If you’ve been a dogecoin (DOGE) enthusiast for some time, you might be wondering, should you buy Safemoon? That depends on many factors, including whether the coin has a strong community and how worthwhile the project is for the wider community. It is especially important when the market is undergoing a bearish trend.
Many investors are looking to liquidate their positions. If you are looking for the best software for trading cryptocurrencies then go to www.quantum-ai.trading/ this makes cryptocurrency trading more accessible. However, you should keep in mind that the price of Safemoon will likely climb once the market reversals itself.
SafeMoon (SAFEMOON) is a blockchain project
SafeMoon is a blockchain project that exists on the blockchain and does not use exchanges or monetary foundations. It aims to promote peer-to-peer exchange. There are one quadrillion tokens in total, with an adequate launch supply of 777 trillion and 223 trillion Burned Dev Tokens. It was created by two men, John Karony and Jack Haines-Davies. Haines-Davies has worked at companies like LikeandShare LTD and Ben Phillips Media.
This project also intends to prevent day trading of coins, leading to bigger price dips. It has a remuneration system that rewards long-term coin holders and distributes 5% of the penalty tax to these individuals. Because SafeMoon wants to promote long-term coin holding, it has introduced a 10% penalty tax on token sales.
This tax is then distributed to token holders. The project also limits the sale of tokens, which is a smart move since it encourages long-term holding and reduces the volatility of cryptocurrency prices.
Although the token has yet to gain widespread adoption, it has been in existence for only two months. There are no regular users, influencer endorsements, or technology that Safemoon has backed. In addition, the token’s trading fees are redistributed to existing token holders. The tokens are issued with a 10% handling fee, redistributing to current holders.
After the launch of Dogecoin (DOGE) and Shiba Inu (SHIB), Safemoon was added to the meme coin list. The price increased during April and May, and the altcoin has since gained the support of celebrities and other influential individuals. In May, Safemoon collaborated with several prominent crypto institutions and platforms, such as Simplex. By December 2020, the altcoin will be upgraded to version two.
While Safemoon was created to promote long-term investment, the currency is extremely volatile. Investors should do their homework before investing. It is not always easy to tell whether a coin is safe until it is in the hands of someone familiar with the market. In this case, Safemoon is a good option for long-term investors and is expected to bounce back. Bitrise is one such competitor, but Safemoon is expected to gain more traction as it competes with its rival.
Rewards with every transaction
The underlying blockchain of Safemoon is a decentralised finance protocol. Its developers say the project is community-driven, in line with its goal of making trading easier for everyone. Its developers are equal partners with other traders, and they have the power to burn their tokens if they do not believe in the project’s mission.
The network aims to eliminate liquidity issues that plague the market, where liquidity providers daily bring in millions of dollars. At the same time, new users continually try to farm tokens independently. While the company has a $2.5 billion market cap, it is not a perfect investment for everyone.
Safemoon has the potential to outperform chief meme coins
Although Dogecoin (DOGE) Safe Moon has seen massive growth, Safemoon has shown different potential. This new cryptocurrency was launched just seven months ago and is gaining massive traction. Its tagline is, “Safely expand to the moon.”
The coin operates using similar principles to its more famous cousin. It promises to keep investors’ funds safe and prevent volatile movements. In addition, it offers an easy way to purchase a certain amount of Safemoon.
In this post, we have told you about safemoon cryptocurrency. Unlike other altcoins, SafeMoon has no centralised central authority and is prone to hacking. It is, however, a decentralised cryptocurrency and has the potential to outperform the market for several years to come. In April, SafeMoon’s development team held an AMA on Twitch.