With more than 7,000 cryptocurrencies available on the market today and more daily. it can be difficult to know which ones to research and invest in. Popular currencies such as Bitcoin. And Ethereum has taken over the world, with huge proportions. But not all cryptocurrencies will succeed. Many will fail, and some will be deceitful.
This article explores one of the newest cryptocurrencies, SafeMoon. You will learn about the history of the coin, how much it costs now, whether it is safe or not, and if it is a good investment. Will SafeMoon be one of the next big cryptos to explode in 2021?
What is SafeMoon?
SafeMoon is one of the new cryptocurrencies that will hit the market in 2021. This crypto project is a community-driven approach to international financial systems. After the first launch of the first quarter of 2021. There are now more than 2.5 million currency holders and 585.536 billion coins. According to CoinMarketCap. The founders wanted a coin that would ensure a “safe” acquisition. And prevent the avoidance of bumps.
The developers of SafeMoon crypto have a long-term vision. For the future success of cryptocurrency. Owners receive idle prizes over time, and penalties do not encourage sales.
SafeMoon to withstand volatility by rewarding investors by seizing their coins. It works with three simple functions: Reflection, LP Acquisition, and Burn. Fixed prizes, known as speculation, try to fix problems with mining awards. It does so in two ways The prize money is conditional on sales volume. Which reduces the sales pressure caused by the first recipients who sell their coins.
It encourages token holders to collect higher payments. Based on the total amount they have. This consistent approach differs from conventional mining awards. For example with Bitcoin (and other tokens), early adopters earn more rewards. For their mining efforts than those who arrive late because the price goes down over time.
That means early adopters often have more crypto than new buyers. SafeMoon’s stand-alone reward system seeks to ease. The problem of first-time buyers selling their coins in bulk.
According to the official white paper, the automated pool is a “secret sauce” for SafeMoon. This activity creates a low price for both buyers and sellers.
The design is for long-term sustainability. An unusual feature of SafeMoon is the fine for selling coins. For all transactions, the smart contract charges a 10% fee. Five percent of the money among existing owners. Encouraging investors not to sell their tokens.
According to a white paper for the project. The goal is to “prevent large dips where whales decide to sell their tokens later in the game. Which keeps the price very stable.”
Many cryptocurrencies undergo a process called token burning. Which removes tokens from distribution. This process is an attempt to create increased shortages, and thus to have value. Some crypto projects make coin burning continuous from scratch.
But, SafeMoon uses hand-made burns instead of continuous burns. The argument is that this process could use a burning strategy. That is beneficial to long-term investors. It also allows burns to and followed up in public, leading to an increase in publicity.
How Important Is SafeMoon?
Because SafeMoon is very new, not much historical data will continue. Currently, the price is almost $ 0.000002. Shortly after its launch, it saw the high price jump to $ 0.00001399 on April 20, more than 1,560% over last week. But, the price dropped to $ 0.00001118 at the close that day and, without a spike in May, has dropped since then.
The current total market value of SafeMoon is more than $ 981.88 million. Placing it at 212nd in market dominance, according to CoinMarketCap. Not bad with a brand new cryptocurrency. Competing with more than 7,000 other currencies, but not a good investment, either.
Is It Safe?
With all the hype of a new coin, it is worth wondering if it is safe. Some analysts have some concerns about SafeMoon. Unlike other crypto projects, SafeMoon actually does nothing. The whole purpose seems to be to get people to buy it and increase the price.
It could see more buyers in the coming months as the wallet gains wide use. Although more than 100,000 Android users downloaded. The wallet on Google Plays on October 1, according to BSC News. The iOS version was recently live in the App Store on Oct. 6 – and shot up to # 10 within 12 hours, SafeMoon announced. in a tweet.
Some Analysts Think Taps and Disposal
As mentioned, the token prevents sales. That fact is likely to increase in price over time, to the advantage of owners and recipients. The hype and chaos with crypto on social media add fuel to the fire.
Some analysts even believe that it is a waste disposal system. That means people who buy a coin early will pump it, encouraging others to buy it. Then, they will sell or “throw away” their coins to the unexpected, which will cause the price to drop.
Where to Buy SafeMoon
SafeMoon exchange list on its website. Limited exchanges allow you to trade from your crypto wallet. This means that you, not the exchange, have complete control over your crypto assets. Of course, that means you are responsible for safety and security. Of your wallet, and you will not get the benefits offered by other crypto exchanges. But, if you want to control 100% of your crypto, it’s not a bad option.
Buying a SafeMoon on PancakeSwap can be confusing. To buy it, you will need to buy a BNB, or Binance Coin, and convert it to Smart Chain. You can switch this to SafeMoon. Note that PancakeSwap puts a greatest of $ 2,000 on SafeMoon, according to Laptop Magazine.
BitMart is a global crypto trading platform and trades. With over 5 million customers in more than 180 countries. The key to trading is honesty, accessibility, and professionalism. The exchange has offices in New York, Singapore, Seoul, and Hong Kong. Most of the trading on BitMart is trading in spot, but it offers the future and advanced trading power.
Given that SafeMoon is doing nothing and the only future benefits. That many people expect to continue buying, it does not seem like a good investment. The price has risen to its current level since mid-September. It may be in preparation for the jump. Given the successful launch of the wallet in the App Store. Or the bottom may break and the price will continue to fall. Neither knows. Investing in cryptocurrencies can be very risky. Always consult a professional advisor and never trade for the money you can’t afford to lose.