SafeMoon is likely one of the latest and fastest-growing cryptocurrencies, even in a market that’s lately seen Bitcoin and Ethereum attain record-high values and even the tongue-in cheek Dogecoin rising by over 11,000%.
Even so, SafeMoon is a most uncommon digital foreign money, because it imposes a penalty on anybody who tries to commerce their cash (or “tokens”). Just a few weeks previous, its sheer newness additionally would possibly lead some potential crypto patrons to see it as an unknown amount. So, right here’s all the pieces it’s essential learn about SafeMoon, and how one can purchase the fledgling foreign money for your self.
EDITOR’S NOTE: This text doesn’t represent funding recommendation and you must keep in mind that shopping for cryptocurrency, like every funding, includes danger. We would recommend you by no means spend greater than you possibly can afford to lose.
SafeMoon is an altcoin: a blockchain-based digital foreign money broadly just like Bitcoin, however with some clear distinctions as properly. It launched in March 2021 and has already racked up over 1 million customers.
SafeMoon’s distinctive characteristic is that it prices a ten% charge to anybody who sells their tokens; 5% of this charge is then redistributed to all different SafeMoon homeowners, primarily rewarding those that cling onto their tokens and disincentivizing promoting.
One criticism of cryptocurrencies like Bitcoin is how they’ve strayed from their authentic objective of offering a working, decentralized foreign money to easily turn out to be investable commodities; it’s not clear what, if something, you’ll really have the ability to purchase with SafeMoon, however the promoting charge is no less than encouraging homeowners to not simply purchase and promote their tokens for now.
SafeMoon may be seen as a extra critical tackle Dogecoin, the tongue-in-cheek altcoin with an unofficial rallying cry of “To the moon” — SafeMoon’s slogan is “Safely to the Moon.”
Newest SafeMoon information (Up to date Might 10)
- SafeMoon’s CEO John Karony and COO Jack Haines have revealed plans to make use of Minecraft as a platform to check potential new options.
- The pair additionally introduced that they have been working with Simplex, a platform that allows customers to buy cryptocurrency utilizing a credit score or debit card.
- A billboard for the cryptocurrency appeared in New York’s Instances Sq. at present (Might 10), together with a message proclaiming it “The world’s quickest rising cryptocurrency.”
SafeMoon value: How a lot is SafeMoon price?
Like Dogecoin, SafeMoon is price loads lower than Bitcoin or Ethereum per-unit, however has been climbing in worth. Coin Market Cap presently has every token at $0.00001, down on its peak of $0.000014 in late April, however a pointy improve from its $0.0000000010 launch worth.
That is not sufficient for it to make it into the record of prime cryptocurrency performers by market cap, nevertheless it’s already attracting consideration from potential traders seeking to become involved whereas SafeMoon continues to be low-cost — regardless of the promoting charge.
And keep in mind, most cryptocurrencies began off small. Dogecoin wasn’t price rather more than that till the beginning of this yr, however has since climbed by greater than 10,000% to achieve round $0.50 per coin.
Is SafeMoon secure?
Cryptocurrencies are sometimes extremely unstable, and on present proof SafeMoon doesn’t look to be a lot totally different: whilst its worth grows it’s nonetheless susceptible to huge slides, one in all which already occurred in April.
Whereas that’s par for the course with plenty of investments, SafeMoon has additionally been in comparison with a Ponzi scheme, as any earnings you can make in future are based mostly on somebody paying extra for the tokens than you probably did additional down the road. The promoting charge and redistribution mannequin may be mentioned to encourage early adopters, who would then acquire probably the most from subsequent gross sales.
Cryptocurrency investor and influencer Lark Davis warned towards SafeMoon on Twitter, saying, “Bear in mind simply since you earn a living off of a Ponzi doesn’t change the truth that it’s a Ponzi.” Davis additionally in contrast SafeMoon to BitConnect, a cryptocurrency that shut down in 2018 after two U.S. state-level securities regulators publicly warned traders of its similarities to a Ponzi scheme.
WarOnRugs, an anti-scamming collective targeted on cryptocurrency, has additionally criticised SafeMoon’s homeowners for locking away greater than 50% of its personal liquidity pool. The group claims this might lead to a “rug pull,” a type of exit rip-off whereby liquidity is deliberately drained from a market, leaving merchants unable to promote. SafeMoon CEO John Karony maintains that liquidity is held to make the foreign money safer.
Learn how to purchase SafeMoon
In case you’re prepared to take the danger, then you should buy SafeMoon from one in all 4 crypto exchanges: PancakeSwap, BitMart, WhiteBit and Bakery Swap. It’s a extra complicated course of than merely shopping for a foreign money like Bitcoin, although: you mainly want to purchase BinanceCoin, one other cryptocurrency, then swap it for SafeMoon.
To make use of PancakeSwap, as an example, you first have to obtain the Belief Pockets app, then purchase BinanceCoins (both BNB or BSC) and add them to the pockets. You then go to PancakeSwap by means of the Belief Pockets app, discover the SafeMoon web page and swap your Binance there.
A devoted SafeMoon pockets is within the works, so hopefully it will simplify the method. Simply keep in mind that utilizing cryptocurrencies as investments is dangerous at the very best of occasions, and in the long run it’s your individual cash on the road.