What is SafeMoon?
SafeMoon, launched on March 8, 2021, is a digital asset that aims to fulfill the ambition of decentralized finance. Technically, a token is not a cryptocurrency in the same sense as Bitcoin, it serves as a Decentralized Finance (DeFi) token.
DeFi tokens aim to replicate financial processes without the need for a third-party intermediary such as a bank. Instead, they prefer to rely on computer processes like smart contracts.
SafeMoon specifically states that it is committed to addressing the challenges faced by other cryptocurrencies in the market, namely token price volatility and the tendency of traders to sell assets quickly rather than holding them for a long time. To address this issue, SafeMoon is offering a 10% transaction fee that will be shared among other token holders.
How to buy SafeMoon?
Despite the efforts of the SafeMoon team to curb volatility, the price of the DeFi token has fluctuated wildly. On March 20, the token was traded at $ 0.000000073. A month later, the coin hit an all-time high of $ 0.000014. At the time of this writing, the cost of the token is $ 0.00000818. Over the month, the coin has grown by 933%. Some are optimistic about SafeMoon and believe that it will mimic the meteoric rise of safemoon to bnb. Others, however, are skeptical, some even go as far as calling SafeMoon a “Ponzi scheme.”
The Ponzi Scheme is an investment scam that generates profits for earlier investors by taking money from later investors, which skeptics say looks an awful lot like a SafeMoon seller’s 10% commission. Additionally, cryptocurrency experts warn that SafeMoon has no real value.
SafeMoon is currently listed on four exchanges: PancakeSwap, BitMart, WhiteBit, and Gate.io. However, PancakeSwap is the most popular platform for buying coins. Buying SafeMoon on these exchanges is a complex process. To purchase a token, investors must purchase BinanceCoin (BNB) and convert to Smart Chain before they can finally purchase SafeMoon tokens. SafeMoon team is working on launching their own wallet; he raised $ 770,000 against a goal of $ 1 million.
Static rewards
SafeMoon developers believe that using static rewards can solve a number of crop growing problems. First, since the amount of the reward depends on the token’s trade volume, the pressure to sell the token is reduced due to the fact that early adopters sell tokens after receiving insanely high APYs.
Secondly, this mechanism provides an incentive for users to keep holding their tokens, thus collecting even more tokens, similar to how dividends work for stock holders.
It has no real purpose or competitive advantage.
- Many crypto enthusiasts are skeptical about Safemoon because it doesn’t have any use cases or advantages over other cryptocurrencies.
- Safemoon’s popularity is gaining momentum so far, but this is not a recipe for long-term success. Cryptocurrencies that remain in the market are those that have a specific purpose or have a competitive edge.
- You cannot purchase Safemoon with cash or on major cryptocurrency exchanges.
- There is no Safemoon on the leading cryptocurrency exchanges. Also, there is currently no exchange that allows you to buy Safemoon with fiat money such as monero price index.