What is SafeMoon?
SafeMoon is the latest kid on the block making lots of money for cryptocurrency traders. SafeMoon which is only a few weeks old launched in March 2021 saw itself doing high percentage growth with over one million users.
The coin since its launch shot to the moon with up to 200%, what that means is that if you had bought $500 worth when it was launched, you would have made $100,000 when it went up.
SafeMoon has been likened to be the new dogecoin reasons cause of the mad increase and the true nature of the coin’s project. Weeks back Dogecoin value went up by 6,000 percent and the intrinsic value of the coin is not actually because of the problems their invention solves (that’s if they solve any at all) but on social media frenzy and memes sharing.
What is SafeMoon For Real?
In as much as, we would like to think of SafeMoon as just any other cryptocurrencies we have on ground, with the blockchain which serves as a public ledger for all transactions and decentralized from any government, financial sector, or persons.
But is it? SafeMoon is a De-Fi Token built on the Binance Smart Chain.
Another interesting feature of SafeMoon is a strategy the people behind it choose to make sure token owners holds the tokens is the 10% fee they charge one when they choose to sell the token; Half of this fee is being given back to all other owners who still hold theirs and the remaining half of is burnt during the transaction.
Risk and Controversy
Since SafeMoon launch and the whole social media frenzy and massive adoption by lots of people making it explode in high-value weeks ago. So many controversies have followed with people, cryptocurrency influencers calling it a scam, a Ponzi scheme, another rug pull to happen. Here are some of them;
Cryptocurrency investor and big influencer ‘Lark Davis’ has this to say on twitter
And WarOnRugs a community-based, grassroots movement against rug pulls and scammers in the cryptosphere also tweeted
You should also know that SafeMoon like some other altcoins Dogecoin is referred to as ‘ shitcoins ’. These are coins whose demand, value increase are as a result of people's demand for them like commodity assets, social media frenzy, hype, price speculation, etc but not purely on the financial or societal problem they tend to solve.
Imagine something not having any prominent problem in the real world it is to solve but having such tremendous growth increase and massive user adoption. One should tread with caution when it comes to investing in such altcoins ‘ shitcoins ’ as they could make you money but with danger lurking around. Don’t invest an amount you are not willing to lose to put yourself in a safe spot in case things eventually go down south.
Do you still want to invest?
Well, it is not really a straightforward process. Here is how;
First, you can find a brief guide on SafeMoon’s Twitter profile a pinned tweet with a video on getting started.
Steps to buying SafeMoon
- You download the Trust Wallet app
- Buy the Binance coins (BNB) and transfer them to your Trust Wallet
- Then go to PancakeSwap through the Trust Wallet app
- Search for the SafeMoon page and swap your Binance coins for SafeMoon.
Other platforms where you can buy yourself SafeMoon are
BitMart, WhiteBit, and Gate.io.
Conclusion ( My Final Thoughts! )
The crypto-sphere is something to look forward to every day as you don’t know what will pop up next as I know this is not the end for sh*tcoins like this. I’ll write on sh*tcoins and talk more about it in my next post. Trade and invest wisely.
Note: Nothing stated here in this post or any of my posts should be taken as financial advice.
PS: I’m a technical content contractor. If you are interested in working with me, you can shoot me a straightforward, real quick email soamodu@gmail.com.