What is SafeMoon on Binance?
SafeMoon is one of the latest and popular cryptocurrencies that have made an uproar in the crypto market. Released on March 8 2021, it already made some reputation among the crypto enthusiasts with its popularity gradually increasing every day.
The price of SafeMoon coins are very low, and it was launched with 1 quadrillion tokens in the market, but the developers burned 223 trillion of those tokens, which means only 777 trillion tokens are currently available in the market. The initial price of these tokens were at 0.0000000010 dollars per coin. That means if someone bought SafeMoon coins worth 50 dollars, then at that time, he would have received a total of $50 billion SafeMoon coins.
SafeMoon on Binance
SafeMoon was launched in the Binance Smart Chain ecosystem. These tokens are a BEP-20 centralized De-Fi token, and it also uses proof of authority as its principal apparatus. It consists of three main components, namely reflection, pancakeswap and token burn. The unique feature of this coin is that a 10% fee is deducted from the user who is trying to sell the SafeMoon coins, i.e., the sellers have to pay a 10% fee for selling the tokens. 5% of these fees are reallocated among the existing clients of this particular digital token, and the other half is utilized for a liquidity reserve with Binance Coin (BNB) and SafeMoon tokens.
Manual Burning of Tokens
Another feature of the SafeMoon token is that the developer will gradually burn the SafeMoon coins. This is intended to raise the price of this digital token by creating an artificial demand. Till now, a total of 400 trillion SafeMoon coins have been burned by the developers in addition to the 223 trillion tokens burnt while releasing the SafeMoon coin. For early buyers of this digital currency, Safemoon has been very rewarding. On April 20, SafeMoon reached an all-time high of 0.00001399 dollars and then it fell down by more than 75% of its previous value.
No real-world value
Many crypto experts are being cynical about SafeMoon because it does not have any real-world value or purpose. It does not possess any feature that can be advantageous in comparison to other cryptocurrencies or any specific purpose that can lead it to long term success.
Can’t be purchased directly
Yes, it is true that SafeMoon is not available in any crypto exchange platform except for Pancakeswap. But there, you have to use your Binance Coin (BNB) and exchange it for SafeMoon tokens. The process is not as easy as buying other cryptocurrencies.
Team SafeMoon has declared their roadmap for future plans, including releasing an application, exchange platform, video game, merging with African markets, etc., but truth to be told, it does not have much essence behind it unless they plan to bring something purposeful.