What is SafeMoon?

SafeMoon is a brand-new cryptocurrency, it was only listed on CoinMarketCap on the 9th March 2021. Despite being so new though, SafeMoon has already caused an absolute storm in the crypto universe with it reaching a reported market cap of over $8 billion and there are now over 1,000,000 token holders! The CEO and founder of SafeMoon is John Karony. 

DeFi 

SafeMoon describes itself as a DeFi (decentralised finance) token. 

Holders are rewarded with additional SafeMoon tokens for holding large quantities of the token itself; additionally anyone selling SafeMoon is penalised with a 10% fee.  SafeMoon uses an Automatic Liquidity Pool where contracts take tokens from buyers and sellers and adds them to the liquidity pool. This is designed to ‘prevent larger dips when whales sell their tokens’; however this has not worked so far as in the last week alone, SafeMoon has seen a major drop in price (over 50% in April 2021). 

SafeMoon also promise to manually burn (destroy) tokens, to increase the price. This manual burn process is decided by the SafeMoon team. 

In order for SafeMoon to continuously rise in price (and therefore benefit current holders), new investors must enter the market and purchase SafeMoon continuously, similar to multi-level marketing companies… 

Key Statistics 

SafeMoon has a total circulating supply of 642,807,441,594,934 tokens, with a price on the 22nd April of just $0.00000655. 

It reached an all-time high price of $0.00001399 on the 20th April 2021. 

Part of the reason for the huge rise in token price and market capitalisation was due to speculation that SafeMoon would be listed on a major exchange; however when this failed to materialise (it was listed on the little known ZBG exchange) the price fell sharply. 

How Can I Buy SafeMoon? 

SafeMoon is currently listed on the decentralised Pancake Swap exchange. 

In order to purchase SafeMoon cryptocurrency investors need to set a Binance Chain Network compatible wallet such as Trust Wallet. 

Once this has been set up, users must fund their wallet with BNB (Binance Coins) and in turn swap these BNB for SafeMoon. 

Conclusion

 

With any new cryptocurrency we encourage you to DYOR and know what you are buying. There are alleged rumours that SafeMoon is a pump and dump and currently we only choose to promote exchanges we can be sure who vet their listings thoroughly.