Safemoon coin, counting almost a year of existence, has attracted a lot of attention from crypto enthusiasts.
The attention brings into tones of skeptical investors and at the same time lots of supporters.
Safemoon launched on the 8th of March 2021 and just in a few days its price soared!
Through this post we aim to provide a wider approach about this interesting cryptocurrency, so when the reader leaves he will feel a little more educated about Safemoon.
So whether you want to invest in it, or you have it already in your portfolio or you just want to learn some more things about Safemoon, this post is for you.
SafeMoon is designed to encourage investors holding on for the long term
According to the creators, Safemoon coin has as number one priority to reward long term holders.
And what is the way to achieve that?
By putting 10% fees on the sellers.
For example, if you sell 10 million tokens, 1 million of them will go to that fee.
The next logical question is:
“What is happening to those fees?”
Half of them is distributed to all investors holding Safemoon at the time and the second half is used for a liquidity pool with Safemoon and Binance Coin.
Safemoon’s creators also believe that this way they will be able to stabilize the price.
The developers efforts to rise the price
Two different actions are taken place about Safemoon’s development team in their effort to make its price rise:
- The Safemoon team manually burns tokens – Safemoon launched with 777 trilion tokens. Since then (and at the time the post is written) 416 trillion tokens have been destroyed. At which the first 223 burned before even launching.
- Safemoon reverse split – There is a rumor around lately that Safemoon team in an effort to erase the zeros from the price, will proceed to reverse split. This practise will reduce by far the number of Safemoon tokens and at the same time the investors will not lose nothing from the total value of their investment. In a nutshell, if you hold for example 100 millions of tokens which equals 130 dollars, after reverse split you will have 1 million of tokens with an equivalent value of 130 dollars.
How Safemoon coin got its name
The name of the coin was inspired from the famous and cool slogan of dogecoin “To the moon”, which of course means that dogecoin’s price will boost!
However, the creators added one more word in this phrase, to try to indicate that they are taking their creation seriously.
And of course this is the world “safe”, meaning that the price will rise but safety is still their number one priority.
Hence the coin’s slogan is “Safely to the moon” and of course the name is safemoon.
Receives a lot of criticism
The Safemoon token receives a lot of criticism and often is described as a meme coin, such as Dogecoin and Shiba Inu.
The main reason why the majority of crypto enthusiasts are dubious about Safemoon is because it doesn’t seem to add any real value.
Also there is a complete absence of use cases in the real world.
In addition to that, Safemoon doesn’t have any particular advantage when compared to other coins or tokens.
Doubters also claim that the reason why its value went up, is because of the popularity gained since it doesn’t have any real value.
As a result Safemoon will end up costing nothing because cryptocurrencies that stick around provide a specific solution or have a competitive advantage.
Buying Safemoon coin is not a straightforward process
The top cryptocurrency exchanges like Etoro,Kraken or Binance doesn’t have Safemoon coin available for trade.
As a result you are not able to buy some coins using fiat money but it is possible.
If you want to invest in Safemoon you need first of all to set up a crypto wallet on Binance and buy binance coins.
Then you will be able to exchange Binance coins with Safemoon coins.
Safemoon’s price soared amazing in just two months
One of the most amazing bull runs that we ever saw in the extremely volatile cryptocurrency world.
Safemoon’s price on the day it launched was 0.000000000486$.
Two months later and more accurately on 20th of April the price was 0.000009926$.
If you do the maths you will realize that if someone had invested in Safemoon in the early days he would be able to multiply his money by 20.000 in less that two months period!
Of course the price after that dropped, but still this is one of the most amazing bull runs in cryptocurrencies ever!
