Safe Galaxy crypto is a deflationary token launched by Cryptonite Technologies in March 2020. In the first two months, the price of the tokens reached an all-time high. However, after that, the situation started to change. The crypto community was unable to comprehend if it was a scam or a great opportunity. So, here we have analyzed it for you! However, before examining the technicals, let’s understand the basics of the safe galaxy project!
What is Safe Galaxy Crypto and what were its promises?
Safe Galaxy Crypto is a deflationary token. Which means the supply of the coin will decrease over a certain period. In this way, the value of the coin will increase, at least theoretically! The main promise of the crypto project is to yield liquidity on the Binance smart chain. Furthermore, the project of Safe Galaxy crypto introduced a system transaction fee of 10%. Hence, it promises that Safe Galaxy will always have essential funds for liquidity!
What is a Safe Galaxy token and what is Galaxia?
Safe Galaxy token was the crypto coin that was launched first. However, the project almost lost al public confidence due to the below-mentioned issues. As a result, Cryptonite Technologies launched another crypto project promising that the SafeGalaxy token would be exchanged in return for the Galaxia token. However, the company behind both projects was the same. Which accounts for both cryptocurrencies encountering low public confidence. Here are the detailed reasons for the erosion of pubic confidence!
Why Safe Galaxy Crypto is shady and looks like a scam?
Lets examine the five major reasons which demonstrate that Safe Galaxy crypto and Galaxia token are risky investments, in my opinion.
· Questionable Website Issues
The official websites of Safe Galaxy were safegalaxy.net and safegalaxy.me. However, the project abandoned its (dot)net website. Now, when a user tries to access safegalaxy.net, he is automatically redirected to galaxyprotocol.io where a new project named Galaxia is being promoted. The second official website with (dot)me extension is not accessible at all. Hence, the first official website of the project is gone!
· Dead Official Social Media Accounts
The official social media account of the Safe Galaxy crypto was @SafeGalaxyToken on Twitter. When the project was launched, it had a good social media following. However, as the project started evaporating, the social media account became silent. Moreover, now, it is only followed by a couple of hundred users with zero tweets. Indeed, if it were a promising project with an engaging audience there would be much more activity around its twitter account!
· The Charts of Safe Galaxy Token Trading
The project was launched in March 2021 and the trading activity shows a normal trend at the start. The prices reached their peak in the first month. However, very quickly the price started to nose-dive, and continued downward over the next couple of months. In less than six months, the trading chart of the safe galaxy flatlined and the prices were locked. Since then, the trading charts of galaxy tokens show no considerable activity. The only conclusion you can draw is that this coin is a failed project!
· The Pattern of the Project
The pattern of the project shows that safe galaxy was perhaps not a very reliable project from the very start. Early on the project team was AWOL and there was never a clear vision articulated. Moreover, if we analyze the situation between the Safe Galaxy token and the Galaxia token, we will realize that it is not a reliable project. The crypto community knows that it is not a good pattern when any organization abandons a project and starts another while continuing to sink tons of public money in the first project.
· Official Silence of the Project
The project of the Safe Galaxy is completely silent on all official fronts! The website redirects to the new project.
The official social media account is completely dead with only a couple of hundred followers.
There is not a single tweet on the official account, perhaps everything is deleted!
Hence, I can only conclude that the project of the Safe Galaxy is apparently wrapped up!
Can Safe Galaxy Crypto become a one-hit wonder?
Some people still think that the project Safe Galaxy will come out of the ashes. They give the logic that even the meme coins like Shiba Inu can increase so much in value. They would argue that there is a chance the safe galaxy can become a one-hit-wonder. Granted, any project can be a one-hit-wonder. However, in this case, it is very difficult conceive due to the following reasons:
· The Community is Gone!
Safe galaxy cannot be a one-hit wonder because there is no community backing. The official social media following is limited to a couple of hundred users. Moreover, it is believed that the people who are still active are the ones who have lost a lot of money in the project. Understandably, they want to somehow minimize their loss.
· The Team Vanished
The second reason the safe galaxy token cannot be a one-hit wonder is that the team behind the project has vanished from the Safe Galaxy project. Rather than correcting the wrong done throughout the safe galaxy project, they have launched a new similar project. It appears they are trying to tap into the audience of the previous project.
· No Vision or Utility
Lastly, it cannot be a one-hit wonder because the project never had a vision or any real utility! Consequently, it cannot become popular in the crypto community. In short, the project does not offer a single option that can attract a savvy investor. It is my deduction that Safe Galaxy will never be a one-hit wonder!
In conclusion, the safe galaxy token was launched with great hype at the start. This hype pumped the prices toward an all-time high within the first couple of months. However, the project was lacking in real vision, utility, and infrastructure. Therefore, it started to fall within months. The team behind the project tried to salvage the situation by launching another similar project and asked people to join the next project namely Galaxia with the remains of the first project namely safe galaxy. However, they lost public confidence. Therefore, this project is not a very good choice for investors.
Remember, our analysis is based on our own research and opinions. These observations are not financial advice and we do not completely recommend you to invest or avoid any project. Therefore, we do not own any responsibility for the analysis. Moreover, crypto projects are usually very risky and therefore, you should do your own research before committing to any project.