You’ve probably heard about SafeMoon crypto if you follow cryptocurrencies closely. Despite the fact that it is only a few months old, it has acquired a devoted following thanks to effective marketing and substantial early returns.
Maybe you’re thinking about getting your own Safemoon crypto so that you don’t miss out on the next big thing. But first, there are few things you should know about this new cryptocurrency before you actually want to invest on it.
1. Safemoon crypto began with a total of 777 trillion tokens.
Safemoon crypto offers a vast supply at a low cost. Despite the fact that it began with one quadrillion tokens, the developers burnt 223 trillion of them prior to launch.
Safemoon has 777 trillion tokens when it started on March 10th, each with a price of $0.0000000010. You would have earned 100 billion Safemoon if you had purchased $100 worth at the time.
2. Safemoon crypto gives you Static reward
Static rewards are an attempt to address the problems with farming incentives. It attempts to achieve this in two ways:
- The incentive amount is determined by the number of trades, reducing the selling pressure caused by early adopters selling their coins.
- It encourages token holders to obtain bigger payments based on their total amount of tokens.
3. They will charge you 10% penalty for selling it.
Safemoon crypto’s most unusual feature is that sellers pay a 10% penalty. Assume you have a total of 100 million Safemoon. If you sold them all, you’d be having to pay the fee with ten million dollars.
The fee is split in half and dispersed to all existing Safemoon owners. The remaining half will be used to create a liquidity pool alongside Safemoon and Binance Coin (BNB).
As per the Safemoon crypto’s white paper, the 10% fee on all sales is intended to reward long-term investors and keep the price stable.
4. Safemoon tokens are manually burned by the developers.
Manual burns are another important aspect of Safemoon crypto. This means that the Safemoon team will burn tokens on a regular basis in order to limit the supply and raise the price.
So far, almost 400 trillion Safemoon tokens have been burned, including the first 223 trillion torched prior to the debut.
5. The price soared by more than 20,000 percent before plummeting.
Early adopters of Safemoon were rewarded handsomely. Its price reached an all-time high of $0.00001399. on April 20. To put it in context, $100 invested in Safemoon at inception would have yielded about $1.4 million.
Safemoon crypto’s price has dropped more than 75% from its all-time high at the time of writing. To be honest, the values of most cryptocurrencies have fallen in recent weeks. Safemoon, on the other hand, has lost more value than some larger coins, such as Bitcoin and Ethereum.
6. It serves no practical use or provides a competitive advantage.
Many cryptocurrency aficionados are dubious of Safemoon since it lacks any use cases or advantages over other coins.
So far, Safemoon has survived on its popularity, but it isn’t a recipe for long-term survival. The coins with a clear purpose or a competitive edge are the ones that survive.
7. Safemoon cannot be purchased with cash or through the largest cryptocurrency exchanges.
Safemoon crypto isn’t offered on any of the major cryptocurrency exchanges. There is currently no exchange that allows you to purchase Safemoon with fiat currency, such as dollars.
Safemoon was first listed on PancakeSwap, a decentralized crypto market. You can trade Binance Coin for Safemoon and vice versa if you connect your crypto wallet to that site. You may also trade Tether for Safemoon on a number of other exchanges.
While buying Safemoon isn’t difficult if you’re ready to learn how, it isn’t as simple as buying cryptocurrency on a large exchange.
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8. Safemoon’s future goals may be more about style than substance.
On its website and through regular video livestreams, the Safemoon crew has discussed future intentions. However, these concepts are all over the place, and several appear to be only intended to promote Safemoon. Here are a few examples of such strategies:
- Safemoon is releasing an app, wallet, and video game.
- Putting together a Safemoon exchange
- Safemoon’s integration with African markets
- Using “Project Phoenix,” Safemoon will become “the fuel for the unbanked independence” (an intentional misspelling)
On Project Phoenix, details are especially limited, raising the issue of whether the true goal is to keep people talking about Safemoon.
9. It’s one among the riskiest cryptocurrencies to invest in.
Safemoon has received a lot of backlashes. The Safemoon crypto community has been compared to a cult and has been called a Ponzi scheme, a pump and dump, and a pyramid scheme.
The majority of cryptocurrencies investments are dangerous, but some are riskier than others. Safemoon is one of the riskiest crypto to spend your money because it has no genuine functions and relies so heavily on popularity. There’s a high chance Safemoon crypto’s finest days are behind it already.