We now have a new player in the cryptocurrency market that was successful in attracting so many investors. The growth of this SafeMoon coin did raise some eyes. Today, we will be taking a closer look at the SafeMoon coin and how you can get one for yourself. The safe moon is a relatively new coin to enter the cryptocurrency space.
What Is SafeMoon Coin?
If you look at their website, they refer to SafeMoon not as a cryptocurrency but as a De-fi token. The coin is a community-driven decentralized De-fi token that will be performing three important functions during a trade, and they are reflection, LP acquisition, and burn.
What a DE-FI token is?
DE-Fi is an abbreviation for decentralized finance, and this is a platform based on the popular blockchain technology. Decentralized finance or DE-FI is different from traditional finance applications because it relies on blockchain technology which is based on large open-source networks. DE-FI operations are not done by any particular organization or employees. Instead, they are operated based on specific predetermined rules in the smart contract or code. This means that once the smart contract is assigned to a blockchain, the De-fi apps can then run independently without any human intervention. This method of finance is also clearly transparent because things on the blockchain are visible for anyone to audit from anywhere, and this builds trust. Okay, now let’s continue talking about SafeMoon. SafeMoon is relatively new, we don’t have much information about it, but today we will share with you everything we know so far. The coin was very recently launched.
How recent, you might ask?
Well, the safe moon protocol was launched in March of this year, and this disrupted the financial world. In just 30 days, the coin has scaled over by a whopping 7600%. When you look at the utility of the coin, don’t get fooled by Safemoon’s website. The token currently has no real-world utility, and the already existing tokens like ether can do everything that SafeMoon can do in the future.
This is large because of its relatively new entry into the market, and we can pass that for now because comparing ether to SafeMoon is not apples to apple comparison. Safecoin works on a pyramid scheme where early investors can make a lot of money, and the investors who joined late will likely lose a lot of money. Safe moon wants its investors to buy the coin, and they provide incentives to those who hold the coin.
How do they provide incentives?
SafeMoon currently uses a Binance smart chain to run its network, and the Binance smart chain is very similar to Ethereum, so much so that it even has a similar code to that of Ethereum. But there is a difference between the two, and the difference is that the Binance smart chain is already at the proof of stake protocols, but Ethereum is still on its way. For those of you who are new to the technical bit of cryptocurrencies, then proof of stake simply refers to the concept where a person can mine or even validate a block transaction based on how many coins he or she holds.
This means that the more coins you own, the more will be your power to mine new coins. Yes, as simple as that. SafeMoon started trading in March for $0.000000001, and it’s currently trading at $ 0.000003493. You are also looking at a market cap of 2.06 billion dollars now for SafeMoon. For the people who are looking forward to buying SafeMoon, this massive increase in terms of percentage gain may look like a good opportunity. Still, you need to keep in mind that the “safe ” part in SafeMoon does not mean that this is a safe investment because right now, SafeMoon is highly volatile, so you need to be prepared to lose money while investing in SafeMoon just like how you are prepared to make money with SafeMoon. SafeMoon is taking a different approach, and to our knowledge, this is quite a unique approach that could help SafeMoon reach a better position in terms of value. So you might be curious as to what SafeMoon is doing differently.
We mentioned that SafeMoon would be providing incentives to those who hold the coin without selling it. But how you might think? Well, if you want to sell your safe moon coin, then SafeMoon charges a 10 % fee when you try to sell it. This 10 percent is then shared among other holders of the coin, and this is how the incentives are provided to those who hold the coin. With the current market cap of 2.06 billion and considering the popularity of the token, we can surely expect the price of the token and the market cap to increase even more than what it is currently. Now it is easy to say that Safemoon is becoming a popular choice for investors.
This is largely due to the token being new, so the prices are on the lower side, which helps many people to get started with their crypto investments, and this will be giving huge returns. The way the token is built with its incentives to hold the token is set to benefit the investors who hold the asset, and this is another thing that is attracting more and more investors. The CEO of SafeMoon has also been very active on Twitter since the time it was released, and this helped the token gain even more attention from the investors.
You also need to keep in mind that the price and trading volume have also increased by a considerable margin. With its current formula, Safemoon didn’t forget to address a lot of issues with the other coins in the crypto space. Price fluctuations, high selling rate, and practical use are the things the token is looking forward to fixing. So with such a move, the token also got many plans that could make it big in terms of value. So what are those big things? Well, one of them is that they are planning to launch their exchange. They also have plans to launch educational apps and even NFT exchanges, and much more. The company will also launch SafeMoon on more popular exchange platforms that could solve the availability issue.
Where you can Safe moon coins?
The problem that SafeMoon needs to address right now is the availability of the tokens because it is not available on most platforms. Now that being said, you can get your SafeMoon coins from a trusted wallet using Pancakeswap, and it can be a bit tricky. So to get started, you need to buy BNB on Binance.
And for those of you who don’t know what BNB is, Binance Coin is abbreviated as BNB, and it is a cryptocurrency that can be used to trade and pay fees on the Binance cryptocurrency exchange. Now, after buying BNB, you need to download the Trust wallet and then send the BNB that you purchased to your trust wallet. After that, Swap your coins to BNB smart chain in the Trust Wallet app. Once you are done with that, You need to go to Pancakeswap. And link the wallet by clicking on “connect” on the top left side. After that, you need to connect to “Wallet connect”. Then scan the QR code.
In case if it fails, just make sure that you keep trying and once that worked, you now need to set slippage tolerance to 12-13%. And you may need to play with it as well if it doesn’t work. Then lastly, proceed to buy your SafeMoon tokens.
Is SafeMoon a good investment?
Well, right now, From a fundamental perspective, Safemoon is by no means considered a good investment since the coin is relatively new. Not just that, the low price of the coin has also made it susceptible to pump and dump schemes. There is serious doubt among investors regarding the safety of the token due to the huge pump that’s going on.
That means if you enter at the wrong time, there is a significant risk with the investment because anything that can go high really fast can come down quickly too. However, there may be money to be made, as is the case with dogecoin. As we mentioned earlier, the price of Safemoon is exceptionally volatile, and currently, there is no utility for SafeMoon as a currency. Investing the money you are willing to lose and taking calculated risks can help you get more value from Safemoon tokens.
What are your thoughts on SafeMoon? Are you looking forward to buying SafeMoon?