FINTECH | CRYPTOCURRENCY
Could SafeMoon create the next cryptocurrency millionaire? SafeMoon is a DeFi token that provides three functions, Reflection, Burn, and LP Acquisition.
I’ll delve into that and other SafeMoon crypto news and provide the answer to some of your questions, such Where to buy SafeMoon, How to Buy SafeMoon, How does SafeMoon’s price compare to the Shiba Inu coin price, What is the SafeMoon Poo price, or What is Bitmart SafeMoon? And many more.
“The percentage of fees you earn is calculated by the percentage of RFI that you own among holders. This generates a much higher yield than would otherwise be possible.” — Morioh.
“SafeMoon took the DeFi space by storm by reaching the top 50 cryptocurrencies by market cap since its release just four months ago.” — NEWSBTC.
However, it has since dropped back to #213 according to Coin Market Cap.
What is SafeMoon?
It is a relatively new cryptocurrency created in March of 2021. Its aim is to provide a more “sustainable” alternative to other cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and even Shiba Inu, DOGE, and other meme coins.
This, of course, remains to be seen. BTC has been around since 2009 — available for purchase since 2010 and has gone from $0.091 to today’s price of 41,304.10 USD. That seems pretty sustainable to me.
It can accomplish this by using a “holders’ reward system” where currency holders are rewarded for holding onto it rather than selling it. This encourages people to “hold on for dear life (HODL)” the currency and helps to stabilize its price.
“SafeMoon has long been one of the world’s top rewards tokens — the ‘reflections’ system sees SAFEMOON holders receive extra tokens by virtue of holding the crypto in their wallets. According to the team’s white paper, the ‘reflect mechanism’ adds incentive for SafeMoon holders to keep tokens for longer.” — Yahoo Finance.
In addition, every time someone buys or sells the cryptocurrency, a small percentage (0.5%) is added to the liquidity pool. These funds are then used to buy back its tokens from exchanges, which helps to drive up the price. It is also powered by non-fungible tokens (NFTs), which show ownership of assets.
Finally, it has low transaction fees, making it more affordable to use than some traditional cryptocurrencies. It also works with decentralized finance (Defi).
What Are the Three Functions of SafeMoon?
As I alluded to in the intro, the three functions of this cryptocurrency are reflection, burn, and LP acquisition.
Reflection — is a protocol mechanism that returns a percentage of the transaction value to the holder in this cryptocurrency.
A reflection token is a cryptocurrency whose holders are rewarded by levying fees on transactions and then redistributing a percentage of the fees charged to them. A ‘reflective token’ distributes a percentage of every transaction back to its holders. — ICX.
Burn — most cryptocurrency enthusiasts are familiar with the term “burn.” However, SafeMoon crypto uses the technique with each transaction. A small percentage of each transaction is destroyed, theoretically pushing the SafeMoon price up by reducing the circulating supply — “the law of supply & demand.”
“Burning” crypto means permanently removing a number of tokens from circulation. This is typically done by transferring the tokens in question to a burn address, i.e., a wallet from which they cannot ever be retrieved. This is often described as destroying tokens. A project burns its tokens to reduce the overall supply. — Coin Desk.
Liquidity Provider (LP) Acquisition — is when a small percentage of each transaction is added to the liquidity pool. This could drive up the price by making buying the cryptocurrencies tokens on exchanges more affordable.
A key function of automated market maker (AMM) platforms is the liquidity provider (LP) token. LP tokens allow AMMs to be non-custodial, meaning they do not hold on to your tokens, but instead operate via automated functions that promote decentralization and fairness. — Gemini Cryptopedia.
Overall, these three mechanisms help stabilize and increase the cryptocurrency’s price.
How Can I Get 80% APY with SafeMoon?
The best way to get an 80% annual percentage yield (APY) with this cryptocurrency is by holding it in a Trust wallet. Trust wallet is a secure online wallet that allows you to store and manage multiple cryptocurrencies.
In addition, they offer a high yield savings account that pays out 80% APY on balances over $10,000. Therefore, if you’re looking for a safe and secure place to store your SafeMoon, Stilt is the way to go, and its governed by tokenomics.
I don’t know about you, but I would not trust my $10,000 to stay in an online wallet. It seems like every day you hear about another exchange getting hacked.
“Cryptocurrency-linked crime surged to a record high last year in terms of value, with illegal addresses receiving $14 billion in digital currencies, up 79% from $7.8 billion in 2020. — Reuters.
Find out more in my article, Which Is the Best “Cold” Wallet for Your Crypto.
SafeMoon Data Current as of 21 Mar ‘22
“The live SafeMoon price today is $5.17e-7 USD (0.0000005157) with a 24-hour trading volume of $29,692.39 USD. We update our SAFEMOON to USD price in real-time. SafeMoon is down 2.27% in the last 24 hours. The current CoinMarketCap ranking is #231, with a live market cap of $302,618,363 USD. It has a circulating supply of 585,536,366,402,812 SAFEMOON coins and a max. supply of 1,000,000,000,000,000 SAFEMOON coins.” — Coin Market Cap.
SafeMoon to USD Conversion Chart All-Time
SAFEMOON to USD Chart All-Time. Screenshot of CoinMarketCap 21 Mar 22.
Where can I buy SafeMoon?
You can buy SafeMoon on Binance International. Check other exchanges you are familiar with before you buy.
How to buy SafeMoon?
How does SafeMoon’s price compare to the Shiba Inu coin price?
According to Coin Market Cap, Shiba Inu is $0.00002243, that’s 435 times higher than the value of SafeMoon.
The “SafeMoon poo” is a derogatory nickname for SafeMoon; another is that SafeMoon is a “shit” coin. Investors and influencers often refer to tokens with a trillion or quadrillion maximum market supply poo coins.
What is BitMart SafeMoon?
According to CNBC, “Victims of the $200 million BitMart hack say that five weeks have passed since the crypto exchange vowed to return their money. In early December, BitMart wrote in an official statement that it would use its own money to reimburse victims of the large-scale security breach, which the exchange blamed on a stolen private key. Many BitMart customers say they haven’t received any form of reimbursement.”
This might be something to keep an eye on if you use BitMart. This is precisely how altcoins and tokens get a bad name when it’s actually an untrustworthy exchange.
However, BitMart has a Trust Pilot 4.6-star rating (based on 80 reviews) compared to many other “popular” exchanges such as Kucoin (1.7), CoinBase (1.6) Binance (3.0) that have hundreds of reviews. So, perhaps they are trying to work through something.
You must remember that many who complain do not complete the “Know your customer (KYC)” identification process before making trades and transactions, which can lead to problems. If you don’t have the proper identification at the bank, they turn you away. Online can be different.
KYC is a protocol to ensure Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF).
Final thoughts & recommendations about SafeMoon
There is currently a price war going on between $BRISE and $SAFEMOON, so it may seem like a miniature “rollercoaster ride.” You need to have thick skin and learn to ignore these price fluctuations if you want to buy-and-HODL SafeMoon crypto, or any crypto, for that matter.
Considering that if this token went to one cent per token, if you had 100,000,000 or 100 million tokens, you would be a millionaire, for what would currently cost $51.57. That would certainly be worth the risk for some. However, do your own research (DYOR), as they say, and never invest money you cannot afford to risk.
That’s all for now, thanks for reading — until next time.
DISCLAIMER: This article is for entertainment and informational purposes only. It should not be considered financial or legal advice. Not all information will be accurate. I am not a financial adviser, and you should consider anything I write as informational and friendly banter to show you what is possible if you invest your money in these vehicles. However, there are no guarantees. Consult a financial professional before making any significant financial decisions.
Note: This post contains affiliate links. Read my disclosure statement for additional information.
Stephen Dalton is a retired US Army First Sergeant with a degree in journalism from the University of Maryland and a Certified US English Chicago Manual of Style Editor. Also, a Top Writer in Nutrition, Travel, Fiction, Transportation, VR, NFL, Design, Creativity, and Short Story.
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