Regarded by many as the fastest-growing cryptocurrency community on the planet, SafeMoon coin is a cryptocurrency token developed on the Binance Smart Chain blockchain. IT charges a 10% transaction fee, with 5% going to token holders and the rest 5% to wallets in another currency.
The SafeMoon website mentions the following values:
- Value: 0.000005332
- Holders: 2,759,219
- Burned: 427.164 TR
- Circulating: 572.83 TR
- Market Cap: $3.05 B
The founding team of SafeMoon comprises Thomas Smith (CBO), John Karony (CEO), Jack Haines (COO), and Hank Wyatt (CTO).
SafeMoon Coin: Key Features
SafeMoon is a community-driven DeFi protocol with a deflationary utility token — SAFEMOON. It’s developed on the Binance Smart Chain and runs on the BEP-20 token standard. The project came into existence in Q1 2021.
So, let’s look at some key features of SafeMoon:
- Community Focus: SafeMoon is a community-focused token defined by three main functions. 5% of its income goes to token holders, and the remaining 5% goes to the liquidity pool. A small portion goes to a burning wallet.
- Automatic LP: Every trade a trader takes goes towards generating liquidity that enters multiple pools used by various exchanges.
- RFI Static Rewards: If you hold SafeMoon, you can earn passive rewards through static reflection. Hence, your balance can grow indefinitely without any restrictions or capping.
- SafeMoon Exchange (Upcoming): SafeMoon will soon release its cryptocurrency exchange. Once launched, you’ll be able to buy and sell the cryptocurrencies of your choice on the platform.
Where Can You Buy SafeMoon?
Currently, SafeMoon is listed on two exchanges:
SafeMoon mentions on its website that it’s only available on PancakeSwap, a decentralized exchange. It allows you to trade directly from your crypto wallet. Hence, you are in full control of your crypto assets. That said, you are also responsible for the security and privacy of your wallet.
If the process of buying SafeMoon on PancakeSwap is confusing you, you are not alone. The process can be complex, so here is a simplified version:
- Buy Binance Coin or BNB
- Convert BNB to Smart Chain
- Swap Smart Chain for SafeMoon
As of now, you can buy a maximum of $2,000 worth of SafeMoon.
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SafeMoon Coin: How Does It Work?
If you’re curious about how SafeMoon works, here’s a quick process.
As discussed, SafeMoon is a BEP-20 token that operates on reflection tokenomics and auto-liquidity generation. It has a deflationary mechanism that has already burned over 400 trillion tokens thus far.
As mentioned, the 10% transaction fee charged by SafeMoon gets split into two parts. Five percent goes to token holders, and the remaining 5% gets further divided into two halves. Hence, the first half goes on an action on a smart contract, and the remaining half goes to increase PancakeSwap’s liquidity.
Why Is SafeMoon Undervalued?
SafeMoon’s current value is $0.000005, and the biggest question among those who have invested in SafeMoon is when it will reach one cent. While the once-cent market seems quite far, the SafeMoon platform is constantly releasing new features and applications. Hence, it’s entirely possible that its price will reach one cent in the upcoming months.
Should You Invest in SafeMoon Coin?
If you are planning to invest in SafeMoon, you need to first determine if it’s a good investment. Let’s look at whether SafeMoon is a good investment from various angles.
First, SafeMoon has strong fundamentals. It has a market cap of over three billion dollars. The project is also robust, and the SafeMoon platform is getting constant updates with new features. So, if you look at the fundamentals, SafeMoon is a good investment.
The next thing to consider is the price. While cryptocurrencies like Bitcoin are available for a whopping $60,000, SafeMoon is available for $0.000005 only, despite showing a 350% rise in 2021. You can buy 200,000 quantities for just $1. A slight upward move in the value can give you good profits. However, SafeMoon is an ideal long-term investment. If you’re looking for crypto for short-term trading, SafeMoon won’t be a good choice.
SafeMoon Coin: Technical Analysis
If you’re interested in learning about the price action and technicals of SafeMoon, keep reading.
SafeMoon is a relatively new cryptocurrency. It had its ICO on Oct 2, 2021, so it’s about a month old. However, the price action of SafeMoon looks promising.
SafeMoon’s listing price was $0.0000014. It showed steady gains over the next 20 days and reached $0.0000027 on Oct 25. From there, it skyrocketed. Within six days, SafeMoon surged by 150% to $0.000005. What’s promising with this rally is an impressive number of volumes. Over the last week, SafeMoon’s daily volumes have been over 2 billion, which is substantial.
Now, should you take a short-term position in the short term? If you play by the rules of technical analysis, now is not the right time. Whenever an asset shows such a sharp spike, it shows a correction.
The Relative Strength Index (RSI) indicator also confirms this. The RSI value is constantly oscillating over 70, indicating that SafeMoon is in an overbought condition. Also, the RSI indicator has formed a bearish divergence, which is a bearish signal.
All these factors collectively inform that a correction can come anytime in SafeMoon. If you want to take a long position in SafeMoon, waiting for a correction will be the best choice. So, once the price starts rising again, that will be the ideal buying point.
Conclusion: SafeMoon Coin
SafeMoon is a newly-listed cryptocurrency that has shown amazing potential. The fundamentals are strong, and the token could flourish in the upcoming years. If you are looking for a cheap cryptocurrency to buy for the long term, SafeMoon will be an ideal pick. However, you might have to wait for a few years before the price shows movement.
So, would you invest in SafeMoon?