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SafeMoon (SAFEMOON), one of the most talked-about cryptocurrencies of late, has taken the market by storm since its launch in April.
According to CoinMarketCap, the cryptocurrency is trading up at +964%, from its April open, and is ranked 202 based on market capitalization.
SafeMoon is the latest crypto to witness a massive spike in interest in 2021, among the likes of Dogecoin (DOGE), Bitcoin (BTC), and Ripple (XRP).
SafeMoon Explained
Due to its relative newness in the crypto market, there is little to no information about it in the public space. However, the US-based cryptocurrency’s website carries a slogan that says ‘Safely to the Moon,’ which is a play on the phrase originally deliberated by WallStreetBets on Reddit, to hype the price of Dogecoin.
While the project has massive ambitions, it still trades far below the $1 and is yet to receive mass adoption. However, the future remains bright for this cryptocurrency.
The founders of SafeMoon have hosted several ‘Ask Me Anything’ sessions to clarify what this cryptocurrency is and how it operates, and also reassure potential investors on its legitimacy, given the unregulated nature of cryptocurrencies.
The unregulated nature of cryptocurrency means that their transaction fees are significantly low compared to other financial mediums, making it easy and convenient for people to move funds across the world.
Meanwhile, SafeMoon claims that it would reward investors who buy and hold its token. That said, there are penalties in place for investors who go-ahead to sell their holdings. The cryptocurrency will impose a 10% tax fee on sell trades and distribute 5% of this to other investors holding their tokens.
Many experts argue that this penalty proposition by SafeMoon is risky, given that the success rate of the cryptocurrency lies heavily on traders’ and investors’ activities to boost its price.
SafeMoon has a motivational post on its Facebook page for investors, which states that:
“Remember, getting to the moon takes time, and the longer you hold, the more tokens you pick up.”
How to Buy SafeMoon
Interested investors can buy SafeMoon by opening a cryptocurrency wallet on the Binance Chain Network and buy some BNB coins to their accounts. Investors can then swap their BNB for SafeMoon tokens.
There are currently four exchanges to facilitate this swap namely:
PancakeSwap
BitMart
WhiteBit
BakerySwap
Closing Remark
Digital assets are high-risk/high-reward investments. That said, it would be prudent for new or potential SafeMoon investors to carry out proper research on this crypto and all that it entails before investing in it.
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