If you’re a cryptocurrency enthusiast, you’ve probably heard of Safemoon. Even though it is only a few months old, it has already developed a devoted following through effective marketing and significant early returns.
Perhaps you’re considering purchasing your own Safemoon in order to avoid missing out on the next big thing. Before you proceed, there are a few points you should be aware of regarding this new cryptocurrency.
Initial Coin Offering (ICO) tokens totaled 777 trillion in Safemoon..
Safemoon offers a large supply at an affordable price. Although it began with one quadrillion tokens, the developers destroyed 223 trillion of them prior to launch.
Safemoon launched on March 10 with 777 trillion tokens priced at $0.0000000010. If you purchased $100 worth of Safemoon at the time, you would have gotten 100 billion Safemoon.
There is a 10% commission on the sale.
The most distinguishing feature of Safemoon is that sellers pay a 10% fee. Assume you possess 100 million Safemoon. If you sold them all, you would earn ten million dollars toward that fee.
Half of the fee is distributed to all current Safemoon owners. The remaining half is allocated to a liquidity pool alongside Safemoon and Binance Coin (BNB).
The 10% tax on all sales, according to Safemoon’s white paper, is intended to reward long-term holders and stabilize the price.
Safemoon tokens are manually burned by the developers.
Manual burns are another integral part of Safemoon. This means that the Safemoon team will burn tokens on a regular basis and reduce the supply in order to increase the price.
Over 400 trillion Safemoon tokens have already been burned, not including the initial 223 trillion burned prior to launch.
The price increased by more than 20,000 percent – and then returned to normal.
Safemoon rewarded early adopters handsomely. Its price reached an all-time high of $0.00001399. To put that in context, if you had invested $100 in Safemoon at launch, you would now own nearly $1.4 million in Safemoon.
Safemoon’s price is currently down more than 75% from its all-time high. To be fair, the majority of cryptocurrencies have seen their prices fall in recent weeks. However, Safemoon has lost more value than a number of larger coins, including Bitcoin and Ethereum.
It lacks a practical purpose or competitive advantage in the real world.
Many cryptocurrency enthusiasts are skeptical of Safemoon due to the fact that it lacks use cases and benefits over other cryptocurrencies.
Safemoon has survived on popularity thus far, but this is not a sustainable model for long-term success. The cryptocurrencies that survive are those with a clear purpose or a competitive edge.
Safemoon cannot be purchased with cash or through the largest cryptocurrency exchanges.
Safemoon is not currently available on any of the major Cryptocurrency Exchanges. Additionally, there is currently no exchange that allows you to purchase Safemoon using fiat currency, such as dollars.
Safemoon was initially listed on PancakeSwap, a decentralized cryptocurrency exchange. You can trade Binance Coin for Safemoon and vice versa by connecting your crypto wallet to that site. Additionally, there are several other exchanges that allow you to exchange Tether for Safemoon.
While purchasing Safemoon is not difficult if you’re willing to learn how the process is not as simple as purchasing cryptocurrency through a major exchange.
Safemoon’s future plans may be more about style than substance.
On their website and through regular video live streams, the Safemoon team has discussed future plans. However, these ideas are scattered and some appear to be solely intended to promote Safemoon. Several examples of these plans are as follows:
- Launching a Safemoon mobile application, wallet, and video game
- The establishment of a Safemoon exchange
- Safemoon’s integration into African markets
- Transforming Safemoon into “the fuel for the unbanked’s freedom” via “Project Pheonix” (an intentional misspelling)
- Details on Project Pheonix are especially scarce, raising the question of whether the true objective is to keep people talking about Safemoon.
Safemoon is one of the riskiest cryptocurrency investments available.
Safemoon has received considerable criticism. It has been compared to a Ponzi scheme, a pump and dump scheme, and a pyramid scheme, and the Safemoon community to a cult.
While all cryptocurrencies are risky investments, some are significantly riskier than others. Safemoon is one of the most dangerous places to invest your money due to the lack of legitimate uses and reliance on popularity. There is a good chance that Safemoon has already passed its prime.