The new digital currency Safemoon is not a household name, but it has got immense attention from investors looking for the next big altcoin. With the price of Bitcoin still being above $30,000 even after it crashed from a China bank crackdown, many are looking for other digital currencies that have a low price and will give potentially greater returns. So let us discuss whether it is safe to buy Safemoon? Along with that we will answer queries like Safemoon price, where to buy, etc.
Safemoon as a cryptocurrency definitely meets the lower price factor. This crypto currently trades for fractions of a cent, which means you can get over a million of this crypto with just a few dollars. It also has an intriguing hook of charging a fee to people who sell and distributing half of that fee to the holders of Safemoon. This is formulated to benefit those who buy and hold. For more Safemoon news, keep reading this article.
For all this hype, Safemoon has some serious drawbacks that should make you think twice about buying. To help you make a sound decision, let’s look at how this digital currency works and why it’s risky to buy Safemoon.
What is Safemoon?
Safemoon is a digital currency that was launched in March. The original supply was one quadrillion tokens, but the developers destroyed 223 trillion. That left a launch supply of 777 trillion. This crypto is not listed on the main cryptocurrency exchanges, so most crypto buyers get it on the decentralized “PancakeSwap exchange”.
The primary concept that makes Safemoon famous is a fee for selling it. If you sell your Safemoon, you will have to pay a 10% fee. That 10% is issued as follows:
- 5% is redistributed to the existing holders
- 5% is split equally, where one half is being converted to Binance Coin (BNB) and the other half remains as Safemoon tokens, then setting them for use in a liquidity pool
According to Safemoon’s team and its fans, this fee will enable people to stick with it instead of having the pressure to sell it. However, an audit that has been conducted by security platform “CertiK” found what it terms as a big issue here. A holder’s address will get hold of the liquidity pool tokens formulated by the Safemoon-BNB pool. This gives the holder control over tokens funded by Safemoon’s seller fee.
Buy Safemoon: Is It Safe For The Future?
The pattern of Safemoon is aimed to allow holding onto it and to escalate the price. There’s one thing we haven’t discussed yet and that is what Safemoon actually does. And there lies one of the biggest problems.
Safemoon doesn’t do anything.
The whole purpose of Safemoon is getting people to buy, and during the selling point, it is estimated that the price will skyrocket.
Safemoon’s website makes indistinct implications to future plans. It talks about setting up a Safemoon app, wallet, and video games. There is a mention of “integrating Safemoon with African markets.” It also apparently has “Project Pheonix” (the project title is misspelled deliberately by Safemoon) whose works are in progress. Details on that are very less, with CEO John Karony simply saying that
“SafeMoon is going to be the fuel for the freedom of the unbanked.”
How that would work is anyone’s calculations. It is very hard to witness what Safemoon can do for people without bank accounts. Will they want to store their money in a highly fluctuating cryptocurrency and pay a 10% fee every time the holder spends it? Safemoon can’t just run away from the seller’s fee, taking into consideration that’s such an integral part of it.
Where Can I Buy Safemoon Crypto?
Now you may wonder, where can I buy Safemoon coins? So there are various digital currency exchanges from where you can buy Safemoon crypto. Users can buy Safemoon by setting up a digital wallet on the Binance Chain Network and add BNB (Binance) coins to your wallet. From here, users can swap Binance coins for SafeMoon tokens.
Now if you wonder Where to buy Safemoon cryptos in the US? Then here is your answer. SafeMoon tokens are presently trading on four exchanges: BitMart, PancakeSwap, WhiteBit and Gate.io. However, PancakeSwap is the most popular platform for buying SafeMoon in the US.
When we first heard about Safemoon, our initial reaction was that it looked like a pump and dump, where the pump was already over. Nothing we have seen since then was successful in improving people’s opinion about it.
If you spend time on crypto forums, you will witness hundreds of tokens like this. There’s no talk about what they do, there is only talk about their valuation and how they’re going to the moon. Some people who enter on the ground floor make good profits, but most aren’t so lucky. If you’re interested in buying crypto, then we would ask you to not buy Safemoon as there are way better options available than Safemoon in the market. But still if you are interested, then in the above article we have discussed where to buy Safemoon coins. You can go through that.