million token holders.
Community members are also around 200,000 on Telegram, more than 800,000 on Twitter, and 245,000 on Instagram. 

Utility on Baby Doge
Source: BabyDoge
Unlike Dogecoin its predecessor, BabyDoge is deflationary.
This means that it burns a certain percentage of transaction fees it collects in an effort to increase scarcity and improve price.
Each BabyDoge transaction incurs a 10% fee where 5% is redistributed to all holders and 5% is added to the liquidity pool on PancakeSwap.
All of the above help it to be a true leader in both the memecoin space and on Binance’s smart chain/Ethereum.

SafeMoon
Like BabyDoge, SafeMoon made its debut in 2021 around March. However, it was reacquired by the VGX foundation after certain liquidity issues shortly after launch.

Homepage on Safemoon
Source: Safemoon
The core aim of this memecoin is to create an ecosystem that encourages HODLing in the long term.
SafeMoon was created specifically as a solution to some of the common issues in the DeFi space.
Some of these include high volatility and a lack of incentives for holding tokens. 
It employs several methods like Reflection (also known as static rewards) which redistributes a portion of each transaction fee to all existing holders. 
This means that simply holding the memecoin can earn you more tokens.
The memecoin also employs Liquidity Pool Acquisition where another portion of each transaction fee is automatically added to the liquidity pool on PancakeSwap. Doing this ensures stability in price and liquidity for trading.

Mission statement from Safemoon
Source: Safemoon
Safemoon is also deflationary and engages in regular token burning. It also has a strong and active community with over 2.9 million holders. The project further has a strong presence on platforms like Twitter, Reddit and Telegram.
Floki Inu 
Like BabyDoge which earned some of its success from Dogecoin, Floki was also inspired by Shiba Inu.

The memecoin was launched in June 2021 after a tweet from Elon Musk about naming his Shiba Inu dog "Floki". 
Just like the origin of most other memecoins, what was initially a joke soon became reality.
Floki Inu operates on both the Ethereum (ERC-20) and Binance Smart Chain (BEP-20) networks.
This means that it is a multi-chain token. This dual-chain nature also makes it a lot more flexible than the average memecoin.

The Floki homepage
Source: Floki Inu
Similar to some of the others, Floki requires a 3% tax on transactions. Said tax is then directed to the Floki Inu treasury which is used to fund further development.
Floki is also deflationary and periodically burns a certain part of its supply.
The Floki Inu community is known as the “Floki Vikings”.
Since its launch, Floki has garnered over 400,000 holders and a robust presence on social media platforms. 
All of these combined have been the reason for its success over the years.

Ecosysystem of Dapps
Source: Floki Inu
The platform features several sub-Dapps including its collection of defi services called FlokiFi.
Another is FlokiPlaces—an NFT and merchandise marketplace. 
The University of Floki is also an educational platform designed to provide resources about crypto.
Finally, Valhalla is an NFT gaming metaverse where players can earn rewards by battling and trading assets. 
Bonk
This one was originally a Solana-based memecoin. However, it has now spread towards Ethereum, Binance’s Smart Chain, and many more chains.
It was launched on Christmas Day 2022, especially after the collapse of FTX only a month earlier in November. 

The main homepage
Source: BONK
The project was started by 22 Solana developers who wanted to create a community-driven token that could both empower and engage users.
Interestingly, Bonk’s mascot is a Shiba Inu dog. This means that it was likely inspired by other popular memecoins like Dogecoin and Shiba Inu.
Like many other strong memecoin projects, BONK periodically burns its own supply.
It even did this in January 2023 when its lead developers burned a whopping 5 trillion $BONK.

Quick facts on Bonk
Source: BONK
In December 2023, the token saw a massive surge with its market cap reaching over $1 billion. 
It is now the sixth largest memecoin on the market and among the top 100 by market cap.

#Memecoin #investment #FlokiInu #Bonk #SafeMoon