Safemoon News; Thanks to the recent success of Bitcoin and Dogecoin, an ironically created humorous cryptocurrency, investors are finding plenty of options for speculative transactions. Stories about crypto millionaires newly heard in the media are fueling the fire only to find the next asset to inflate.
One of the newest options is Safemoon. Since most buyers hope to get rich fast, it has many of the attributes of a token that could gain serious attention. Like most speculative assets, there are a few details that traders should pay attention to before investing.
Safemoon wants to be too legal for exit
SafeMoon was created in March and coded to benefit those who hold the asset rather than selling or exchanging it. It started with 1 quadrillion tokens and systematically eliminated some of them with each transaction. In a span of about two months, it managed to become a $ 4 billion asset, and its price has risen by more than 1.5 million percent even after a major sale this week.
Safemoon is not an easy token to buy. It is currently available on eight crypto exchanges and has a pinned tweet of a video showing the currency swap process required to make a purchase. Despite the lack of accessibility, the glamor was a promise to reward owners and punish vendors. Incredibly, it is the third most visited page on coinmarketcap.com.
Safemoon was founded by a US military veteran who likened the token to buying Apple shares in the early days. The resemblance is hard to spot, beyond hope that it will be greatly appreciated over time.
This feeling may be based on the supply and demand curve in the first whitelist of the being. This is the kind you find in the Economics 101 course, and for Safemoon, the price will go up when its supply is destroyed. As you can imagine, things aren’t that simple.
Designers knew how to work
Today, there are less than 600 trillion SAFE tokens in circulation. This is because every time an owner transfers it to another wallet, they get a 10% penalty. Half of this 10% is destroyed and half is distributed to a pool for other Safemoon owners. He calls these “static rewards” and offers its 2 million owners to keep their hands steady.
This convinced some that the price will rise as tokens become scarce. Of course, there has to be demand for this equation to be balanced. Interest is high at the moment. But history has not been kind to those who bought it merely to sell it to someone else in the future at a higher price.
Apart from the obvious risks of buying something that is useless and of no real value, there is a mixed set of links from the founder and those who support him. Despite positioning itself as decentralized finance, Safemoon has a CEO and an operations manager. This COO has spent the past few years managing a YouTube influencer who, when published, began to transfer the asset to 4 million followers.
Shortly after that, other online personalities started promoting him. To gain legitimacy, Safemoon commissioned blockchain security firm CertiK for an audit. The result was probably not what they had hoped for.
There are also good reasons to sit back
CertiK scored 13 points, one of which he described as “big”. As the tokens obtained from the transaction penalties are collected, it becomes clear that a significant portion of it goes to an owner address. Currently, this address is worth $ 2.6 billion. This is a big problem if it turns out to benefit anyone other than the current owners of the address. While CertiK argued that its audit was not an endorsement or endorsement, Safemoon’s Twitter address immediately announced the completion of the audit with a video showing it was “CertiK Approved”.
The last to introduce Safemoon is Dave Portnoy, the founder of the famous Barstool Sports. On Monday, he held a press conference announcing his support for crypto. He even told his followers to invest at their own risk, claiming that it could be a pyramid scheme and had no idea how it worked.
This is admirable transparency and a fair warning for anyone who blindly follows their moves. Of course, the chain of happiness also stated that you have to enter the ground floor.
Approaching investment this way is a good way to lose money quickly. The benefit of detecting any scams is to avoid it, not to enter early to take advantage of others.
Safemoon’s basic protocols are designed like a bank that adds a 10% fee every time you make a purchase. Few people open an account after hearing this sales pitch. Safemoon looks just as compelling.