What is SafeMoon? SafeMoon is a protocol that is governed by the community and distributes tokens evenly among users. The term “To the moon,” which means “to quickly increase in price,” is the source of SafeMoon’s slogan, “Safely to the moon.”
Cryptocurrency Safemoon was introduced in March 2021 and gained popularity as its price surged in April of that same year.
What is SafeMoon Crypto (SAFEMOON)?
The SafeMoon Protocol is a coin for decentralized finance (DeFi). According to the SafeMoon website, three functions are performed by SafeMoon during each trade: Reflection, LP Acquisition, and Burn. The SafeMoon protocol is a blend of RFI tokenomics and a mechanism that generates auto-liquidity.
SafeMoon also has its decentralized exchange (DEX), where users can trade SAFE and SMC. The DEX is powered by the Binance Smart Chain and uses the liquidity pool protocol from Binance.
Background of SafeMoon
SafeMoon was Launched in March 2021. Former US Department of Defense analyst John Karony founded SafeMoon with the purpose of developing novel and useful blockchain, commerce, metaverse, and NFT solutions.
A cryptocurrency called SafeMoon on the Binance Smart Chain (BSC) aspires to stand out. SafeMoon has undoubtedly made a mark in the cryptocurrency industry with its own deflationary utility coin and an upcoming decentralized exchange (DEX).
According to CoinMarketCap, SafeMoon is a DeFi project with over 2.5 million holders and over $50 million in locked-in liquidity, and it has a fully diluted market valuation of over $1 billion.
How Does SafeMoon Work?
The project’s native token, SAFE, is used to power the SafeMoon ecosystem. Holders of SAFE can stake their tokens to earn rewards in the form of another token called SafeMoon Cash (SMC).
The SafeMoon protocol is built around the platform’s BEP-20 SafeMoon token, which combines reflection tokenomics with auto-liquidity generation to operate. 400 trillion tokens have already been consumed by the deflationary mechanism of the coin.
Each SAFEMOON transaction carries a 10% fee, of which 5% is distributed to SAFEMOON holders, and the remaining 5% is divided twice.
Four actions follow naturally from there:
- Reflections: SafeMoon gives existing token owners 4% of its fees back.
- Acquisition of the Liquidity Pool: The Liquidity Pool of SafeMoon gains 3% of its tokens.
- Token Burn: SafeMoon burns 2% of its tokens to help control the amount that is in circulation.
- Growth Fund: SafeMoon’s Ecosystem Growth Fund receives 1% of token sales.
What Problems Does SafeMoon Solve?
- The main problem that SafeMoon solves is that it provides a new economic model for cryptocurrency. This model is designed to incentivize holding and staking, rather than trading. This should help to increase the stability of the currency, as well as its long-term value.
- In addition, the SafeMoon team has created a number of other features that should help improve the currency’s usability and security. These include a mobile wallet, a desktop wallet, and a web wallet. The team is also working on integrating SafeMoon with a number of popular exchanges.
- SafeMoon seeks to solve the problem of volatility in the cryptocurrency market. SafeMoon hopes to encourage more people to invest in cryptocurrency and help stabilize the market by creating a system in which holders are rewarded for holding the currency.
The SafeMoon Team
- John Karony, CEO of SafeMoon, previously worked as an All-Source Analyst for the US Department of Defense.
- Thomas Smith, the CTO of Goldsmith Blockchain Consulting, was formerly the CIO.
- Jach Haines-Davies is the COO of SafeMoon. He formerly held management positions at Likeandshare LTD and Ben Philips Media.
Partnerships
Some of the valued partners collaborating with SafeMoon:
- The partnership between SafeMoon and Binance is important because it helps build trust in the project and creates more exposure for the token.
- Grove Token: Grove Tokens is to create wealth for all Grovers by using the advantages of a secure, decentralized digital currency in an environmentally responsible manner by rewarding nature for years of mistreatment. Safemoon has partnered with Grove Token to provide a safe and secure platform for the buying and selling of digital assets.
- Pige Inu: PIGE Inu is ownerless, fully decentralized and supported by its community of enthusiasts. Safemoon has been getting a lot of attention lately for their partnership with Pige Inu. Pige Inu is a new project that is looking to create a decentralized social media platform.
- GlowV2: GLOW represents the illumination of the crypto decentralized finance (DeFi) space through education and charity. Safemoon has partnered with GlowV2 to offer a new way to buy and sell digital assets. The partnership will allow users to buy and sell digital assets using the GlowV2 platform.
- The Partnership Between SafeMoon and EverGrow: EverGrow Coin ($EGC) is a deflationary coin whose supply is intended to diminish over time. Eligible Holders* of $EGC will automatically receive an 8% incentive from any Buy/Transfer/Sell Transaction in Binance pegged USD ($BUSD). This results in a steady passive income.
Read more: Binance Vs BinanceUS Guide 2023: Which Exchange is Best?
What Is SAFEMOON Token?
The SAFEMOON token is a cryptocurrency that is used to incentivize users for participating in the SAFEMOON ecosystem. The token can be used to purchase goods and services on the SAFEMOON platform, or it can be staked to earn rewards. The SAFEMOON token is based on the Ethereum blockchain and uses the ERC20 token standard.
Read more: TOP 10 Best ERC20 Coins To Trade & HODL In 2023: A Full Guidance Of Potential Crypto For Traders
Basic Information About SAFEMOON
- Token Name: Safemoon
- Ticker: SAFEMOON
- Blockchain: Binance Smart Chain
- Token Standard: BEP-20
- Contract: 0x8076c74c5e3f5852037f31ff0093eeb8c8add8d3
- Token Type: Utility, Governance
- Total Supply: 1.000.000.000.000.000 SAFEMOON
- Circulating Supply: 562,102,722,116,001 SAFEMOON
Token Allocation
- Burn Dev Tokens: 22.3%
- Fair Launch Supply:77.7%
Token Sale
The white paper explains how the SafeMoon protocol operates: each trade is taxed with a cost of 10%, which is then reduced in half.
The remaining 5% of the money is then divided again, with 50% immediately converted into BNB via the contract and the remaining 50% paired with the aforementioned BNB and put to PancakeSwap as a liquidity pair. At that point, 5% of the fee is dispersed to all token holders.
The token sale is ongoing and there is no end date announced. There is a total supply of 100 quadrillion SAFEMOON tokens and 10% of these are available for purchase during the token sale.
Read more: IDO Vs ICO Vs IEO: What Is An IDO In Crypto And How To Invest It 2023?
Price of SAFEMOON Today
- With a 24-hour trading volume of $24,896.22
- The current SafeMoon price is $3.95.
- Market cap: $157,449,392, rank 222 on CMC.
What is SAFEMOON Used For?
- The native token of the SafeMoon protocol, SAFEMOON, can be used to trade, stake, or earn rewards. When staked, SAFEMOON holders can earn a percentage of the transaction fees generated by the protocol.
- SAFEMOON can also be used to pay for goods and services on the SafeMoon platform
How to Buy SAFEMOON Tokens?
You actually have a lot of options if you want to purchase SafeMoon to diversify your cryptocurrency portfolio.
Purchasing SafeMoon via its wallet is the method that it naturally supports.
The procedure is as follows:
- Step 1: Create a Wallet
- Download the SafeMoon Wallet and follow the steps to make your wallet. Always remember to keep the 12-word seed phrase a secret! Do not share it with anyone ever! We will never ask you for your seed phrase, ever!
- Step 2: Purchase BNB
- You can purchase BNB seamlessly through our new MoonPay widget on the SafeMoon wallet in a few simple steps.
- Click on the “Buy” button at the app’s top and select Smart Chain (BNB). Continue through with the purchase. This step is not instant and may take a few minutes to complete your transaction. Just be patient!
- Step 3: Swap BNB for SafeMoon
- Click on the swap button at the bottom and ensure that the slippage is at 12%. Select Smart Chain (BNB) in the top and SafeMoon in the bottom. Just click swap!
Read more: Best Crypto Exchanges For Trading In 2023: Centralized Exchanges
How to Store SAFEMOON Coins?
SAFEMOON can be stored on any ERC20 compatible wallet. We recommend using MetaMask, Trust Wallet, or MyEtherWallet.
Goals of SafeMoon
SafeMoon is a project that seeks to create a decentralized financial ecosystem.
- The goal of the project is to provide users with a safe and secure platform for managing their finances.
- The project also aims to provide users with a way to earn rewards for participating in the ecosystem.
Prospect Of SAFEMOON
By the end of the year, the price of SafeMoon should reach a maximum of $0.000533.
The SafeMoon coin will reach a maximum price of $0.00050418 in 2023. In 2027, SafeMoon V2 will be valued at $0.003. Its typical price for 2028 ought to be close to $0.004. It will cost on average $0.00168 by 2029.
FAQs
How to earn SAFEMOON tokens?
SAFEMOON tokens can be earned by participating in the SAFEMOON token sale, or by participating in the SAFEMOON airdrop.
Read more: TOP 20+ Best Staking Coins To Trade & HODL In 2023: A Full Guidance For Crypto Traders
Should you invest in SafeMoon?
Cryptocurrencies are a highly speculative investment, and SafeMoon is no exception. Before investing, you should do your research and consult with a financial advisor.
Is investing in SAFEMOON risky?
SAFEMOON is a new token, and it is still early to know whether it is a good investment or not. As with any investment, there is always a risk that the asset’s value could go down.
Why is SafeMoon popular?
SafeMoon is popular because it is a new type of cryptocurrency that rewards holders and penalizes sellers. This encourages people to hold the currency long-term, which drives up the price.
Additionally, the team behind SafeMoon has created a community of supporters who are actively promoting the currency.
Is it the right time to buy SAFEMOON?
It is difficult to predict the future of any cryptocurrency, so it is important to do your research before making any investment decisions.
What can I buy with SAFEMOON?
SAFEMOON can be used to purchase a variety of goods and services. Some things that can be purchased include digital assets, memberships, and subscriptions.
How is SafeMoon different from other blockchain projects?
The SafeMoon project is unique in its focus on providing a safe and secure environment for users to transact digital assets. The project also has a strong emphasis on community involvement and governance.
Can I convert SafeMoon coins to other currencies?
Yes, you can swap SAFEMOON tokens to other cryptos like BTC, ETH, SOL, and more on exchanges by swapping the tokens to USDT and then buying the coins you want.
How can I find more information about SafeMoon?
The official website for SafeMoon is https://safemoon.com/. You can also get more information on our website https://www.covemarkets.com/.
Conclusion
SafeMoon is a new and exciting cryptocurrency that offers a unique approach to security and rewards. If you’re looking for a new way to invest in cryptocurrency, SafeMoon may be the right choice for you.
If you’re interested in learning more about SafeMoon, check our website for more information. You can also follow us on social media for updates on our progress. Thanks for reading!
Disclaimer: The information provided in this article is not investment advice from Cove Markets. Cryptocurrency investment activities are yet to be recognized and protected by the laws in some countries. Cryptocurrencies always contain financial risks.
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