Should you invest in Safemoon cryptocurrency?
While it’s the mainstream choice to invest in older cryptocurrencies like Bitcoin and Ethereum, most people nowadays are beginning to take their chances on new and up-and-upcoming coins as well. This is because smart investors don’t want to miss out on the next big thing that could potentially open the door to unique innovations and investment opportunities. The Safemoon cryptocurrency is just one of these that have attracted the attention of savvy investors.
Since it’s so fresh on the market, what does this coin offer that makes it so different from cryptocurrencies before it? Is it worth the risk or should you stick to more popular big cryptocurrencies? Let’s find out.
What is Safemoon cryptocurrency?
Safemoon was first launched as a token on March 8, 2021, by SafeMoon LLC. It was built under the Binance blockchain and was listed under exchanges such as PancakeSwap, BitMart, WhiteBit and more.
The name of the digital currency was coined after the popular phrase ‘To the moon’. Safemoon cryptocurrency aims to eliminate impermanent loss caused by volatile prices and trading patterns. To solve this problem and create a better liquidity protocol, Safemoon offers static rewards, performs manual token burns and offers an automatic liquidity pool.
Soon after its launch, Safemoon became the talk of the town especially after several celebrity endorsements from Youtuber Logan Paul and rapper Lil’ Yachty.
What you should know about Safemoon
If you’re looking to invest in Safemoon, it’s better to learn everything you can about the digital currency first. Read the list below to get an idea of what you should know about Safemoon:
Safemoon had an eventful start in the market
Safemoon launched with over 777 trillion tokens. And a month after its release, the prices shot up by 20,000% and fell back down within a matter of days.
This caused more people to learn about Safemoon and what exactly it offers as a digital currency. Since then, the price of Safemoon hasn’t changed drastically and as of October 2021, is at $0.000001626.
Safemoon cannot be purchased via cash or crypto exchanges
Most cryptocurrencies offer ease of access through exchanges but unlike them, Safemoon cannot be purchased in crypto exchanges or through cash transactions.
Instead, Safemoon can be purchased by converting Binance Coin or Tether into Safemoon via PancakeSwap, a decentralised crypto platform. The second way to buy Safemoon is by downloading the Trust Wallet crypto app and acquiring Safemoon from there.
Safemoon has a 10% fee every time it’s sold
When Safemoon was first released in March of 2021, it was quickly made evident that the digital currency discourages day trading or short-term transactions. Every time Safemoon is sold, a 10% fee is charged. This aims to stabilise the price and reward long-term traders, according to Safemoon’s whitepaper.
Moreover, with this 10% fee, half of it will be distributed as dividends to all of the holders of Safemoon. On the other hand, the other half will be used for a Safemoon and Binance Coin liquidity pool.
Traders find it an intriguing investment despite speculations
All investments, whether digital or not come, with risks. This is why crypto traders must know about the market and understand how digital assets work. Through smart trading, using new cryptocurrencies like Safemoon can be a valuable experience. Traders also find Safemoon a somewhat speculative investment due to its unconventional design.
Is it worth buying Safemoon?
Safemoon is by far one of the most popular, newly-released cryptocurrencies that had an eventful half-year in 2021. This leads us to the question that everyone wants to ask: is it worth buying Safemoon?
The answer is yes. Buying Safemoon is worth it as long as traders know what they are getting into. Proper research and knowledge about the market are essential before delving into new investments such as this. Through careful consideration and adept skill in trading, Safemoon can prove to be a profitable investment in the future.
Make the most of using cryptocurrencies at Bitcasino!
Cryptocurrencies like Safemoon have a lot of potential in the market. So, if you have the means and the guts to take a leap of fate, investing in Safemoon could be a new, exciting crypto trading experience.
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Words by: Adi Gregorio