Mục lục:
Safemoon coin is a token that is “hunted” by the crypto-enthusiast community as a “get-rich-quick” asset. A group of people believes in the applicability of Safemoon, but others think that this is a scam project. So what is the Safemoon coin, after all? What are the basic features of the Safemoon coin, and who is right in this controversy? Let's take a closer look at this cryptocurrency with Cryptocoin24h to see if it's worth the investment?
Safemoon coin?
What is Safemoon coin? Safemoon coin is a new coin launched in March 2021. This is a cryptocurrency on Binance Smart Chain (BSC). Since it is relatively new, the token has less traffic than established technical assets like Bitcoin or Ethereum.
The project is Defi – a decentralized finance protocol, which Safemoon has stated is “a platform driven by the community.” They claim this is because the development team burned all the tokens. That is, they are ready to accompany the traders. By doing so, the development team has no advantage over any other user.
What are the functions of the Safemoon coin?
Safemoon is different from other cryptocurrencies due to what happens after the purchase. When each transaction is executed, there will be a cycle on the network called “Mirroring,” “Collecting Liquidity Pool,” and “Burning.” The details of this process are as follows:
Reflection
In the field of Cryptocurrency, Reflection – “Mirroring” means a static reward. To eliminate the liquidity bubble that is appearing & tends to burst in most new Defi tokens today, Safemoon pays rewards to holders in every transaction. The reward ratio will be based on the trading volume. More specifically, all transactions are subject to a 10% tax rate. Of which 5% is for liquidity & the remaining 5% is distributed to all Safemoon holders.
The idea is to motivate holders to keep holding as it would be costly to do asset transactions during the day. In addition, when more users go to the network to buy, the reward will increase, which will promote more holding, etc.
Liquidity group buyback
In 5% for liquidity is aimed to provide price stability. Limit price changes when sharks sell assets or from other incidents. Safemoon distributes liquidity across all crypto exchanges. Half of that 5% fee will go to the leading trading pair, Safemoon/BNB, in the hope of creating the price mentioned above the floor.
Token burning
Token burning accounts for 5% of the conversion to BNB. This is removing a portion of Safemoon from circulation to deflate. This helps reduce the supply of the asset, thereby pushing up its price.
These three cycles happen with every transaction. The team wants this token to act as a store of value rather than an asset used in transactions. This mechanism causes the Safemoon coin to have properties similar to gold. Simply put, the team claims the Safemoon token is a long-term investment.
Basic Info about SAFEMOON token
- Token Name: Safemoon
- Ticker: SAFEMOON
- Blockchain: Binance Smart Chain (BSC)
- StandardToken: BEP20
- Address: 0x8076c74c5e3f5852037f31ff0093eeb8c8add8d3
- Token Type: Utility
- Total Supply1,000,000,000,000,000,000 SAFEMOON
- Circulating:888,804,497 SAFEMOON
Token Allocation
- Burn : 22.3%
- Distribution : 77.7%
What is SAFEMOON coin storage wallet?
SAFEMOON coin wallet is a BEP-20 token so that you can store this token at wallet:
- Listed exchange wallet Safemoon
- Trust Wallet
- Metamask
How to earn and own SAFEMOON token
Buy directly on the exchange.
Where to buy and sell SAFEMOON tokens?
Currently, SAFEMOON is traded on many different exchanges with a total daily trading volume of about $248 million. The exchanges that list this token include PancakeSwap, Gate.io, BitMart, MXC, WhiteBit, Biki, BakerySwap, ApeSwap.
Roadmap
Q2/2021
Whitebit's tokenomic integration will be completed by completing the application, wallet, and game.
Bitmart integration with tokennomics will also be completed this quarter.
The project will start building NFT Exchange as well as integrating games.
Q3/2021
The project will complete its crypto education application and start its own charity project. In addition, SAFEMOON will initiate donations from the community list to select exchanges (i.e., Coinbase, Binance, Kraken).
Q4/2021
SAFEMOON will complete SafeMoon Exchange and a charity project. The project will complete integration with the African market.
Is SafeMoon a scam?
The evolving structure has raised concerns among market observers (that this could be a multi-level marketing (MLM) scam or a Ponzi scheme because it redistributes funds from investors.” Existing investments pay newbies and keep asking people to buy more to keep progress going. The manual recording has also raised red flags, as 250 million SafeMoon coins are locked. This is what the developers claim to make the liquidity pool more
secure. Cryptocurrency anti-fraud community WarOnRugs issued an advisory on Twitter on April 21, raising concerns that the creator SafeMoon founder John Karony “owns more than 50% of the liquidity and refuses to change this amount”. He can pull LPs and sell tokens, which creates a slide in price. It can be seen as a scam in which the development team removes the liquidity pool after the price rises, while the loss of liquidity causes holders to sell for a bailout, and the price drops. Liquidity was then locked up until May 2025, although tokens equivalent to 66,000 BNB was still held in the deployer's wallet.
All the content, “What is a Safemoon coin? Basic features of Safemoon coin,” are the basics you need to know about Safemoon. With a project that is still relatively young, it is impossible to know in advance whether it will be a smart investment or not. Note that this article is for reference only, Cryptocoin24h does not take responsibility for your investment decisions.
What are some frequently asked questions about Safemoon coin?
How many SafeMoon coins are there?
The total number of SafeMoon created is 1 million billion. Of those, 777 trillion coins were made available to the community at launch, while the remaining 223 trillion were kept in developer wallets.
Where to buy SafeMoon?
Buying SafeMoon coin is more complicated than buying other coins/tokens as it is not listed on major exchanges. You can buy SafeMoon coins using stablecoins or BNB on PancakeSwap, BitMart, BakerySwap, and WhiteBit.
Will SafeMoon prices increase?
If there is continued interest from traders, it could lift the SafeMoon coin price even further. However, Defi token prices are highly volatile and have significant price swings. Many tokens see an increase in price with a strong peak and then fall back, failing to recover as traders move to other assets. This is called “pump and dump.”
