Cryptocurrency is not a strange concept anymore, especially today when investors are going crazy over these digital currencies. The crypto market is very volatile and we know it. The recent surge in prices and sudden decline is evidence for this claim. There are several cryptocurrencies out there. The latest eye grabbers have been Ethereum, StopElon, Dogecoin, and Bitcoin. Now the crypto world has embraced another currency, SafeMoon. Although it is a new addition, this new crypto is widely getting noticed. Launched in March this year, SafeMoon is doing the rounds on the internet now.
What is SafeMoon?
The name SafeMoon expands to “Safely to the Moon” and sells itself as a Defi token. This getting to the moon phrase was introduced with Dogecoin, and now SafeMoon also follows it. SafeMoon was launched in March 2021, a decentralized finance token, that is similar to other cryptos like Bitcoin and aims to mend the price volatility issues, unlike other currencies.
According to CoinMarketCap, the currency price of SafeMoon is US$0.000003967, with a market cap of US$2.2 billion. The digital currency experienced a steady increase in its prices since its introduction in the market.
SafeMoon exists on the blockchain and does not leverage any financial institutions or exchanges as intermediaries. It aims to promote peer-to-peer exchange and has a total supply of 1 quadrillion tokens as per the whitepaper released. Their fair launch supply was 777 trillion tokens and 223 trillion is the amount of Burned Dev Tokens.
SafeMoon is led by John Karony, CEO, who was an All-Source Analyst for the US Department of Defense. Thomas Smith is the CTO, who previously served as the CIO of Goldsmith Blockchain Consulting. The COO of SafeMoon is Jach Haines-Davies, who earlier worked in Likeandshare LTD and Ben Philips Media as a Manager, according to the LinkedIn profile.
How Does it Work?
SafeMoon employs a protocol in which they discourage day trading of their coins to fix the price volatility issue. SafeMoon announced a rewarding process for the long-term holders of the tokens. People selling the tokens will be hit by a 10% penalty tax fee on the transactions and 5% of these penalty transaction fees will be distributed to the current token holders.
This protocol is put in place to limit the selling of the tokens and rather encourage its holdings. The process will make the traders think before they sell the tokens and it gives added advantage to the existing coin owners. This method aims to reduce the sudden declines caused by the sale of cryptos that lead to fluctuating prices and market collapse.
The official website of SafeMoon says, “Holders earn passive rewards through static reflection as they watch their balance of SafeMoon grow indefinitely.” The Static RFI rewards make this cryptocurrency unique from others. It employs a manual burn strategy rather than digital burns to control the supply and enable a rewarding and beneficial burn strategy to the long-term holders and achievers.
How to Buy SafeMoon?
The official website lists Pancakeswap as the primary exchange to buy the tokens from. The first step is to create a trusted wallet. Next, one has to convert BNB to a smart chain via the trust wallet and add SafeMoon. Use Pancakeswap to convert Binance Smart Chain to SafeMoon. After swapping the transaction, the wallet will have SafeMoon. The procedure to buy the tokens is elaborated on on their website.
However, SafeMoon does not escape from the eyes of suspicion. Experts said that it is a risky business to invest in SafeMoon as it is not regulated by any means. It has been equated with a Ponzi Scheme as the majority of liquidity is owned by the team. SafeMoon has dismissed these skeptics and has mentioned its clear roadmap for the year. The team aims to integrate SafeMoon with African Markets, explore other exchanges like Binance, and even start its own exchange.