The data on this web page shouldn’t be used as funding recommendation. Tom’s Information can’t inform you whether or not you need to spend money on a specific cryptocurrency, or out there as a complete. Crypto costs can go down in addition to up and you could possibly get again lower than you place in.
SafeMoon is without doubt one of the latest and fastest-growing cryptocurrencies, even in a market that’s lately seen Bitcoin and Ethereum attain record-high values and even the tongue-in cheek Dogecoin rising by over 11,000%.
Even so, SafeMoon is a most uncommon digital foreign money, because it imposes a penalty on anybody who tries to commerce their cash (or “tokens”). Only some weeks outdated, its sheer newness additionally would possibly lead some potential crypto patrons to see it as an unknown amount.
That mentioned, it has been attracting a good bit of consideration of late, so it is attainable that you have landed on this web page with the intention of investing in it. If that is the case, then tread fastidiously.
Cryptocurrencies could make for dangerous investments, because of the inherent volatility out there. They don’t seem to be like most conventional shares, the place positive factors — and falls — are typically incremental; fortunes have been worn out in a single day. By no means make investments greater than you’ll be able to afford to lose and do your analysis first.
It is also attainable that you just simply need to discover out extra about what SafeMoon truly is — wherein case, learn on for our full information.
SafeMoon is an altcoin: a blockchain-based digital foreign money broadly just like Bitcoin, however with some clear distinctions as nicely. It launched in March 2021 and has already racked up over 1 million customers.
SafeMoon’s distinctive characteristic is that it expenses a ten% charge to anybody who sells their tokens; 5% of this charge is then redistributed to all different SafeMoon homeowners, basically rewarding those that grasp onto their tokens and disincentivizing promoting.
One criticism of cryptocurrencies like Bitcoin is how they’ve strayed from their authentic objective of offering a working, decentralized foreign money to easily change into investable commodities; it’s not clear what, if something, you’ll truly be capable to purchase with SafeMoon, however the promoting charge is at the least encouraging homeowners to not simply purchase and promote their tokens for now.
SafeMoon is also seen as a extra severe tackle Dogecoin, the tongue-in-cheek altcoin with an unofficial rallying cry of “To the moon” — SafeMoon’s slogan is “Safely to the Moon.”
Newest SafeMoon information (Up to date Might 20)
- SafeMoon has suffered a giant drop up to now week, down from $0.00001 on Sunday (Might 16) to round $0.0000045 at one stage. It is presently at $0.0000058.
- SafeMoon’s CEO John Karony and COO Jack Haines have revealed plans to make use of Minecraft as a platform to check attainable new options.
- The pair additionally introduced that they had been working with Simplex, a platform that allows customers to buy cryptocurrency utilizing a credit score or debit card.
- A billboard for the cryptocurrency appeared in New York’s Occasions Sq. lately (Might 10), together with a message proclaiming it “The world’s quickest rising cryptocurrency.”
SafeMoon value: How a lot is SafeMoon value?
Like Dogecoin, SafeMoon is value quite a bit lower than Bitcoin or Ethereum per-unit, however had been climbing in worth till lately. Coin Market Cap presently has every token at $0.0000058, down on its peak of $0.000014 in late April, however a pointy enhance from its $0.0000000010 launch worth.
That is not sufficient for it to make it into the checklist of top cryptocurrency performers by market cap, nevertheless it’s already attracting consideration from potential traders trying to get entangled whereas SafeMoon continues to be low-cost — regardless of the promoting charge.
Is SafeMoon secure?
Cryptocurrencies are sometimes extremely risky, and on present proof SafeMoon doesn’t look to be a lot completely different: at the same time as its worth grows it’s nonetheless liable to huge slides, certainly one of which already occurred in April and one other of which took place just yesterday (Might 19).
Whereas that’s par for the course with numerous investments, SafeMoon has additionally been in comparison with a Ponzi scheme, as any income you could possibly make in future are primarily based on somebody paying extra for the tokens than you probably did additional down the road. The promoting charge and redistribution mannequin is also mentioned to encourage early adopters, who would then acquire probably the most from subsequent gross sales.
Cryptocurrency investor and influencer Lark Davis warned towards SafeMoon on Twitter, saying, “Bear in mind simply since you earn money off of a Ponzi doesn’t change the truth that it’s a Ponzi.” Davis additionally compared SafeMoon to BitConnect, a cryptocurrency that shut down in 2018 after two U.S. state-level securities regulators publicly warned traders of its similarities to a Ponzi scheme.
WarOnRugs, an anti-scamming collective targeted on cryptocurrency, has additionally criticised SafeMoon’s owners for locking away greater than 50% of its personal liquidity pool. The group claims this might end in a “rug pull,” a type of exit rip-off whereby liquidity is deliberately drained from a market, leaving merchants unable to promote. SafeMoon CEO John Karony maintains that liquidity is held to make the foreign money safer.
Methods to purchase SafeMoon
For those who’re keen to take the chance, then you should purchase SafeMoon from certainly one of 4 crypto exchanges: PancakeSwap, BitMart, WhiteBit and Bakery Swap. It’s a extra advanced course of than merely shopping for a foreign money like Bitcoin, although: you principally want to purchase BinanceCoin, one other cryptocurrency, then swap it for SafeMoon.
To make use of PancakeSwap, for example, you first have to obtain the Trust Wallet app, then purchase BinanceCoins (both BNB or BSC) and add them to the pockets. You then go to PancakeSwap via the Belief Pockets app, discover the SafeMoon web page and swap your Binance there.
A devoted SafeMoon pockets is within the works, which can simplify the method. Simply keep in mind that utilizing cryptocurrencies as investments is dangerous at the most effective of occasions — they’re often much more risky than conventional shares and the market is, at current, unregulated, Ultimately, it’s your personal cash on the road — so we would recommend by no means investing greater than you’ll be able to afford to lose.