Everything You Need to Know About SafeMoon
Cryptocurrency is no longer a new concept, especially now that investors have taken lots of interest in them. We all know how volatile the cryptocurrency market is; the recent surge in prices and unexpected fall is evidence for this claim.
Several cryptocurrencies are out there. Other than the very popular ones like Bitcoin and Ethereum, we also have more recent coins like Dogecoin, Shiba, and StopElon that are grabbing lots of attention.
Now, the cryptocurrency world has embraced another currency, SafeMoon. SafeMoon is a new addition, but it is already gaining lots of attention. Launched in March of this year, SafeMoon has been making the rounds on the internet.
The SafeMoon Protocol is a community-driven, fair launched DeFi (decentralized finance) token. Its name expands to “Safely to the Moon”, which was first introduced with Dogecoin. SafeMoon aims to encourage peer-to-peer exchange and to fix price volatility issues.
SafeMoon was introduced in March 2021 and is similar to cryptos like Dogecoin, Bitcoin, and other major cryptocurrency coins that run on blockchain technology. It is a blockchain-based digital currency that does not rely on financial institutions or exchanges as intermediaries.
The current price and market cap of SafeMoon according to CoinMarketCap is $0.000003114 and $1,796,997,020.95 respectively. According to the whitepaper released, SafeMoon has a total supply of 1 quadrillion tokens, 223 trillion burned dev tokens, and 777 trillion fair launch supply.
SafeMoon is led by John Karony, the CEO, who previously worked for the US Department of Defense as an All-Source Analyst. Thomas Smith, who was previously the CIO at Goldsmith Blockchain Consulting, is the company’s CBO.
Hank Wyatt, the CEO of HLWGroup LLC, is SafeMoon’s CTO, and Jack Haines, who previously worked as Manager in Like and Share Ltd is the COO. Other core team members are Charles Karony, the Executive Assistant, and Jacob Smith, the Lead Web Developer.
How Does SafeMoon Work?
To address the issue of price volatility, SafeMoon uses a protocol that discourages day trading of their coins. Long-term token holders will be rewarded, according to SafeMoon. Anyone who sells their token is charged a 10% fee; 5% of this fee is redistributed to every other SafeMoon owner as a reward for holding on to their tokens.
This protocol was put in place to discourage people from selling their tokens and instead encourage them to keep them. The approach will make traders think twice before selling their tokens, and it will benefit existing coin holders. This strategy aims to minimize sudden declines induced by the sale of cryptos, which can lead to price fluctuations and market collapse.
According to SafeMoon’s official website, “Holders earn passive rewards through static reflection as they watch their balance of SafeMoon grow indefinitely.” SafeMoon is unique from other cryptos because of its RFI Static Rewards.
To regulate the supply and allow a beneficial and rewarding burn strategy for long-term holders and achievers, SafeMoon uses a manual burn approach rather than digital burns.
How to Buy SafeMoon
On SafeMoon’s official website, PancakeSwap is listed as the primary exchange to buy the tokens. The first step is to set up a trust wallet. Next, using the trust wallet, you have to convert BNB to Smart Chain, and then you add SafeMoon.
To convert Binance Smart Chain to SafeMoon, use PancakeSwap. SafeMoon will be present in the wallet when the transaction has been swapped. This is just an overview of how you can buy SafeMoon. For a more detailed procedure, click here.
SafeMoon Upcoming Features
SafeMoon is actively working on its own cryptocurrency wallet, which will make purchasing and storing the SafeMoon coin more convenient. The SafeMoon team also has plans to launch its own exchange. They mentioned on their Twitter account that they’ve successfully fundraised $1 million for the project.
SafeMoon’s other priorities include:
The completion of the SafeMoon app
Development of a hardware “cold” wallet
Development of video games
Integration of SafeMoon to the African markets
Establishment of the Africa Office and job creation
Setting up the Charity Vote and Charity Drive for SafeMoon community
Establishment of the UK Office
To Wrap Up
SafeMoon does not escape suspicion. Investing in it, according to experts, is risky. This is because it is not regulated by any means. It has been compared to a Ponzi Scheme because the team owns the majority of the liquidity. SafeMoon has refuted these critics and has given its clear roadmap for the year.
Investments in digital assets are considered high-reward/high-risk. As a result, we advise new traders to do their own research before investing in any cryptocurrency or DeFI tokens, SafeMoon included.
Feel free to use the following guidelines to help you make a well-informed decision:
Conduct thorough research on any coin you’re considering.
When buying coins, take your time and consider your financial goals before making a large purchase.
Refrain from leverage.
Avoid panic selling.
Compare your trading strategy to that of other traders.
Here’s a quote on the SafeMoon Facebook page: “Remember, getting to the moon takes time, and the longer you hold, the more token you pick up”.