What is SafeMoon coin? A Bitcoin, Ethereum, and Dogecoin challenger

They also introduced a decentralized exchange called “Safemoon Swap.” In April 2022, they introduced the Safemoon card, a 2.5% fee debit card for goods using SafeMoon and other cryptocurrencies. However, the card’s release has been delayed, causing criticism from experts. Investing in cryptocurrencies, Decentralized Finance (DeFi), and other Initial Coin Offerings (ICOs) is highly risky and speculative, and the markets can be extremely volatile.

How to sell SafeMoon — the easiest way to exchange crypto for USD

Built with three core layers for conducting secure transactions, Safemoon’s rapid popularity has been gaining momentum since its launch. With increased user interest, it is among the most-watched cryptocurrencies on CoinMarketCap. The Ellipal Titan is a multicurrency wallet that can support over 7,000 different cryptocurrencies.

SafeMoon Products

The bitcoin ETF that is right for you, however, depends upon many factors, including your risk tolerance and investment horizon. Investing in a project with such significant legal troubles is financially risky and ethically questionable. As of 2024, it is still possible to buy SafeMoon tokens despite the project’s bankruptcy and the ongoing criminal charges against its executives.

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The offers that appear on this site are from companies that compensate us. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. First, users must set up a crypto wallet in which their coins can be kept. For SafeMoon, either Trust or Metamask are the two wallets the organization says should be used. It’s important to remember that crypto assets are high-risk investments.

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To reach this price target, SafeMoon would need a market capitalization about 600 times the size of Bitcoin’s. If you plan on holding SafeMoon over the long term, you’ll also benefit from the reflections as you receive a portion of the fee incurred whenever other people sell their tokens. This is a financial incentive you won’t get from holding most other popular cryptocurrencies, where you only make money if the price goes up. How much it costs to buy cryptocurrency depends on a number of factors, including which crypto you are buying. Many small altcoins trade for a fraction of a cent, while a single bitcoin will cost you tens of thousands of dollars. However, many brokerages and exchanges now allow fractional trading, offering investors the option to buy a portion of a cryptocurrency.

The token’s value has already plummeted by over 98%, and the ongoing legal and financial issues will likely lead to the project trending towards zero for eternity. At the time, SafeMoon’s most distinctive feature was that it charged a 10% fee whenever a person sold the token. This ‘sale tax’ was in addition to any fees you may owe a crypto exchange for facilitating the sale. Blockchain security firm CertiK found during an audit of Safemoon that its owners acquire tokens created from the liquidity pool, giving them control over tokens created as part of the fee. CertiK flagged this as a major issue in its report and recommended Safemoon improve its security features.

Just like the dot-com bubble, it’s likely that many smaller cryptocurrency projects won’t last in the long term – especially projects with unverified teams that have yet to deliver on their promises. Likely, one of these small projects is SafeMoon, a token on Binance Binance cryptocurrency exchange Smart Chain (BSC). This doesn’t mean it is never a good idea to buy it, it just is unlikely to survive in the long-term. The fact SafeMoon isn’t on the major exchanges is a giant red flag, notes Jeremy Britton, CFO of Boston Trading Co, a crypto investment fund.

If you’re serious about investing in crypto, a hardware wallet is a must. The reason some investors think they’re early investors in SafeMoon is its low token price. SafeMoon can be bought for far under a penny, leading some to think there’s lots of room for the cryptocurrency to grow.

If the crypto loses its value, you won’t receive anything after the fact. You can buy cryptocurrencies through crypto exchanges, such as Coinbase, Kraken or Gemini. In addition, some brokerages, such as WeBull and Robinhood, also allow consumers to buy cryptocurrencies. Dogecoin was famously started as a joke in 2013 but rapidly evolved into a prominent cryptocurrency thanks to a dedicated community and creative memes. Unlike many other cryptos, there is no limit on the number of Dogecoins that can be created, which leaves the currency susceptible to devaluation as supply increases.

For more information about how to buy crypto with fiat, check out CoinMarketCap’s education portal — Alexandria. Going “to the moon” is a phrase popularized in recent times by the WallStreetBets community on Reddit, who use it in reference to an asset price soaring. Little is known about the cryptocurrency so far, though developers have held live Ask Me Anything (AMA) meetings to answer some questions.

In the first quarter, the company said that it had doubled the size of its team and begun a marketing campaign. Next the company plans to complete a SafeMoon app (though it’s unclear what that app will do), a wallet, and games. It also says it plans to explore allowing trading of its currency on exchanges like Binance, begin building its own exchange, expand its team by 35%, and establish a U.K./Ireland office. In the last half of the year, the company said it plans to finish its SafeMoon Exchange and open an African-based SafeMoon office. With SafeMoon, they aim to use the idea of static rewards (making the reward conditional upon the volume of the token being traded) in order to remove any pressure on the token that could occur when tokens are sold.

For centralized exchanges, you are expected to meet the know-your-customer (KYC) verification requirement before being able to fund your account and trade. With your ETH in the wallet, you can swap ETH coins for SafeMoon directly. All you need to do is click the “swap” icon in the assets tab, choose SafeMoon, and swap ETH for the value of SafeMoon you desire. While SafeMoon isn’t available on the Coinbase or Binance centralized exchanges, you can still buy the tokens on these exchanges using the steps outlined below. Last and perhaps most importantly, SafeMoon remains a speculative investment with an unproven business model that has yet to experience wide adoption. In certain contexts, SafeMoon may be seen as a “rug pull”, as many investors likely lost lots of money due to the legal ramifications of 2022.

However, potential buyers should exercise extreme caution and thoroughly research the risks of investing in a project facing such significant challenges. In December 2021, SafeMoon launched an updated token version called SafeMoon V2. The https://forexbroker-listing.com/ new token aimed to consolidate the original version at a ratio of 1 to 1000, and significantly lower transaction costs. Given that the project has filed for bankruptcy, it is apparent that the migration did not prevent it from failing.

1. Above all, decisions can only be made after token holders have voted in favor of them.
2. The Ellipal Titan is a multicurrency wallet that can support over 7,000 different cryptocurrencies.
3. Its books showed the exchange lacked tangible reserves and court filings alleged the exchange indiscriminately used customers’ funds for both operational and personal use.
4. Furthermore, despite the fact that in just two months SafeMoon has appreciated more than the S&P 500 has over the last decade, there is no guarantee that these gains will continue moving forward.

While we do go to great lengths to ensure our ranking criteria matches the concerns of consumers, we cannot guarantee that every relevant feature of a financial product will be reviewed. We make every effort to provide accurate and up-to-date information. However, Forbes Advisor Australia cannot guarantee the accuracy, completeness or timeliness of this website. However, for well-versed cryptocurrency enthusiasts, it’s hard to consider anything on Binance Smart Chain as a DeFi token. Even though BSC is essentially Ethereum but with a few tweaks, it suffers from a huge lack of decentralization. One of the major tweaks it made from the Ethereum code was it only has 21 nodes validating transaction compared to the 10s of thousands of validators on Ethereum.