This is a financial incentive you won’t get from holding most other popular cryptocurrencies, where you only make money if the price goes up. However, I could argue that Dogecoin and other digital assets have low utility as well. Many people use cryptocurrency as an investment vehicle, hoping that the price skyrockets and increases their ROI exponentially. Many SafeMoon supporters share the same sentiments for their lunar-inspired DeFi tokens; it’s just a “high risk, high reward” investment vehicle. Safemoon was one of the newer cryptocurrencies to hit the market in 2021.
Will safemoon get to $1 in 2021?
We are not a comparison-tool and these offers do not represent all available deposit, investment, loan or credit products. The fact SafeMoon isn’t on the major exchanges is a giant red flag, notes Jeremy Britton, CFO of Boston Trading Co, a crypto investment fund. “The exchanges have done their due diligence and found the project lacking.
What Is SafeMoon (SAFEMOON)?
Tom’s Guide is part of Future US Inc, an international media group and leading digital publisher. That said, it’s been attracting alloscomp : bitcoin mining calculator a fair bit of attention of late, so it’s possible that you’ve landed on this page with the intention of investing in it.
How does safemoon work?
As with any cryptocurrency investment, make sure to research your targeted digital asset thoroughly before taking the plunge with your hard-earned money. A Ponzi scheme is an investing scam that creates returns for earlier investors by taking money from later investors, which skeptics say sounds awfully similar to SafeMoon’s 10% seller fee stipulation. Furthermore, cryptocurrency pundits warn that SafeMoon has no real value.
- It’s too early to say whether it has potential for growth; it could crash and burn just as quickly as it rose to unexpected heights.
- SafeMoon has integrated interoperability into its token, allowing users to bridge their tokens across the Binance Smart Chain, Ethereum, and Polygon.
- SafeMoon is one of the newest and fastest-growing cryptocurrencies, even in a market that saw Bitcoin and Ethereum reach record-high values in recent months.
- Cryptocurrencies can make for risky investments, due to the inherent volatility in the market.
For example, a Twitter account called WarOnRugs, which identifies itself as a “community based, grassroots movement” that aims to expose crypto scams, criticized SafeMoon last month. The lofty plans have some skeptics raising their eyebrows at SafeMoon, especially as the price rises. The trading volume of SafeMoon (SFM) is $33,394.06 in the last 24 hours, representing a -11.10% decrease from one day ago and signalling a recent fall in market activity. The team behind the project consists of Thomas Smith (CBO), John Karony (CEO), Hank Wyatt (CTO), Jack Haines (COO), Jacob Smith (web developer), and Charles Karony (executive assistant). If you were unable to successfully migrate your SafeMoon V1 tokens to SFM V2, you may be eligible to participate in the Migration Completion Program.
SafeMoon, which debuted in March, has received increased buzz recently, based on a pitch that it will avoid the wild price fluctuations endemic to Bitcoin, Ethereum, and more recently, Dogecoin. You’ll need to purchase BNB (BinanceCoin) and convert it into SmartChain before you can acquire SafeMoon tokens. We’ve already published an easy-to-follow guide on how to buy SafeMoon. According to a May 11 tweet, SafeMoon has nearly two million token holders. If you are still holding pSafeMoon, the pSafeMoon Migration dApp will allow you to automatically, securely and instantly migrate your eligible pSafeMoon tokens to SFM V2 tokens.
It’s too early to say whether it has potential for growth; it could crash and burn just as quickly as it rose to unexpected heights. I’m a fintech writer focused on the cryptocurrency market and blockchain industry. The offers that appear on this site are from companies that compensate us. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
With major recognized names and decent market liquidity, it will be easy to exit your position when you need to sell,” he says. In the first quarter, the company said that it had doubled the size of its team and begun a marketing campaign. Next the company plans to complete a SafeMoon app (though it’s unclear what that app will do), a wallet, and games. It also says it plans to explore allowing trading of its currency on exchanges like Binance, begin building its own exchange, expand its team by 35%, and establish a U.K./Ireland office.
This crypto project is a community-driven approach to decentralized financial systems. After the initial launch in the first quarter of 2021, the coin had more than 2.9 million holders by January 2022, according to Utah Business. CoinMarketCap reports there are over 562 trillion coins in circulation. The founders wanted a coin that would ensure “safe” gains and prevent the inevitability of bubbles. With SafeMoon, they aim to use the idea of static rewards (making the reward conditional upon the volume of the token being traded) in order to remove any pressure on the token that could occur when tokens are sold. As well, the white paper notes that their “reflect mechanism” adds incentive for SafeMoon holders to keep their tokens for longer, or HODL.
But, if you want 100% control of your crypto, it’s not a bad option. Most cryptocurrencies undergo a process called token burning, which permanently removes tokens from circulation. This process is an attempt to create https://cryptolisting.org/ increased scarcity, and thus value. According to the official white paper, the automatic liquidity pool is the “secret sauce” of safemoon. This function creates a solid price floor for both buyers and sellers.