What Safemoon Does?
From the beginning, the crypto market has been volatile. Investors and traders have faced difficulties keeping track of the charts. Even the most famous Bitcoin flings like crazy, but it has also reached the valuation of more than $20000 per coin.
There are already more than 9000 types of digital currencies available in the crypto market. Safe moon is one of the latest cryptocurrencies that has seen a hike in price after coming into the market in March of this year.
Safe moon is a Defi token with its full form being ‘Safely to the Moon’. When Dogecoin was first introduced, this particular term was also introduced with it. Unlike other crypto coins, Safemoon’s objective is to fix up the wildly fluctuating market price issue being a decentralized finance crypto token.
This digital coin has faced a steady increase after its introduction itself in the crypto market. The total number of Safemoon tokens are 1 quadrillion, and it stimulates peer to peer exchange. The head of the Safemoon project is John Karony, and he is a former all-source analyst for the US department of defence.
How Safemoon works
To fix the price volatility issue, which is their main objective Safemoon has applied a certain concord, those who will sell this coin will receive a 10% penalty tax on each transaction, but the positive note is that 5% of this penalty fee will be distributed among all the remaining Safemoon coin holders.
The objective behind this kind of approach is to limit and reduce the daily transactions and encourage holding the coins for long term rewards. The ruling gives an advantage to the owners of the coin as well as traders need to think twice before selling the tokens. This will also help reduce the sudden market collapse and fluctuation of prices.
According to Safemoons official website, Pancakeswap is the listed way to buy Safemoon tokens. First, you need to open a proper crypto wallet; without a crypto wallet, you will not be able to buy Safemoon. The next step is to convert BNB into a smart chain which in turn can help you directly buy Safemoon.
With all the information provided by the CEO John Karony and the company website, experts suggest that it is still riskful to invest in Safemoon. The sole reason behind this comment is that, just like other crypto coins, Safemoon is also not under any kind of authority. Despite these, the Safemoon team has declared their roadmap, and also they have further mentioned that they are going to integrate with African Markets as well as explore other exchanges at the same time.