SafeMoon Review and Is It a Good Investment? | by Josh Strategy | Oct, 2021SafeMoon Review and Is It a Good Investment? | by Josh Strategy | Oct, 2021

SafeMoon Review and Is It a Good Investment? | by Josh Strategy | Oct, 2021

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Josh Strategy
picture from : safemoon.net

There are more than 7,000 cryptocurrencies on the market today, and they are increasing every day. It is difficult to know which cryptocurrencies to research and invest in. Popular currencies like Bitcoin and Ethereum have taken the world by storm with huge valuations. But not all cryptocurrencies will succeed. Many will fail, some are scams.

This article explores SafeMoon, one of the latest cryptocurrencies. You will learn about the history of the token, its current value, whether it is safe and whether it is a good investment. Will SafeMoon be one of the next big cryptocurrencies to break out in 2021?

SafeMoon crypto developers have a long-term vision for the future success of the cryptocurrency. Holders earn passive rewards over time, and penalties discourage selling.

Quick Stats:

  • Current price: $0.000003
  • Market cap: $981.88 million
  • Market rank: 212
  • The reward amount is conditional upon the volume being traded, which mitigates against selling pressure caused by early adopters selling their coins.
  • It encourages those holding the tokens to collect higher payments based on the total number owned.

This static approach differs from traditional mining rewards. For example, with Bitcoin (and other tokens), early adopters earned more rewards for their mining efforts than latecomers because the reward value decreases over time.

That means early adopters generally have more crypto than new buyers. SafeMoon’s static reward approach attempts to mitigate the problem of early adopters selling their coins en masse.

The design is for long-term stability. The unusual feature of SafeMoon is the penalty for selling coins. For every transaction, the smart contract charges a 10% fee. Five percent of the fee is split among existing holders, encouraging investors not to sell their tokens.

According to the project’s white paper, the goal is to “prevent the larger dips when whales decide to sell their tokens later in the game, which keeps the price from fluctuating as much.”

However, SafeMoon employs manual burns instead of continuous burns. The argument is that this process can implement a beneficial burn strategy for long-term investors. It also allows the burns to be announced and tracked publicly, leading to increased transparency.

According to data from CoinMarketCap, SafeMoon’s current total market capitalization exceeds US$98188 million, ranking 212th in terms of market dominance. Not bad for a new cryptocurrency that competes with more than 7,000 other tokens.

It could see more buyers in the coming months as the wallet gains more widespread use. Although more than 100,000 Android users had downloaded the wallet from Google Play by Oct. 1, according to BSC News, the iOS version just went live on the App Store on Oct. 6 — and shot up to #10 within 12 hours, SafeMoon announced in a tweet.

Buying SafeMoon on PancakeSwap can be confusing. To be able to purchase it, you will need to buy BNB, or Binance Coin, then convert that to Smart Chain. You can then swap this for SafeMoon. Note that PancakeSwap imposes a $2,000 maximum on SafeMoon, according to Laptop Magazine.

Investing in cryptocurrencies can be extremely risky. Always consult a professional advisor and never trade money you can’t afford to lose.

Credit: gobankingrate.com

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