Cryptocurrencies have been around for over a decade now starting with the introduction of Bitcoin.
However, people were not interested in this new decentralized digital currency until a few years ago when there was a turnaround in the crypto market, with early adopters making huge returns from their investment.
Since then we’ve seen the introduction of other big names in crypto like Ethereum and Dogecoin.
With more people getting interested in cryptocurrencies, a lot of new cryptocurrencies have been created and one of them is Safemoon, which was launched in March this year and has since gotten over 4 million users.
Safemoon crypto is one of the most searched for coins on CoinMarketCap, a reliable price tracking digital currency website. It is ranked as the 214th coin on CoinMarketCap.
Although Safemoon has gained a lot of popularity in the crypto market since it launched, that doesn’t mean you should hastily buy the white paper.
Before making any decisions about owning Safemoon crypto or not, here is some important information you need to know about the newest cryptocurrency and if you should be investing.
What is Safemoon Crypto?
Safemoon Crypto is a cryptocurrency token developed in March 2021 by Safemoon LLC on the Binance smart chain blockchain. It was founded by John Karony. Wikipedia.
Safemoon is the newest cryptocurrency introduced in 2021. Safemoon is just like the previous cryptocurrencies in the market such as Bitcoin, Etherum, Doge, etc. This digital currency is a community-driven approach to a decentralized financial system or Fiat currency.
As of today, there are over 2.6 million holders of this Safemoon crypto. The developers have a long-term goal for the future success of safemoon. Holders get to earn passive rewards over time, and penalties discourage sales.
What are the Current Statistics of Safemoon Crypto?
- Current Price: $0.000001219
- Market cap: $2,280,000,000
- Burned: 425.14450 TR
- Circulating: 574.85550 TR
- Market rank: 214
- Market dominance: 0.04%
Please note that these prices are subject to change due to the fluctuation in the crypto market.
How Much is Safemoon Crypto Worth?
As of today, the price of Safemoon is $0.000001236. This value is not constant, it could either increase or decrease just as it is with similar digital currencies.
The cryptocurrency market is known for its volatility due to its decentralized nature, their prices are constantly changing.
According to CoinMarketCap, Safemoon has a 24 hours trading volume of $11,851,162. The digital currency has a live market cap of $721,998,850, ranking it 214 in market dominance.
What are the Functions of Safemoon Crypto?
One of the challenges noted by Safemoon white paper in the emerging DeFi industry is the existence of APY LP-farms that doesn’t allow easy access for newcomers.
Safemoon Crypto has three simple functions which occur during trading and they are:
- Burn
- LP Acquisition
- Reflection
Manual Burn
Almost all cryptocurrencies go through a process known as token burning, which permanently reduces the number of tokens in circulation.
Token burning is a means used by the developers of Safemoon crypto to build increased scarcity of a cryptocurrency, thereby improving its value.
Some cryptocurrencies go through continual coin burn from the beginning however, this is not so for Safemoon.
Safemoon crypto goes through a process called manual burn instead of continual burn. It is believed that this method will implement a beneficial burn strategy for long-term investors.
This process also allows the public announcement of coin burns thereby improving the coin’s transparency.
LP Acquisition
The automatic liquidity pool is a great feature of Safemoon because it creates a strong price floor for both sellers and buyers of Safemoon crypto. This function is to ensure the long-term stability of the coin.
One outstanding feature of Safemoon is penalities to discourage the selling of coins.
For every transaction that takes place, the smart contract charges a 10% fee, 5% of which is shared among existing holders, leading them not to sell their tokens.
As stated on the coin’s white paper, the aim is to prevent a much larger dip when whales decide to sell their tokens later, this helps in reducing the fluctuation in price.
Static Rewards
Static rewards or reflection tries to solve the issues with collecting rewards and this is carried out in two ways:
- Encouraging investors holding a token to collect bigger payments based on the total number of coins owned.
- The reward amount is conditional on the volume being traded, which prevents selling pressure caused by early investors selling their coins.
This method is different from the conventional mining rewards. For instance, with other tokens, early investors received more rewards for their mining efforts than late adopters because the reward value reduces as time goes by.
This means that early investors possess more crypto than late investors and this is what safemoon tries to prevent by using the static reward.
These outstanding functions make Safemoon crypto unique and different from other tokens in circulation.
Is Safemoon Crypto Secured?
With the number of digital currencies in the market and the launching of new coins every day it is valid to wonder if they are safe, secured, and the level of risk associated with them.
Safemoon Crypto has been considered one of the riskiest digital currency investments. Safemoon hasn’t been accepted by businesses around the world like Bitcoin, Ethereum, and Doge but this is understandable since the coin is still new in the market.
There have been some concerns raised by analysts about Safemoon because unlike other cryptocurrencies Safemoon does nothing and it looks like they’re all about getting people to buy the coins to increase the price.
Because the digital currency discouraged selling of coins, some analysts believe it’s a pump and dumb game, so early adopters who bought the coins from the start will pump it up, encouraging others to buy, after which they’ll sell or dump their coins on the unsuspecting crowd leading to a fall in price.
Safemoon white paper has strategized some plans to ensure the security of its protocol. Before Safemoon’s launch, the developers burned all tokens in the Dev wallet.
The LP has been locked on DxLocker for 4 years and an LP is generated with every trade and locked on PancakeSwap. CoinMarketCap.
Certik a security company recently carried out an audit on Safemoon and discovered a major problem.
The security company discovered that a large amount of the seller’s fees goes to a single account controlled by one of Safemoon’s founders, if anything should go wrong with that account this will put Safemoon investors at risk.
Where Can I Buy Safemoon Crypto?
According to CoinMarketCap, as of April 2021, you can purchase Safemoon crypto on PancakeSwap and BitMart.
1. PancakeSwap
PancakeSwap is a reliable decentralized exchange platform built on Binance Smart Chain, a quick and cheap alternative to Etherum.
Basically, PancakeSwap lets you trade directly from your crypto wallet, giving you total control over your crypto assets, which also makes you fully responsible for the safety and protection of your wallet.
Purchasing Safemoon crypto on PancakeSwap might be a little difficult but if you want to successfully buy it you’ll need to purchase Binance coins or BNB, after which you’ll convert it to Smart Chain and then finally swap for Safemoon
2. BitMart
BitMart is one of the most trusted and reliable crypto trading platforms that provide real-time trading services. The exchange platform offers fast, secure, and professional trading services to 5 million users.
There are over 200 high-quality currencies and more than 400 trading pairs available. Some of the top cryptocurrencies traded on the exchange platform include Bitcoin, Ethereum, Polkadot, Doge, Shiba, Safemoon, etc.
BitMart has offices in New York, Seoul, Singapore, and Hong Kong.
3. Bitrue
Bitrue is also a good exchange platform for buying and trading Safemoon. It is the most secure and advanced online exchange platform for selling, buying, trading, transferring, and storing cryptocurrencies.
You can also invest and borrow digital assets on Bitrue.
The exchange platform has various digital currencies like Bitcoin, Ethereum, Polkadot, Doge, Luna, Cardano, Safemoon, and many more.
The exchange platform uses two-factor authentication, multi-signature, and cold wallet to secure transactions. Bitrue has offices in USA, Europe, and Asia.
4. ZBG
ZBG is a flagship of ZB Global. It is also one of the biggest and secured trading platforms that has millions of users.
Basically, ZBG has a lot of digital currencies on its platform, you can trade Bitcoin, Polkadot, Doge, Luna, Cardano, Safemoon, and other cryptocurrencies on this exchange platform.
5. Gate.io
Gate.io is also a secured and reliable exchange platform for trading Safemoon. Gate Technology operates gate.io.
They offer instant deposits and withdrawals for digital currencies. The platform also makes use of offline Bitcoin Wallet Technology. They trade cryptocurrencies like Bitcoin, Ethereum, and Safemoon.
These are some of the most reliable exchange platforms where you can buy Safemoon Crypto.
Should I invest in Safemoon Crypto?
The choice of investing in Safemoon Crypto depends solely on your level of risk tolerance. If you have the cash to spare and you’re willing to take on the risk, then you can invest in Safemoon and if you’re lucky, you might make a bit of profit.
However, you need to know that Safemoon Crypto is a very risky investment considering its lack of utility and the only hope for profit is future investments from more people. The price of digital currency could either continue to fall or suddenly go up.
You’re the only one who may decide whether you’d love to invest in Safemoon Crypto or not. You should weigh your level of risk tolerance before investing in Safemoon.
Conclusion
Investing in any type of cryptocurrency can be perilous and that’s why it is important to seek financial advice before investing, however, one thing you should never do is trade with money kept aside for important issues.
This article contains detailed information about Safemoon Crypto and the decision of whether or not to invest depends on your tolerance for risk.
Good luck.
References
