Is SafeMoon a currency scam?
According to a lot of crypto enthusiasts, Safemoon is the new currency that can potentially become the next Bitcoin. It is also being hyped as a “Get Rich Real Quick”-opportunity by the crypto-community. Even though the coin gained a lot of popularity in a very short time nevertheless, the coin received a lot of criticism for not having a real use-case and exploiting the DogeCoin momentum.
An introduction to SafeMoon tokens
SafeMoon is a BEP-20 altcoin created in the Binance smart chain. Despite being launched in March of this year, it already has more than 1 million token holders. The current market capitalization of this fairly new currency is at $1,142,000,000.
Unlike the most popular digital currencies such as Bitcoin, ethereum, Litecoin, Ripple, etc. SafeMoon is comparatively much cheaper per token. Therefore, many crypto investors think that SafeMoon is going to show the same performance shown by the likes of ethereum and Bitcoin. It is definitely true that SafeMoon has shown a high rise and rewarded its early buyers. On April 20, the price of SafeMoon hit the ceiling, reaching $0.00001399 per unit. Which means there was a 20,000% increase in price from the original value. If someone has invested 100$ in SafeMoon, he would have already become a millionaire.
SafeMoon at the launching period had a total of 1,000,000,000,000 tokens (one quadrillion). But the team SafeMoon adopted a token burn policy in which the team will manually burn the tokens, which they already did, burning (permanently destroying) around 223 trillion tokens at the time of the launch. Also, the SafeMoon token has an applied built-in mechanism where whenever a transaction has been conducted, a total of 11 percent share is burnt. That means with each transaction steadily, the coins of SafeMoon are permanently getting destroyed. A total of 422,484,577,774,433 tokens have been burnt to date.
Can it be a fraud?
Overall, SafeMoon does possess an interesting token model, but the primary aim of this model is to create a lot of hype. And thanks to social media marketing, this token has had enough exposure. The holders of this token are rewarded, and the sellers are punished with a 10% cut for selling the tokens. Although it promises to do a lot of things in the future, it currently does not have any real or practical value. Therefore, the rise and fall in the price of SafeMoon is totally through the help of the dedicated SafeMoon community and social media management.
Where Can you get Safemoon?
Although Safemoon is purely based on the Binance Smart Chain (BSC) but is unavailable on Binance, you can buy the coin from pancakeswap, but you will have to first create a separate wallet. For purchasing SafeMoon tokens, CoinMarketCap suggests that the best exchanges are BitForex, BlueHelix Exchange and Gate.io.
Is it going to reach new heights, or does the growth stop here?
According to recent market data and statistics, SafeMoon has suffered quite a lot in the recent few months. Also, some investors have lost their faith in SafeMoon due to the corrections happening in the current crypto market. The social media tactics used by the team SafeMoon is commendable, but we do not know much about these people due to anonymity. Many people also think that the project SafeMoon can potentially be a pump and dump scheme where big investors manipulate the common investors to put their money into it, only to make them fall on their knees.