SafeMoon Crypto: How much does it cost to invest? Is it a Good Investment?
With over 9,000 cryptocurrencies on the market today and more being introduced every day, choosing which ones to investigate and invest in might be difficult. With huge prices, popular currencies like Bitcoin and Ethereum have taken the globe by storm. However, not all cryptocurrencies will succeed. Many will fail, and some will be outright frauds.
SafeMoon, one of the newest cryptocurrencies, is the subject of this article. You'll discover about the coin's history, current value if it's safe, and whether it's a smart investment. Is SafeMoon going to be one of the next big cryptocurrencies to take up in 2022?
What Is SafeMoon Crypto?
SafeMoon was one of the more recent cryptocurrencies to emerge in 2021. This cryptocurrency concept is a decentralized financial system that is driven by the community. According to Utah Business, the currency already has over 2.9 million holders after its original debut in the first quarter of 2021. According to CoinMarketCap, the total number of coins in circulation is 585.536 trillion. The creators envisioned a coin that would guarantee "safe" earnings and avoid bubbles from forming.
SafeMoon crypto creators have a long-term goal for the cryptocurrency's future growth. Over time, holders gain passive benefits, and penalties deter selling.
Quick Stats:
Market cap: $1.236 billion
Market rank: 210
Current price: $0.000002111
Features of SafeMoon Crypto
SafeMoon was created to combat volatility by compensating investors for keeping their coins in their wallets. Reflection, LP Acquisition, and Burn are the three basic functions.
Reflection
The use of static rewards, also known as reflection, aims to address the issues with mining incentives. It accomplishes this in two ways:
The amount of the incentive is based on the volume of trades, which helps to avoid selling pressure from early adopters selling their coins.
It promotes holders of tokens to get larger payouts based on the overall amount of tokens they own.
Unlike typical mining payouts, this technique is static. Early adopters, for example, received larger benefits for their mining efforts than latecomers with Bitcoin — and other tokens — since the reward value declines over time.
As a result, early adopters tend to have more cryptocurrency than new purchases. The static reward system used by SafeMoon aims to address the issue of early adopters selling their coins in bulk.
LP Purchasing
The autonomous liquidity pool, according to the official white paper, is SafeMoon's "secret sauce." Both buyers and sellers benefit from this function because it establishes a firm price floor.
Long-term stability is the goal of the design. The penalty for selling coins is an interesting aspect of SafeMoon. The smart contract levies a ten percent fee for each transaction. Existing holders receive 5% of the fee, which encourages investors not to sell their tokens.
The idea, according to the white paper, is to "avoid the greater declines when whales decide to sell their tokens later in the year."
Manual Burn
Token burning is a method that removes tokens from circulation permanently in most cryptocurrencies. This procedure aims to promote scarcity and, as a result, value. From the outset, certain crypto initiatives practice continuous currency burning.
SafeMoon, on the other hand, uses manual burns rather than continual burns. This method, according to the argument, may be used to adopt a favorable burn strategy for long-term investors. It also enables public announcement and tracking of the burns, resulting in enhanced openness.
What is the value of SafeMoon Crypto?
There aren't much historical data to draw on because SafeMoon is so young. The price is currently $0.000001701. Its price soared to an all-time high of $0.00001399 on April 20, more than 1,560 percent more than the previous week, just after its introduction. However, by close that day, the price had plunged to $0.00001118 and, with the exception of a surge in May 2021, had been trending downward for many months before leveling off.
According to CoinMarketCap, SafeMoon's current total market value is close to $1 billion, putting it in the 214th position in terms of market domination. Not bad for a brand new cryptocurrency fighting against over 9,000 others, but it's not always a smart investment.
Is it secure?
With all of the excitement surrounding a new currency, it's natural to question if it's safe. SafeMoon has raised some eyebrows among experts. SafeMoon isn't like other crypto projects in that it doesn't actually perform anything. The whole point appears to be to persuade others to buy it and inflate the price.
As the crypto wallet becomes more widely used, it may see more consumers in the following months. According to BSC News, more than 100,000 Android users had downloaded the wallet from Google Play by Oct. 1, but the iOS version just went live on the App Store on Oct. 6 — and raced up to #10 within 12 hours, according to SafeMoon. It has been downloaded 600,000 times across both platforms by mid-November.
Some analysts believe it's a pump-and-dump scheme.
The token is intended to deter selling, as previously stated. Because of this, the price is expected to rise over time, benefitting the owners and early adopters. The social media buzz and excitement around cryptocurrency are pouring gasoline on the fire.
Some experts even feel it's a "pump-and-dump" strategy. This implies that those who purchased the coin early will "push" it up, encouraging others to do so as well. Then they'll sell or "dump" their coins to an unsuspecting public, bringing the price back down.
Where Can I Purchase SafeMoon Crypto?
SafeMoon can now be purchased directly from the SafeMoon wallet as of January 14, however, first, you must acquire BNB, or Binance Coin, and then convert it to Smart Chain. You may then replace it with SafeMoon. SafeMoon may also be purchased on a variety of exchange sites, such as PancakeSwap and BitMart. Let's have a look at both of them.
PancakeSwap
PancakeSwap is a decentralized exchange that allows you to trade straight from your crypto wallet, giving you ultimate control over your crypto assets rather than the exchange. Of course, this means you're responsible for your wallet's safety and security, and you won't be able to take advantage of the perks that certain crypto exchanges provide. However, if you desire complete control over your cryptocurrency.
Buying SafeMoon via PancakeSwap is a little complex because you'll need to buy BNB first, then convert it to Smart Chain before trading it for SafeMoon, exactly like you would if you bought directly from the SafeMoon wallet.
BitMart
BitMart is a global cryptocurrency trading platform and exchange with more than five million customers in 180 countries. The dependability, accessibility, and professionalism of the exchange are its top goals. New York, Singapore, Seoul, and Hong Kong are among the exchange offices. The majority of BitMart's trading is spot trading, although it also offers futures and advanced trading. BitMart has confirmed that SafeMoon token swaps from V1 to V2 are supported on their platform.
Is SafeMoon Crypto a Sound Financial Investment?
Given that SafeMoon Crypto accomplishes nothing and the only way to make money in the future is for more people to buy, it does not appear to be a viable investment.
With the exception of a rise in October 2021, the price has remained quite stable since last August. Given the popularity of its wallet, it might be gearing up for a rebound, or the floor could be breached and the price could continue to slide. Nobody is aware.