Today there are over 9,000 cryptocurrencies in the world. The number is also increasing day by day. You will find it hard to know which one to invest in and which one to research more. So if you are trying to find the best cryptocurrency to invest in you are in the right place. Popular cryptocurrencies like Bitcoin and Ethereum are also taking the world by storm. But you have to know that not all cryptocurrencies can succeed. Here you can know about the newest crypto known as Safemoon. You can find out if Safemoon Crypto is safe to invest in or not.
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What is Safemoon?
Safemoon is one of the new kinds of cryptocurrencies. It hit the market in 2021. Further, it is project-driven crypto for decentralized financial systems. It was launched in 2021 now there are over 2.9 million holders of the currency. According to reports, there are 585.536 trillion coins in circulation. The founders required a coin that will offer “safe” gains. It also ensures the inevitability of bubbles.
The Safemoon crypto developers had a long term vision for the success of the cryptocurrencies. The holders will be able to earn passive rewards gradually. Also, the penalties discourage selling.
What are the features of Safemoon?
The Safemoon was made to prevent volatility. It rewards investors for holding their coins. Some of its functions are Reflection, LP Acquisition and Burn.
The term reflection is used for static rewards. It is an attempt to rectify the problems related to the mining rewards. It makes it happen in two ways.
1. The reward amount is available conditional only. The volume is traded that prevents selling pressure that results from early investor selling their coins.
2. It also encourages the act of holding tokens to get higher payments based on the total number owned.
The static approach is quite different from the traditional mining rewards. For instance, in Bitcoins and other types of tokens, the early adopters were able to earn more rewards for their mining efforts. It happens for them more than the latecomers as the value of the reward decreases over time.
The early adopters will have more crypto than the new buyers. The static reward approach of Safemoon will prevent the issue of early adopters selling their coins en masse.
The automatic liquidity pool is one of the best things in Safemoon. It creates a great price floor for both the buyers and the sellers. This setup offers long term stability. But the unusual feature of Safemoon is its penalty for selling coins. For every transaction, it charges a 10% fee. Five per cent of the fees are divided amongst the already existing holders. This encourages the investors to not sell their tokens.
The main goal of this function is to prevent the larger dips that the whales may decide to sell. This helps the price from fluctuating.
Most of the Safemoon Crypto undergoes a process known as token burning. It gets rid of the circulation of tokens. This is a process that makes increased scarcity and value. Further, some of the crypto projects create continual coin burns from the beginning. But the Safemoon uses manual burns without continuous burns. This process can use a good burn strategy for long term investors. It also allows the burns to have good transparency as it is easy to track.
What is the value of Safemoon?
As Safemoon is very new in the market it does not have any historical data. The price is $0.000001701. After it launched it showed a massive jump to the all-time high of $0.00001399 on April 20. It was more than 1,560% higher than the before the week. But then the price decreased to $0.00001118 by the end of the day. But it spiked in May 2021. Afterwards, it trended downwards for many months before levelling off.
Now the current market value of Safemoon is close to $1 billion. It is ranking 214th in terms of market. This is not a bad rank for the new cryptocurrency. It is now competing with 9,000 other coins.
Is it safe to invest in Safemoon?
As there is a lot of hype for Safemoon in the market right now, you may wonder is it worth it? Is it safe to invest in Safemoon? The main purpose of Safemoon is to make people buy it. It is driving its price up. Also, it is seeing more buyers every day. More than 100,000 Android users have downloaded the wallets from Google Play. By November it was downloaded several times.
Where to get Safemoon?
You will be able to purchase Safemoon in the Safemoon wallet. You have to buy BNB or Binance Coin and after that convert it into the smart chain. Also, you will be able to swap this for SafeMoon. You can also buy Safemoon on several exchange platforms such as PancakeSwap and BitMart.
It is a decentralized exchange which lets you trade directly from the crypto wallet. It means the users are in complete control of the crypto assets. Also, it means you are responsible for safety and security. Yet it does not receive the benefits that some crypto exchanges offer. You can get complete control of crypto so it is not a bad option.
So you can buy Safemoon from PancakeSwap but sometimes it can be confusing as you have to buy BNB first. Then you have to convert it to the smart chain. After this, you have to again swap it for the SafeMoon the same way you are buying directly from the SafeMoon wallet.
BitMart is a global crypto platform and exchange that has over five billion customers. It is available in more than 180 countries. Its main priorities are trust, accessibility and professionalism. The main exchange offices are in New York, Singapore, Seoul and Hong Kong. Most trading that happens is spot trading but it also offers futures and advanced trading capabilities. Its platform supports SafeMoon token swaps too like V1 to V2.
Safemoon seems a good investment for many people. Yet many feel that it is not good enough for them.