Cryptocurrencies have attained renewed superstar status over the last few weeks, with unestablished coins gaining new ground. Dogecoin has led the charge, backed by Elon Musk and his legions of Twitter followers.
What is SafeMoon?
SafeMoon is a new type of cryptocurrency, which was launched in April with the slogan “Safely to the Moon”.
According to its website, SafeMoon is not a cryptocurrency and is instead a Defi token, a decentralized finance token.
SafeMoon rewards people who buy it and hold onto it instead of trading.
Will it reach $1
SafeMoon recorded a 99 percent rise on Sunday after Bitcoin had its biggest single-day drop in months.
As of Friday, SafeMoon’s price was $0.000004845, according to CoinMarketCap.
SafeMoon is not trading near the $1 mark and there is no guarantee it ever will.
However, anyone considering any investment should bear in mind there are risks involved with buying cryptocurrency.
As well as going up, investments in cryptocurrency can go down.
As a new currency, little is currently known about SafeMoon, and cryptocurrency firms are not regulated.
How can It reach $1 or more Mark?
SafeMoon right now is available on these 5 Exchanges, According to the CEO in a twitch stream, claims to have more exchanges coming in near future. SafeMoon trade is still low because Binance Smart Coin and Trust Wallet were and still having few problems in their system regarding transaction because millions of traders worldwide are trying to get their hands on SafeMoon. This also Broke the internet, with various highlights and newsfeeds.
In order, for SafeMoon to reach the $1 spot. It has to deliver its token to be easily be purchased in every country. Countries like India, Australia, China might have problems getting their hands to trade this coin.
List of Exchanges that can Boost SafeMoon to the Moon in less than a year.
If SafeMoon can be tradeable on the above list of exchanges, then it can be accessed Globally.
BitMart
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‘This is a scam’ Ponzi Scheme SafeMoon?
Invested in #Safemoon on day 1… Thought is was going to be a scam due to all the moon tokens popping up so I sold… this is what my bag would have been worth as of today. Fuck me. pic.twitter.com/zZ0w5UDiMo
— will.io (@crypto_drift) April 19, 2021
A new cryptocurrency called Safemoon is indeed mooning — thanks in part to a spate of glowing articles in the mainstream press — but many influential members of the crypto community in Australia and overseas are calling out what they are saying is an obvious pyramid scheme.
‘This is a scam’
However while the Safemoon website uses plenty of technical jargon to describe its utility, a number of crypto influencers call it a get-rich-quick scheme with no real purpose other than to enrich early adopters.
❌ Scam Advisory #115 – SafeMoon #SAFEMOON (0x8076C74C5e3F5852037F31Ff0093Eeb8c8ADd8D3)
Reason: Owner owns more than 50% of the liquidity and refuses to fix it. He could pull LP and sell tokens, creating a rug pull.
Likeliness of losing all funds: Absolute
DYOR. #WARONRUGS❌ pic.twitter.com/bzmr9JflWD
— #WARONRUGS❌ (@WARONRUGS) April 20, 2021
Australian Facebook group Crypto Paradox, which has over 32,000 members, yesterday warned that anyone trying to promote Safemoon would be instantly banned as it was a scam.
Kiwi crypto influencer Lark Davis, who has over 200,000 followers on Twitter, issued his own warning.
#safemoon is worth almost 7 billion fully diluted market cap…. insane! People really love ponzis, seems that scams always pump the hardest.
— Lark Davis (@TheCryptoLark) April 20, 2021
They are many Claims to attack SafeMoon as a ponzi Scheme which will repeat the history of BitConnect.
What is Dogecoin?
SafeMoon has drawn comparisons to another type of cryptocurrency, Dogecoin, which has grown in popularity in recent months.
Dogecoin has even gained the attention of Tesla CEO and SpaceX founder, Elon Musk, who has frequently tweeted about the currency.
Musk tweeted earlier in April: “SpaceX is going to put a literal Dogecoin on the literal moon”.
SafeMoon Overtake DogeCoin?
It is hard to say, currently, the entire CryptoMarket dipped and if it recovers it might take a few months or years to Overtake Doge. But the community of SafeMoon is surprisingly breaking many records.
