SafeMoon is one of the newest and fastest-growing cryptocurrencies, even in a market where Bitcoin and Ethereum have lately reached new highs, and even the witty Dogecoin has grown by more than 11,000 percent.
Despite this, SafeMoon is a unique digital currency in that it penalises anyone who tries to trade their coins (or “tokens”). Because it is only a few weeks old, some potential crypto purchasers may regard it as an unknown quantity.
However, it has recently attracted a lot of attention, so it’s probable you came to this page with the purpose of investing in it. If that’s the case, proceed with caution.
Due to the market’s inherent volatility, cryptocurrencies can be dangerous investments. They’re not like most traditional equities, where growth — and losses — are gradual; fortunes have been wiped out in the blink of an eye. Never put more money into something than you can afford to lose, and always do your homework first.
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It’s also conceivable that you just want to learn more about SafeMoon, in which case continue reading for our whole guide.
What exactly is SafeMoon?
SafeMoon is an altcoin, which is a blockchain-based digital money that is similar to Bitcoin but has some key differences. It went live in March 2021 and now has over a million users.
SafeMoon’s distinctive feature is that anyone who sells their tokens is charged a 10% cost, with 5% of that money being redistributed to all other SafeMoon owners, thereby rewarding those who keep their tokens and discouraging selling.
One criticism of cryptocurrencies like Bitcoin is that they’ve strayed from their original goal of providing a functioning, decentralised currency to become merely investable commodities; it’s unclear what, if anything, you’ll be able to buy with SafeMoon, but the selling fee is at least encouraging owners not to simply buy and sell their tokens for the time being.
SafeMoon is a more serious version of Dogecoin, the witty altcoin with an unofficial rallying cry of “To the Moon” – SafeMoon’s tagline is “Safely to the Moon.”
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The most recent SafeMoon news (Updated May 20)
- SafeMoon’s price has plummeted in the last week, falling from $0.00001 on Sunday (May 16) to roughly $0.0000045 at one point. At the moment, it’s worth $0.0000058.
- SafeMoon’s CEO John Karony and COO Jack Haines have indicated that the company aims to use Minecraft to test new features.
- The duo also said that they are collaborating with Simplex, a company that allows customers to buy cryptocurrencies with a credit or debit card.
- Recently (May 10), a billboard for the cryptocurrency emerged in New York’s Times Square, with the statement “The world’s fastest growing cryptocurrency.”
SafeMoon price: What is the value of SafeMoon?
SafeMoon, like Dogecoin, is valued a lot less per unit than Bitcoin or Ethereum, although it had been steadily increasing in value until lately. Each coin is presently valued at $0.0000058 on Coin Market Cap, down from a high of $0.000014 in late April but still a significant rise over its initial price of $0.0000000010.
Despite the selling cost, this isn’t enough for it to make the top cryptocurrency performers by market cap list, but it’s already generating interest from potential investors looking to join in while SafeMoon is still inexpensive.
Is SafeMoon a secure platform?
Cryptocurrencies are notoriously volatile, and SafeMoon doesn’t appear to be any different: even as its value rises, it’s still prone to large drops, one of which occurred in April and another which occurred just yesterday (May 19).
While this is typical of many investments, SafeMoon has been linked to a Ponzi scheme because any future rewards are contingent on someone paying more for the tokens than you paid later down the line. Early adopters would benefit the most from later sales, therefore the selling fee and redistribution strategy may be said to incentivize them.
“Remember just because you make money off of a Ponzi does not change the fact that it is a Ponzi,” cryptocurrency investor and influencer Lark Davis said on Twitter about SafeMoon. Davis also compared SafeMoon to BitConnect, a cryptocurrency that was shut down in 2018 after two state-level securities regulators in the United States publicly cautioned investors about its resemblance to a Ponzi scam.
SafeMoon’s owners have also been chastised by WarOnRugs, a cryptocurrency anti-scamming group, for locking away more than half of its own liquidity pool. According to the group, this might lead to a “rug pull,” a type of exit scam in which liquidity is purposely drained from a market, leaving traders stranded.
SafeMoon can be purchased in a variety of ways.
SafeMoon can be purchased through one of four crypto exchanges: PancakeSwap, BitMart, WhiteBit, and Bakery Swap if you’re ready to take the risk. It’s a more involved process than simply purchasing Bitcoin: you’ll need to purchase BinanceCoin, another cryptocurrency, and then exchange it for SafeMoon.
For example, to utilise PancakeSwap, you must first download the Trust Wallet app, then purchase BinanceCoins (BNB or BSC) and add them to the wallet. Then, using the Trust Wallet app, go to PancakeSwap, find the SafeMoon page, and swap your Binance there.
A specialised SafeMoon wallet is being developed, which may make the procedure easier. Just keep in mind that investing in cryptocurrencies is dangerous at best – they’re usually far more volatile than traditional stocks, and the industry is currently unregulated. When it comes down to it, it’s your money on the line, so never invest more than you can afford to lose.
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