How Safemoon burn works?
Particularly in the last decade, the cryptocurrency market has seen tremendous growth as well as major ups and downs. Major cryptocurrencies such as Bitcoin, Ethereum, Dogecoins became tremendously popular among the general public and investors.
In this year, the craze for cryptocurrency is at an all-time high. The latest developments in the crypto verse have initiated different companies and businesses to develop new cryptocurrencies and take advantage of the momentum. Among the newest cryptocurrencies that have arrived in the market, Safemoon is a popular one. After its launch, it has seen some immediate success giving investors of this currency a profitable return.
After Safemoon launched in the month of March, it was priced at $0.0000000010 per token. And in April, the price of each token reached $0.00001399, and so far, that is the highest amount reached by Safemoon.
What is Safemoon?
Safemoon is a Defi BEP-20 token created in the Binance ecosystem. It has a total of three major parts: Reflection, Pancakeswap and Burn. The name SafeMoon stands for ‘Safely to the Moon’. The most striking feature of the safe moon coin is that whenever the coin is sold, a 10% fee is applied to the user for selling the coin. 5% of these charges are redistributed among the other coin holders and 5% of the fees to safemoon Binance liquidity pool.
When Safemoon was launched, it had 1 quadrillion tokens, but during its launch, the developers burnt 223 trillion tokens with 777 trillion tokens remaining. This is the process called token burn, and in this case, it is safemoon burn. Safemoon’s developers implemented this idea to gradually raise the price of the token. The idea was that with each transaction conducted in the marketplace, a certain amount of tokens would get burnt. Till now, a total of 400 trillion safemoon tokens have been burnt, including the 223 trillion at the launch time. And the safe moon team will continue to do so regularly to increase the value of the token in the market.
They have also included their future plans in the form of a road map. Among them is merging with the African market, introducing a wallet, creating a video game and creating a separate safe moon exchange.
Although experts suggest that safe moon has no real value and it is just a part of the hype, but they are not wrong because the team behind safe moon has not achieved any significant success so far. Also, only one of them has graduated from University. So we will have to wait and see if Safemoon can survive the wild crypto market,