The buzz around the cryptocurrency market is at an all-time high. There are over 4000 active crypto projects today. And plenty of new ones are being developed rapidly. Some of these could be promising projects with huge potential, and even some scams and Ponzi schemes. Having so many options certainly does make it difficult to choose which cryptocurrencies to invest in. SafeMoon is one of the latest cryptocurrencies to have garnered a lot of attention. The project was launched only recently in March 2021. With many interesting features like static rewards, liquidity pool acquisition, and burn strategy, Safemoon is one of the most interesting crypto projects launched recently. But what exactly is the SafeMoon coin? Where to buy it? SafeMoon price prediction? Let’s find out.
What is SafeMoon Coin?
SafeMoon is one of the biggest cryptocurrency projects to hit the market in 2021. A project is a community-driven approach to decentralized finance. It is a BEP-20 token developed on the Binance Smart Chain that uses proof of authority as the method to gain consensus. Here validators are the block creators and they are pre-approved and selected by Binance.
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The cryptocurrency market is notorious for its volatile nature. Many decentralized projects have also been subjected to rug pulls where developers ditch a crypto project after raising enough funds and escape with the investors’ money. SafeMoon aims to simplify the whole DeFi process. It provides increased protection to yield farming and liquidity mining processes.
SafeMoon is priced at $0.00000163, has a market cap of $952,814,491, and is ranked #213 on CoinMarketCap at the time of writing.
There are some unique functions in SafeMoon: Reflection, Liquidity Pool Acquisition, Manual Burn, and SafeEarn.
Reflection or static rewards are a substitute for farming rewards. The reward amount depends on the number of coins owned by the user. This minimizes the selling pressure created when initial investors trade their coins. Reflection encourages investors HODLing the coins to secure more rewards based on the number of coins owned. This is very much different from how rewards are structured in traditional cryptocurrencies like Bitcoin where early adopters stand more chances of earning more rewards. SafeMoon has leveled the playing field in case of rewards.
Liquidity Pool Acquisition
The automatic liquidity pool is one of the distinct features of SafeMoon. It generates a stable price level for both buying and selling and is designed for long-term stability. A rather unusual practice in SafeMoon is the penalty for selling coins. A 10% fee is charged for every transaction and half of it is split among existing holders. This encourages investors to hold on to their coins. SafeMoon’s liquidity pool acquisition aims to prevent large drops when whales decide to trade their tokens and big fluctuations in prices.
Many cryptocurrencies implement token burning, which forever eliminates those tokens from circulation. This is to enhance the value of the existing tokens by increasing scarcity. Some projects practice continuous burns from the beginning itself. SafeMoon implements a burning strategy called manual burns instead of continuous burns. Manual burning is considered to be beneficial for long-term investors. Burns can also be announced and tracked publicly, increasing the transparency of the network.
SafeEarn is a dApp on the Binance Smart Chain that can be used to stake SafeMoon tokens and earn even more SafeMoon. This is in addition to the reflection rewards for simply holding on to the coin.
SafeMoon Coin – where to buy?
SafeMoon coin is yet to be listed on popular exchanges like Binance and Coinbase. But it can be bought from exchanges like BitMart, Gate.io, LBank, ZB Global, MEXC Global, Hotbit, Bitrue, Kickex, and Bitforex.
SafeMoon Coin Prediction
Initially, the price of the SafeMoon coin went up over 1,500%, but since then, the price has been in a slow and steady decline. Investing in SafeMoon currently would be based just on pure speculation as it is not yet a proven project or have a proven team behind it. However, there are a few interesting future updates to the SafeMoon platform, such as the crypto wallet SafeMoon wallet and the decentralized exchange SafeMoon exchange. The platform also has a very vocal group of supporters on social media. All of this could lead to a significant boost in the price of the SafeMoon coin.
DeFi Token Development like SafeMoon
SafeMoon has the potential to become one of the leading names in decentralized finance in the future. Launching a similar Defi token with Cryptosoftwares’ will provide your coin with the attention and trust of traders. At Cryptosoftwares we offer premium white-label Defi cryptocurrency development solutions. You can count on our years of experience in cryptocurrency development.
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