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DE SafeMoon is a relatively new cryptocurrency that has shaken up the entire crypto industry. They position themselves as: ‘a community-driven, fair launched DeFi token. Three functions occur during each trade: reflection, LP Acquisition, and Burn.’
Over 2.3 million unique wallets currently hold the SafeMoon crypto. It became incredibly popular with cryptocurrency enthusiasts sharing it among Twitter, TikTok and all sorts of other social media platforms. ‘SafeMoon going to the moon’ is an often expressed comment.
However, is it really a good investment?
SafeMoon Crypto Price Action
Looking at CoinGecko, SafeMoon increased by 8395.5% since it’s all-time low on March 14th, about three months ago.
That makes it seem like a good investment. However, most of the people only learned about SafeMoon in May. Since May 11th, the price has decreased by about 65.6%, almost twice as much as Bitcoin with a 34.5% decrease.
Not so safe after all? Let us dive into the cryptocurrency’s fundamentals.
What is SafeMoon?
SafeMoon mainly saw traction after the dev. team burned all of their team tokens. SafeMoon is an altcoin similar to DogeCoin, it has a high ‘meme’ and sharing-factor, which is exactly what happened.
The protocol started trading against DogeCoin pair late Q1 2021. Q2 sees development on their NFT Exchange and video-game integrations.
The main reason it increased in value is because of speculation and the tokenomics. Whenever someone sells their SafeMoon tokens, a 10% fee is charged of which 5% is distributed among all other token holders. With the huge volume it saw last month, token holders were seeing significant returns by just holding it and watching their stack grow.
The team aims to next to the exchange, also build a charity project. Integrating with the African market and create an African-based office.
While these ideas seem nice. It’s currently nothing more but a meme similar to DogeCoin. In my (Marco) opinion there’s no actual fundamentals behind the project and the token has no utility within an ecosystem. This means that the current valuation is purely based on speculation and upon an actual bear market or economically difficult time it’s likely the majority of users (except for early participants) are left with nothing but dust.
This is something we aim to warn against and we would not recommend purchasing SafeMoon unless you’re very certain you’re able to lose these funds and are basically willing to gamble for an increase in value.
How much is SafeMoon currently worth?
At a current price of $0.00000377, SafeMoon has a market valuation of $2.2B USD. With this valuation, it’s currently ranked #52 on CoinGecko.
How to buy SafeMoon?
SafeMoon isn’t listed on any of the major cryptocurrency exchanges. The token can be purchased on PancakeSwap, MXC, Gate.io, BitMart and a couple of other smaller exchanges.
