What Is SafeMoon And How Can You Buy It?

In the world of crypto, it is every investor’s dream to “go to the moon” and skyrocket the price of tokens you are holding. However, a challenge with many altcoins is extreme price volatility. And when you throw in a variety of crypto scams and carpet pulls, investing in various DeFi projects and tokens can be risky.

Safe Moon, a cryptocurrency on the Binance Smart Chain (BSC), aims to be different. With its own deflationary utility token and a decentralized exchange (DEX) on the horizon, SafeMoon has certainly made a splash in the crypto world.

But how do you buy SafeMoon? And, more importantly, is SafeMoon a good investment, or is this DeFi project nothing more than just another meme coin?

What is SafeMoon?

SafeMoon is a community-driven DeFi project that began in March 2021. John Karony, a former analyst with the United States Department of Defense, founded SafeMoon with the goal of building new and useful blockchain, commercial, metaverse, and NFT products. .

Currently, SafeMoon has its own crypto wallet for Android and iOS. A hardware wallet and SafeMoon exchange are also on the project’s roadmap. Recently, SafeMoon has been upgraded to version 2 (V2), which is essentially an upgrade to the original SafeMoon token to improve scalability and interoperability with other blockchain projects.

according to his white paperSafeMoon’s main goal is to solve common problems that other cryptos have regarding liquidity and mining rewards.

Mining equipment is often expensive and consumes huge amounts of energy. When it comes to exchanges, it is often difficult for decentralized exchanges to provide sufficient liquidity to users. In addition, incentives developers use to encourage users to add liquidity to an exchange are not always worthwhile due to temporary loss.

SafeMoon, on the other hand, uses smart contracts to automatically build liquidity and burn tokens to control the delivery of circulating tokens. With these two approaches, the SafeMoon team believes it can help mitigate the volatility that affects other DeFi projects and also mitigate risk by ensuring liquidity.

How does SafeMoon work?

SafeMoon uses smart contracts to reduce volatility and ensure liquidity. To achieve this, SafeMoon automatically charges a 10% transaction for every transaction on its network. From there, four functions automatically arise:

reflections: SafeMoon will return 4% of fees to existing token holders.Liquidity pool acquisition: 3% of the tokens will be added to SafeMoon’s liquidity pool.Burn tokens: SafeMoon burns 2% of the tokens to help limit the circulating supply.Growth fund: 1% of the tokens contribute to SafeMoon’s Ecosystem Growth Fund.

Paying 10% in fees is incredibly steep, and this is how SafeMoon discourages users from swinging or trying to pump and dump the coin.

In addition, through its static reward structure, SafeMoon reliably pays tokens to stakeholders through reflections. Again, this discourages selling, as token holders reliably generate passive income from their crypto just by hodling.

Ultimately, this system of smart contracts and auto-burn, holder rewards, and liquidity acquisition is what makes SafeMoon unique.

How do you buy SafeMoon?

If you want to buy SafeMoon to diversify your cryptocurrency portfolio, you actually have plenty of options.

The method SafeMoon promotes, of course, is to purchase SafeMoon through its own wallet.

This is how the process works:

Download the free SafeMoon Wallet for Android or iOS and backup your seed phrase. Buy BNB through the wallet using SafeMoon’s MoonPay integration.Swap your BNB tokens for SafeMoon tokens.

MoonPay allows you to buy popular cryptocurrencies with your debit or credit card, and in general it is one of the easiest ways to buy SafeMoon.

Alternatively, you can buy SafeMoon by using various decentralized exchanges (DEXs). Pancake Swap and gate.io are two popular options, although SafeMoon’s wallet or PancakeSwap are your two best options to buy the token.

SafeMoon price history

SafeMoon has had a tumultuous history since its launch, despite aspiring to be a deflationary token.

At launch, SafeMoon cost $0.0000000010 per token and had a stock of 777 trillion tokens. This kind of prize is comparable to meme coins like Shiba Inu and Dogecoin, and it’s really hard to imagine how much SafeMoon you can acquire without spending a lot.

Today SafeMoon hovers around $0.00001274 per token according to CoinMarketCap and has a market cap of approximately $750 million.

If you bought for SafeMoon at launch, you would be a multimillionaire if you spent a few thousand dollars on the token.

This is especially true if you bought and held until April 2021, during which time a slew of celebrity endorsements and general social media hype drove token prices soaring:

Within just a few months of its launch, SafeMoon made millionaires in the same way as other meme coins that became popular on social media.

Since then, the price of SafeMoon has dropped significantly. Granted, the release of his wallet and the continued endorsement of public figures such as Barstool Sports founder David Portnoy boosted SafeMoon’s price on several counts.

However, there is no denying that the token has certainly fallen out of favor since its historic high in early 2021.

Is SafeMoon a good investment?

SafeMoon is still up from the initial token launch, but for now the incredulous hype surrounding the project is gone.

But is SafeMoon a good investment? Or is SafeMoon nothing more than another meme token?

Well, the main criticism of this project has always been that SafeMoon doesn’t have an actual utility. In fact, skeptics have even called SafeMoon a Ponzi scheme or carpet puller.

Considering that SafeMoon is not listed on popular crypto exchanges like Coinbase or Binance, that’s another serious drawback. After all, numerous alternative cryptos such as Chainlink, Polygon and Solana are listed on major crypto exchanges.

This lack of competitive advantage or apparent utility is the main red flag for SafeMoon. The token has proven to be neither immune to extreme price volatility nor deflationary. Furthermore, while projects like Solana aim to challenge Ethereum’s scalability issues by processing more transactions per second, SafeMoon does nothing but the 10% trading fee system that leverages smart contracts.

Ultimately, this means investing in SafeMoon is extreme speculative. You can do your best with meme coins or coins powered by social media if you want, but know that it is a risky investment strategy and you should not invest money that you cannot afford to lose.

Final Thoughts

Whether you’re a pro or a doubter, there’s no denying that SafeMoon has been on a wild ride since its inception in early 2021.

To its credit, SafeMoon is trying to be different from other cryptocurrencies. The 10% fee model that helps provide holder rewards, combustion and liquidity is certainly interesting. And the fact that SafeMoon has its own wallet and has an exchange along the way are promising signs.

But in the end, SafeMoon is a risky investment. And it’s not even the best way to earn passive income from your crypto.

Today there are so many lucrative crypto savings accounts where you can earn interest with various tokens. BlockFi and Celsius are two popular examples, and you can buy more established cryptos like Bitcoin, Ethereum and Solana and generate revenue with these tokens instead.

So keep an eye out for SafeMoon and consider dabbling with the token if you like risky altcoin investments. But for long-term storage, you should probably look elsewhere.

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