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Early in 2021, the price had a 1,500% increase before plummeting. The price of SafeMoon has fiercely dropped during the last few months.
Nevertheless, in spite of the bearish market, SafeMoon’s price has begun to move sideways during the past several weeks. The fact that SafeMoon’s price has increased in the last couple of weeks, suggests that the horizontal market will likely persist for the foreseeable future.
Keeping the current market scenario and market trends in mind, let us reassess if buying SafeMoon is a safe decision or if it will turn out to be a Ponzi scheme!
SafeMoon is a cryptocurrency that was developed on the Binance Smart Chain. The developers burnt all of their tokens in a fair launch on March 8, 2021, and took part in the coin sale as everyone else. Nearly 2.5 million new users have joined the SafeMoon system in the short time it has been in operation, and more than 40% of the token supply has been burned.
In order to alleviate the problem of temporary loss, SafeMoon was developed. Additionally, it encourages purchasing and retaining its token rather than engaging in price-fixing speculation. This is accomplished by imposing a “tax” on all sales of SAFEMOON tokens.
The current price increase will be a repetition of a sideways market that has spanned several weeks, during which the prices have fluctuated within the support and resistance levels of $0.00036 and 0.00044, respectively.
Consequently, it is anticipated that the present price increases will continue. The chances of the prices failing to reach the $0.00044 resistance level are very strong. Because of the present trend in the cryptocurrency business, which has seen its market value oscillate about $1 trillion, the sideways market will likely last for a while.
Now the real question is: “Is buying SafeMoon a good investment alternative?” In order to answer this question, let us weigh the pros and cons of SafeMoon.
Owners of SafeMoon get 5%, while the remaining 5% is divided equally with Binance Coin and added to PancakeSwap’s liquidity pool. Through these incentives, SafeMoon investors can get passive income, but they must pay 10% fees if they wish to sell.
It doesn’t seem like a wise investment because SafeMoon doesn’t accomplish anything, and the only hope for profits in the future is that more people will keep buying.
The price has stayed around its present level since last August, with the exception of a jump in October 2021. Given the popularity of its wallet, it may be preparing for a comeback, or the floor might be breached and the price might keep dropping. Anything is possible in the crypto-verse.
The procedure for purchasing SafeMoon is essentially the same worldwide. Getting Binance tokens into a wallet is the most important step. This is because SafeMoon is built on the Binance Smart Chain. Then, you may purchase your SafeMoon tokens using a Defi program (such as PancakeSwap).
No, SafeMoon is not available on Coinbase. However, buying SafeMoon is simpler on DeFi platforms such as PancakeSwap.
Buying SafeMoon does not incur charges. But you must keep in mind that SafeMoon charges a 10% fee when you sell your assets. This is to encourage long-term holding in investors.