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A cryptocurrency known as Safemoon (SAFEMOON) was introduced to the market in March 2021, and it gained widespread attention after its price experienced a dramatic increase in April of the same year.
Since its all-time high in April 2021, its value has dropped by nearly 99 percent, to the point where it is now practically valueless.
What sets SafeMoon apart from other DeFi tokens is the fact that it levies a 10% transaction fee on sellers and then redistributes half of that fee to other holders as an incentive to buy and hold the token.
SafeMoon to USD Chart
The cryptocurrency industry is plagued by a number of problems, two of which SafeMoon aims to address:
- investors’ propensity for making hasty trades
- and extreme price swings.
As a result, the SafeMoon team is hoping that the 10% fee will dissuade holders of SafeMoon from selling their coins in a panic.
Fifty percent of the feeis distributed to Safemoon’s existing holders and the remaining fifty percent is put into a liquidity pool. This is done in an effort to better maintain price stability.
The creators of Safemoon also take steps on a regular basis to cut the amount of the cryptocurrency that is in circulation. This is done in an effort to reduce the available supply and drive up the price.
Some believe that SafeMoon will grow as quickly as Dogecoin, emulating the cryptocurrency’s meteoric rise. Although some people are skeptical, some even go so far as to call SafeMoon a “Ponzi scheme.”
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Is SafeMoon a good investment?
The price of the DeFi token is subject to wild fluctuations, despite the efforts of the SafeMoon team to reduce volatility. On March 20, the price of a single SafeMoon token was $0.000000073.
After another month had passed, SafeMoon’s price had climbed to an all-time high of $0.000014. That constitutes a staggering increase of almost 20,000%. Of course, there’s nothing to say it can’t go back to where it was, so who’s to say?
Where can you buy SafeMoon?
You can purchase SafeMoon on PancakeSwap, BitMart, Gate.io, or WhiteBit. These are the only exchanges where it is available for purchase at the time of writing.
When it comes to purchasing SafeMoon, the most popular marketplace is PancakeSwap. However, purchasing SafeMoon requires one to go through some long-winded steps.
Before you are able to acquire SafeMoon tokens, you will first need to acquire BNB, also known as BinanceCoin, and then convert that BNB into SmartChain.
Is there a SafeMoon exchange?
The team behind SafeMoon is working on establishing its very own SafeMoon exchange.
According to the SafeMoon Twitter account, the team has been successful in raising one million dollars in funding for the project through various forms of crowdfunding.