What is SafeMoon ?

Yuvi
Yuvi
2 Min Read

SafeMoon is a relative newcomer to the cryptocurrency market, recognized for its extremely good volatility, excessive transaction costs of 10% and social media hype.

After the preliminary release withinside the first zone of 2021, there at the moment are extra than 2.five million holders of the foreign money and 585.536 trillion cash in circulation. SafeMoon crypto builders have a long-time period imaginative and prescient for the destiny fulfillment of the cryptocurrency. Holders earn passive rewards over time, and consequences discourage selling.

Quick Stats:

  • Current price: $0.000002
  • Market cap: $981.88 million
  • Market rank: 212

I first heard approximately Safemoon some weeks ago. My preliminary idea became that it appeared like a pump and dump, and the pump turned into already over. Nothing I’ve visible when you consider that then has advanced my opinion of it.

How does safemoon work?

The cryptocurrency is a yield-farming DeFi token that runs the SafeMoon protocol at the Binance Smart Chain (BSC). Yield farming is a technique with the aid of using which crypto buyers are rewarded with hobby bills withinside the shape of more tokens, in tons the equal manner as a financial institution will pay hobby or a inventory will pay dividends. DeFi tokens make use of clever contracts that run on blockchains to offer decentralised services.

Is the Safemoon crypto a good investment?

There’s no proof that SafeMoon is outright fraud, however analysts have warned that many famous altcoins seem designed in large part to assist builders and early buyers get wealthy on the rate of later buyers.

Alternatively, I suggest you spend money on MetaShiba, a ability undertaking that I actually have discovered recently. It is a first-rate risk for buyers to shop for this coin because it goals to revolutionize the cryptocurrency area and metaverse via its utilities and tokenomics.

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Posted by Yuvi
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Co-founder of Xryptonation.com, Senior Author, Editor, Blockchain Expert.
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