The growth in the cryptocurrency market gave way to the invention of new coins and one of the most interesting ones is SafeMoon. SafeMoon, among many digital currencies such as Bitcoin, Cardano, and Dogecoin, has been getting a lot of attention from investors for the past few months since it was launched and currently has over two million users investing in it already.
What is SafeMoon?
SafeMoon crypto as described by itself is a decentralized finance (DeFi) token which implies that its transactions are done without the oversight of a central authority. Just like bitcoin, Ethereum, and other digital currencies, SafeMoon operates on a blockchain network but unlike other cryptocurrencies, It was designed to take out the volatility of the crypto market and reward long-term token holders. SafeMoon platform levy a 10% token tax charge to every coin seller thereby encouraging Investors to hold and not sell their tokens, even if SafeMoon doesn’t provide any real value. SafeMoon protocol is a community-driven, launched decentralized finance (DeFi) Token that has 3 major features which are Reflection, LP Acquisition, & Token Burn.
Reflection
The trader’s 10% fee charge gets distributed (reflected) among holders of the token.
LP Acquisition
The 10% levy charged to the coin sellers is given to various liquidity pools on Pancake Swap and other platforms.
Token Burn
This feature decreases the quantity of SafeMoon in circulation, to be deflationary. Out of the 10% charge, 5% goes to reflection rewards and 5% to liquidity pools. You can visit their website to learn more about ethereum news today on the crypto news website.The percentage that is sent to the liquidity pools is converted into Binance Coin for the pairing of SafeMoon & Binance liquidation.
SafeMoon History and Price Rise
SafeMoon was launched on 8 March 2021 with an initial price of $0.000000001. But after a relatively few weeks of existence, it gained over one million holders and its value skyrocketed more than 12,000% hitting an all-time high of $0.00001375 on the evening of Tuesday 20 April. Since the all-time high, SafeMoon has dropped over 60% to $0.0000045. Considering the rate at which SafeMoon has appreciated, traders believe it to be a bullish sign. In the past few weeks, SafeMoon has experienced unstable price movement of about 10% either way leaving traders with a high expectation that the token will break this trend soon. As of the time of writing the price of SafeMoon is NGN 0.000595 per SafeMoon and the new price represents a new all-time high of NGN 0.000595. The current supply circulation is 585,536,366,402,812 SafeMoon.
How SafeMoon Crypto Works
SafeMoon is a cryptocurrency token created on March 8, 2021, on the Binance Smart Chain blockchain which has accumulated a market capitalization of about US$1.9 billion while Bitcoin has a market cap of about US$1.1 trillion. In other to take out the volatility of the crypto market and reward long-term token holders, for every transaction, a 10% temporary token fee is charged with 5% redistributed (or reflected) to token holders and 5% goes to liquidity pools. Binance Coin (BNB) which is described as a liquidity pool provides a solid price foundation for token holders.
The Future of SafeMoon Crypto
With the rate at which SafeMoon is rising in crypto market value and the numerous upcoming products, it has been predicted by coin’s traders to have a bright future and seems not to be stopping anytime soon. Although there is the possibility that the market could be hit by something unexpected, digital currencies analysts appear to be cautiously optimistic about the SafeMoon price. SafeMoon’s coin value has been predicted to rise to $0.000051 in a year and up to $0.000237 in 5 yrs by Wallet Investor. Likewise, it has been predicted by the digital coin at $0.00000870 in a year and $0.00001690 over five years.
Should I Invest In A Safemoon?
As with all digital currencies, investing in a SafeMoon can be high-risk that requires personal decisions taken based on how much risk you are willing to take. The truth remains that investing in cryptocurrency is a bit like gambling so don’t invest your entire life savings in this asset class. If you are not certain about it, speak to a financial advisor and ensure you understand cryptocurrencies very well and have conducted extensive research about them.
Compared to more established crypto coins, SafeMoon is a piker. SafeMoon market cap has risen to $4.1 billion, while Bitcoin and Ethereum are $792.3 billion (price: $42,584) & $365.1 billion (price: $3,168) respectively. Although there is a criticism that there is not enough information about SafeMoon or how it can be used, SafeMoon does fill what seems like a bottomless appetite for cryptocurrencies. The value of Dogecoin, which received a massive boost from Tesla CEO Elon Musk, recently increased in value. Others like Shiba Inu, another dog-themed cryptocurrency, and Internet Computer, which debuted last week, have also gained traction.
Note: SafeMoon and all other cryptocurrencies on Binance Smart Chain (BSC), are permitted at the fanciful impulse of Binance due to the centralized nature of proof of authority. This implies that with the constant rise of BTC in this bull market, there’s a possibility that SafeMoon will rise as well, granting it the privilege to be listed on Robinhood.
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