What is SafeMoon Coin? Is SafeMoon available on Binance? Which exchange is SafeMoon on? The question began to be searched in search engines. As it is known, the diversity in the crypto money market is increasing day by day. One of them was SafeMoon money. SafeMoon coin, which is rapidly popular in the crypto money market with its high growth figures, is known as the DeFi platform. This Token was released on March 8, 2021.
What is SafeMoon Coin?
Instant CoinMarketCap ranking #2428, market cap not available. No circulating supply data available and maximum level supply. Supply is not available. The largest exchanges currently traded with SafeMoon are WhiteBIT, PancakeSwap, and BitMart. You can find other listed exchanges on our crypto exchanges page.
SafeMoon is a decentralized finance (DeFi) token. According to the SafeMoon website, SafeMoon has three functions involved in every transaction: Reflection, LP Acquisition, and Approx. The SafeMoon protocol is a combination of RFI tokens and automatic liquidity generation protocol. According to an article, SafeMoon plans to develop a non-changeable token (NFT) exchange, charity projects, and crypto education apps. SafeMoon was launched on March 8, 2021.
Who Are the Founders of SafeMoon?
What Makes SafeMoon Unique?
The SafeMoon whitepaper states that a major problem in the emerging DeFi industry is the existence of high APY LP farms that do not have easy access for newbies to the field.
With SafeMoon, they aim at the idea of static rewards (making the reward dependent on the volume of the coin being traded) to remove any pressure on the coin as the tokens are sold. Further, the whitepaper states that the “reflection mechanism” provides incentives for SafeMoon holders to hold their tokens, or HODL, for longer. SafeMoon’s Auto LP also adds stability to the protocol by providing a price floor/buffer for token holders. SafeMoon’s manual write strategy helps SafeMoon token holders in the long run, according to their white paper.
How Many SafeMoon (SAFEMOON) Coins Are in Circulation?
The SafeMoon whitepaper explains: a total supply of 1,000,000,000,000, with 223,000,000,000,000 burnt development tokens and a fair launch supply of 777,000,000,000,
According to the White Paper, the SafeMoon protocol works like this: on every trade, the transaction is taxed with a 10% fee that is cut in half. 5% of the fee is redistributed to all token holders at that time, while the other 5% is split in half again, 50% is contractually sold to BNB, and the remaining 50% is automatically paired with the above-mentioned BNB. and added to PancakeSwap as a liquidity pair.
How to Keep SafeMoon Network Safe?
The SafeMoon whitepaper has the following plan for the security of its protocol: the developer burned all the tokens in the Dev Wallet before launch, a fair launch on DxSale, the LP locked in DxLocker for four years, and an LP created with every swap and PancakeSwap’ e is locked.
As of June 2021, you can purchase SafeMoon on PancakeSwap and BitMart.
Warnings About SafeMoon
SafeMoon has caught the attention of the crypto community for months based on a variety of factors, including a value proposition to reward its long-term holders. The founders designed to penalize those who sell the token with a 10% tax, while the remaining 5% was burned, while the remaining 5% was redistributed to investors who still held it. The token, which was revealed in March, is also supported by famous names such as rapper Lil Yatchy and YouTuber Jake Paul. Volatility around SafeMoon allowed the coin to hit an all-time high of 0.00001375 on April 20.
Although the rally was short-lived, SafeMoon benefited from the recent crypto market rally, which mainly focused on other ‘prank’ coins like dogecoin. According to data provided by CoinMarketCap, SafeMoon was trading at $0.0000048 at the time of writing.
What awaits SafeMoon in the future?
Amid security concerns, the SafeMoon team tries to act by maintaining internal controls to address property-related issues. However, after criticism that the token had no underlying and functional value, developers started adding more features to increase its competitiveness. At this point, the future of SafeMoon largely depends on the team and the surrounding community.
Investing in SafeMoon requires caution, just like any other cryptocurrency. But as cryptokoin.com always emphasize, being a new token requires more faith in the team. The SafeMoon team in particular has no proven long-term success in the crypto space. Basically, investing in SafeMoon without any verified added value can be defined as speculation.
However, if SafeMoon attracts more speculative investors, the token will likely rise to new highs again. Also, some analysts believe SafeMoon “may not reach the moon,” calling it a garbage pump token. “The earnings are fueled by frenzied social media chatter and influencers compete for positions that will raise their preferred coins higher,” said Susannah Streeter, market analyst at investment firm Hargreaves Lansdown.
“The model appears to be geared towards helping the initial holders of the currency get richer as others follow and push the price higher.” Therefore, the SafeMoon team should capitalize on the token’s immense popularity and consider community concerns regarding security and ownership. With transparency, SafeMoon has a chance to rise again.
Hello there! My name is Oktay from Tokensboss editors. I introduce myself as a business graduate and writer. I have been doing research on cryptocurrencies and new business lines for over 2 years.