Crypto bellwether Bitcoin and several large-cap cryptocurrencies have endured a turbulent week in their price action.
BTC slumped almost 20% after attaining a new ATH of $64,883 last week. Ethereum has not fared any better, even though it has broken through the $2,000 mark.
But surprisingly, two often-disregarded crypto assets have continued to post high returns even as the larger crypto market stumbles.
The first is Dogecoin which surged over 400% in the last seven days, according to a Bloomberg report.
Another is SafeMoon which launched a little more than a month ago.
The DeFi protocol has posted returns of over 6000% and attracted many crypto investors into the space. Many are saying it may just be the next big thing.
So, we will provide you all the details you need to know about this crypto entrant and how you can lay your hands on some SafeMoon tokens.
What is SafeMoon?
According to its website, Safemoon Protocol is a community-driven, fair launched decentralized finance (DeFi) token.
Although a cryptocurrency much like Bitcoin and Dogecoin, SafeMoon performs a strategically different function on the blockchain network.
It allows users to access traditional banking services without interfacing with the banks. This way, a peer-to-peer exchange is facilitated, and it hopes to address the volatility issues crypto has been faced with so far.
It launched in March. 8 2021 and has since posted high ROIs making many crypto investors to notice. It uses an RFI tokenomics and auto-liquidity generating protocol, which enables it to reward loyal investors and keep out crypto speculators.
Meanwhile, since its launch, the DeFi protocol has climbed more than 6000% and is ranked 2427 on the coinmarketcap metric.
It has over $5 billion fully diluted market cap and has so far posted over $170 million trades in the past 24hrs. Crypto enthusiasts have welcomed the crypto with open arms as it is trending all over social media.
According to his Twitter profile, John Karony is the CEO of SafeMoon.
History and Adoption
Not much is known about the new kid on the crypto block except that it launched towards the end of Q1 2021.
But what can be gleaned from the website is that the development team is looking to keep out speculators, known in crypto circles as ‘whales.’
This is to combat the speculative bubble that these high-value investors create around crypto projects.
To make sure speculators do not flood into the space, SafeMoon uses an automatic liquidity generating pool where loyal investors get rewarded, and sellers are fined 10% if they want to cash out.
This penalty fee is then shared among the remaining investors to create a ‘price floor.’
It also hopes to promote a ‘buy and hold’ philosophy and create a platform where genuine crypto investors can get something in return for trusting in a project’s prospects.
In a whitepaper published by the development team, they point to the use of high APY LP-farms as an issue that makes it difficult for DeFi novices to access the space.
SafeMoon aims to solve this issue with its static rewards system (users are rewarded conditionally based on the volume of tokens they trade).
This will take away any pressure on the SafeMoon token if early adopters eventually sell them.
Another feature called the ‘reflect mechanism’ incentivizes SafeMoon hodlers to keep their tokens for longer periods by rewarding them with higher kick-backs based on the volume of tokens they are holding.
According to the whitepaper, the SafeMoon protocol also uses a manual burn strategy geared towards rewarding investors who are in for the long haul. It also uses an automatic liquidity pool (LP), creating a solid price floor and penalizing arbitrage traders from dumping tokens suddenly.
Its total supply cap is put at one quadrillion, while the burned dev token is 223 trillion. It has a fair launch supply of 777 trillion. It currently has over 900,000 holders.
According to the development team, each trade attracts a 10% penalty fee in which 5% is redistributed to all token holders at the time. The other 5% is split again by half with a portion sold by the contract into Binance’s native token BNB. The remaining half is then paired with the BNB and added on PancakeSwap as a liquidity pair.
SafeMoon is not listed in most popular crypto exchanges like Binance and Coinbase, but the US-based firm says it is working on a possible entry into these centralized exchanges.
But you can easily trade it on WhiteBIT, popular decentralized exchange platform PancakeSwap, and BitMart crypto exchange.
It is also looking to move into the non-fungible tokens (NFTs) space and is currently raising money to build an NFT exchange. According to a video clip on its website, over $700,000 has been raised so far from donors for the project.
For now, SafeMoon tokens cannot be directly bought with cash. Rather, you will need to exchange your cash with BNB or BSC before you can lay your hands on it. It is currently working with WhiteBIT to offer a direct fiat payment method for investors.
I turned 3k into 91k in 3weeks….#Safemoon 🚀
— Khalil Underwood (@RealKhalilU) April 19, 2021
Concerning its performance in the crypto market, SafeMoon has taken the crypto world by storm. In a few short weeks, it has rallied 6000%, beating major cryptocurrencies like Bitcoin and Ethereum. Many crypto enthusiasts have joined the SafeMoon bandwagon, with many posting high returns.
But some other investors have pointed out that these returns may be a concerted effort by a group of retail traders to boost the price of the digital token.
A mysterious crypto investor, “Venizo Crypto,” noted that this same practice was extended to meme-based cryptocurrency DOGE, which climbed over 400% in a few short days.
$50 in next 12hrs
RT this and tweet the text with picture 👇
Today I found out that the only reason #safemoon and #doge are mooning is a large trading group pumping their price to dump it later on. They have been pumping $doge for weeks: https://t.co/uiPhF2WXBP pic.twitter.com/0Hatx639Rw
— Venizo Crypto (@cryptovenizo) April 19, 2021
According to the trader, the group is a discord community called “Big Pump Signal,” and they specialize in pumping cryptocurrency prices in a “controlled manner.”
According to online reviews, the discord group is a scam as they allegedly pre-pump crypto prices before inviting others to buy into the project.
At press time, SafeMoon trades at $0.00000554, falling 28.7% in the last 24 hours, according to data from Coingecko.
Where to Buy SafeMoon
SafeMoon’s long-term success is anyone’s guess, but if it makes it through to adoption, it may be a prized jewel to have in your investment portfolio.
But even at that, there are still hurdles you may have to cross to get your hands on some SafeMoon tokens.
Given that SafeMoon tokens are not easily accessible on the wider crypto investment space, procuring some for yourself may see you go through several crypto platforms and exchanges. And so, because of this, we have highlighted some of the best cryptocurrency exchanges that can make the procurement process a little easier for you.
According to SafeMoon’s “How to Buy” guide, you will need an ERC-20 wallet to get started. We recommend you use Trust Wallet. Once you have it, you can purchase Binance Coin (BNB) on Binance and transfer it to your Trust Wallet.
You will then need to swap the BNB for Binance Smart Chain (BSC) tokens. Once this process is complete, then search out PancakeSwap on the browser menu. On this decentralized exchange, click on ‘trade’ and select BNB on the “from” tab. You can also trade SafeMoon on ZBG Exchange.
— SafeMoon Protocol (@safemoon) April 22, 2021
Fill in the amount you want to invest and search for SafeMoon on the ‘to’ box. You will need to copy a string of wallet addresses from their ‘How to Buy’ page and fill this in as well.
Remember to set your ‘slippage tolerance’ to 12% on the exchange settings on the top right. Once this is done, you can complete your transaction.
While you can go through the complex route described above, you can easily get your hands on numerous tokens when you use Capital.com.
The online brokerage is regulated by the Financial Conduct Authority (FCA) in the UK and the Cyprus Securities and Exchange Commission (CySEC), so this is a pretty safe place to trade cryptocurrencies.
Its intuitive and user-friendly platform also makes it easier for you to trade SafeMoon and several cryptocurrencies from the convenience of your smartphone. Aside from cryptocurrencies, Capital.com offers you exposure to other investment vehicles like CFDs, ETFs, stocks, bonds, and the foreign exchange (Forex) markets. With
Capital.com, you get a fully diversified investment portfolio and an educational resource on how you can trade safely.
Libertex also offers investors exposure to virtual currencies like SafeMoon tokens. With over 20 years of trading experience, the crypto trading platform provides a high-speed, cutting-edge technology platform to trade from. It offers exposure to over 250 tradable assets and has a presence in 120 countries worldwide. You can get several other crypto assets on this platform.