Cryptocurrencies are thought to be the future cryptocurrency, with over 10,000 cryptocurrencies on the market and a total market worth of more than $1.3 trillion. With a high market cap, Bitcoin has nearly taken the world by storm. But every cryptocurrencies do not make it and several of them fail. But it seems that it is not going to be the case with SafeMoon, the new crypto hype.
What is SafeMoon?
The SafeMoon Token, which was created in early March 2021, is a DeFi Cryptocurrency built on BSC with secure, simple, yet strong tokenomics. This cryptocurrency initiative is a grassroots approach to decentralized financial systems. SafeMoon now has a market capitalization of more than $1.6 billion. SafeMoon’s creators have a long-term goal for the cryptocurrency’s growth. Over time, holders gain passive benefits, and penalties deter selling.
SafeMoon may charge a 10% transaction fee, with 5% redistributed (or reflected) to token holders and 5% directed to wallets in a different currency, Binance Token (BNB), which is controlled by the coin’s authors and viewed as a liquidity pool, to develop a “solid price floor and cushion for holders.”
SafeMoon is a hyperinflationary cryptocurrency with automatic reflection and liquidity, giving it unique characteristics. A 10% tax is levied on each transaction. Half of the tax, 5%, is transferred to all other SafeMoon holders as reflection. The remaining 5% is set aside for liquidity.
These “tokenomics” promote price stability and encourage keeping for a variety of reasons:
- The burning of tokens causes a supply constraint.
- The transaction tax makes it difficult to sell.
- More reflections are distributed during moments of high volume volatility.
- It is considerably more expensive and difficult for day traders to influence the market unfairly.
SafeMoon’s Current Price.
There isn’t much statistical data to draw on because SafeMoon is so new. The price is currently $0.000002932. Soon after its release, it saw a significant price increase, reaching an all-time high of $0.00001399 on April 20, 1,560% more than the previous week. According to CoinMarketCap, SafeMoon has a total market cap of around $1.7 billion, putting it slightly above 205 coins in terms of market domination. Not bad for a brand new cryptocurrency up against over 5,000 other currencies.
What Makes SafeMoon Unique?
According to the SafeMoon white paper, one major issue in the developing DeFi sector is the availability of high APY LP-farms that are difficult to reach for novices to the space.
SafeMoon’s goal is to leverage the concept of static incentives (making the reward contingent on the volume of the token being exchanged) to alleviate any pressure on the token that may arise when tokens are sold. Furthermore, the white paper says that it’s “reflect mechanism” provides an incentive for SafeMoon holders to store their tokens for a longer period of time, or HODL. SafeMoon’s Automatic LP additionally offers stability to the system by giving token holders with a price floor/cushion. According to the white paper, SafeMoon’s manual burn method also benefits SafeMoon token holders in the long run.
How Secure Is the SafeMoon Network?
All cryptocurrencies involve some level of risk, but SafeMoon is very risky. Any cryptocurrency must have some form of inherent value in order to thrive in the long run but it currently serves no practical use. But its team projected to take it to the moon slowly with great goals to achieve by the end of 2021.
Ways to Buy SafeMoon.
How to Buy SafeMoon on PancakeSwap?
PancakeSwap is a decentralized exchange that allows you to swap cryptocurrency directly from your cryptocurrency wallet. That means that you have total ownership over your cryptocurrency holdings, not the exchange. This means that you’re responsible for the safety and security of your wallet. However, if you want complete control over your cryptocurrency, it’s not a bad choice. Purchasing SafeMoon on PancakeSwap might be perplexing. To buy it, you must first acquire BNB, or Binance Coin, and then convert it to Smart Chain. You may then exchange it for SafeMoon.
How to Buy SafeMoon on BitMart?
BitMart is a global cryptocurrency trading platform and exchange that has over 5 million customers in 180 countries. The goals of the exchange are trustworthiness, accessibility, and professionalism. Offices of the exchange may be found in New York, Singapore, Seoul, and Hong Kong. The majority of trading on BitMart is spot trading, however, futures and advanced trading are also available. USDT is required to purchase SAFEMOON on BitMart. To obtain USDT, you may either transfer another currency to your BitMart wallet and ‘trade’ it for USDT or BUY USDT using a credit card from one of their sellers.
Stay tuned with us, for more information on Safemoon.
