Every once in a while, cryptocurrency labels appear out of nowhere and become a public conversation.
After the "BEE" currency, which filled the world with noise, then faded from view, if not died, new currencies appeared populated with groups of encrypted digital currencies and follow the same pattern as the "BEE" currency and its predecessors.
Recently, a new cryptocurrency called “SafeMoon” has grown in popularity. Here is a snapshot and introductory guide about it and why it is considered a risky currency.
What is a “SafeMoon” digital currency?
Due to its newness in the market, not much is known about the digital currency “SafeMoon” except that many reports indicate that it is based in the United States of America.
The project team appears periodically to answer the questions of the followers, and the founder of the project occasionally makes a video and updates where the currency project has arrived.
The “SafeMoon” coin website bears the slogan “Safely to the Moon”, which is a manipulation of the phrase that the “WallStreetBets” group first introduced on the “Reddit” site in an attempt to increase the price of the “Dogecoin” and bring it to $ 1.
“SafeMoon” is a digital currency based on blockchain Binance, and despite the great ambitions of this currency, the total currency makes these ambitions a subject in mind
The total “SafeMoon” coin is currently estimated at 616,523,426,814,421 SAFEMOON.
With the project burning 408 trillion SAFEMOON coins.
How does SafeMoon work?
Unlike other cryptocurrencies, “SafeMoon” claims that it will reward people who buy its digital currency and keep it instead of selling it, as penalties have been applied to those who offer it for sale, by imposing a 10 percent fee on sellers, where five percent are redistributed to this tax is on other people who already own the cryptocurrency and have not offered it for sale.
This represents a high risk because the success of "SafeMoon" depends heavily on more and more people buying the currency to keep the price high without offering it for sale.
The rise of “SafeMoon” and the increase in momentum have led it to make comparisons between it and Dogecoin.
Dogecoin is one of the oldest digital currencies as it was founded in 2012, although it does not have a clear project except that it was created as a joke, but it is popular after being pumped and talked about a lot by "Elon Musk" and many famous people, and its business model does not exist in it.
Beware of SafeMoon:
SafeMoon As we have indicated, it is an emerging and new currency and there is not much information about it, the currency is based on blockchain Binance with a huge total offer and with working terms that indicate its riskiness and impose on whoever bought it to keep it or be charged a fee when trying to sell.
The greater the number of buyers, the higher the value, and the new buyers who are waiting for the value to rise further are attached to them, too, to sell and profit with a 10% fee.
In the event of a decline, they incur a double loss, one of which is related to the depreciation and the other is the fee charged upon sale.
Not only that, according to the title of the currency contract, the founder of the "SafeMoon" project owns more than 50% of the pool of liquidity, and refuses to fix this imbalance, which means that the rug can be withdrawn from under the feet of investors at any time.
The currency of "SafeMoon" did not appear due to the technology it provides or the trading platform that it promises to build. Rather, it became popular on the shoulders of its marketers in various social media who want to rise so that they can sell at a profit.
In conclusion, we recommend being cautious about this unclear currency, as the crypto market is already full of fraudulent projects, and this may be one of them.
Comments
Post a Comment