Safemoon: What is its Future?
What is Safemoon?
It is a digital cryptocurrency that launched on March 8, 2021. Further, this coin as of May 5, 2021, has gathered over 1 million users. Also, its uniqueness is it charges a 10% fee from anyone who sells their SAFEMOON tokens. Five percent of this transaction fee is then redistributed to all Safemoon owners, rewarding all those who held onto their tokens.
Many crypto enthusiasts see Safemoon as Dogecoin back when it was still young in the market. This token can be said to also be a meme coin. Safemoon’s slogan reads, “Safely to the Moon”.
Unlike Bitcoin and Ethereum, Safemoon’s price per token is far much less, but its price has been spiking since its official launch. Coin market capitalization had its unit price per token at $0.00000005 less than half its topmost price earlier in April but a rapid increase from its $0.0000000010 launch value.
This token is already attracting potential investors who want to get into it while it’s still cheap.
Is Safemoon Legit?
Cryptocurrencies are for the most part highly volatile, and on current evidence, Safemoon doesn’t look to be different: even as its value grows it’s still prone to big slides, one of which already occurred in April.
While this is common with a lot of investments, Safemoon has also been compared to a Ponzi scheme, as any profits you could earn in the future depend on someone paying more for the coins than you did further down the line.
The selling fee and reallocation model could also be said to reassure early adopters, who would then gain the most from subsequent sales.
Cryptocurrency investor and influencer Lark Davis warned against SAFE on Twitter, saying, “Remember just because you make money off of a Ponzi does not change the fact that it is a Ponzi.”
Davis also compared Safemoon to BitConnect, a cryptocurrency that shut down in 2018 after two U.S. state-level securities regulators openly warned investors of its similarities to a Ponzi.
WarOnRugs, also slated Safemoon’s owners for fortifying more than 50% of its liquidity pool.
The group claims this could result in a “rug pull,” a form of exit scam. As a result, SAFE traders won’t sell their tokens. To clarify, this is because liquidity drains the market. Safemoon’s CEO, John Karony, however, maintains to make the currency safer, it’s essential to retain liquidity.
It’s still too early to determine the future of Safemoon. Perhaps let’s give SAFEMOON a couple of more months to be able to conclude where the project is heading.
Where Can I buy Safemoon?
If you’re willing to take the risk, you can purchase this crypto from one of the following crypto exchanges:
- Pancake Swap
- Bakery Swap.
Buying SAFE tokens, however, is a more complex process than simply buying a currency like Bitcoin. You’ll need to buy Binance coins or another cryptocurrency, then swap them for Safemoon.
To use Pancake Swap, you first need to download the Trust Wallet app, then buy Binance coins. Afterward, add them to the wallet. You then visit PancakeSwap through the Trust Wallet app, locate the Safemoon page and swap them for your Binance coins.
Is Safemoon on Coin Base?
Coinbase is yet to list Safemoon on its exchange platform, but if the project goes well, things could change.
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