What Is Crypto SafeMoon and How Does It Work

Rancakmedia.com – The following is an explanation to get to know and give you more information about what Crypto SafeMoon is. In this article, Rancakmedia has summarized the articles for you loyal readers. SafeMoon is a newcomer to the cryptocurrency market, well-known for its significant volatility, ten percent transaction fees and social media buzz.

SafeMoon, like other well-known crypto coins such as Bitcoin and Ether on the Ethereum blockchain, is based on distributed ledger technology and launched on the Binance Smart Chain blockchain in March 2021. SafeMoon was created with the aim of encouraging long-term investments, according to its creators.

Unlike Dogecoin, Shiba Inu Coin, and a number of other cryptocurrencies that appear to be jokes or fakes, half of ten percent of fees during a transaction are split among long-term holders, while the other half goes to a liquidity pool aimed at stabilizing the price of SafeMoon.

SafeMoon, like the Akita Inu, Dogelon Mars, and other much smaller crypto races, appears to be betting on meme culture to capitalize on Dogecoin's popularity.

Because the cost of buying SafeMoon was seen as a past investor, some — including one SafeMoon investor — accused the company of being a “Ponzi” scheme, which SafeMoon's CEO vehemently denied. What Is Crypto SafeMoon and Why Is It So Famous_

SafeMoon was created for long-term investment, according to project designers, and 10%'s transaction fees were set intentionally high to prevent users from selling coins and promoting long-term HODLers.

SafeMoon is considered one of the most dangerous crypto investments. Safemoon, like the Shiba Inu, has no special utility and derives its value solely from the purchases of other investors, which is why some people refer to it as a "shitcoin".

SafeMoon still interests you? This explanation from Forkast.News can help you learn more.

What Is Crypto SafeMoon and Why Is It So Famous?

SafeMoon is a cryptocurrency token launched on the Binance Smart Chain (BSC) blockchain under the BEP-20 token. Decentralized finance (DeFi) platforms and centralized financial platforms (CFP) exist on the blockchain (CeFi) ecosystem.

Although the DeFi ecosystem is not controlled by a central bank, assets are publicly exposed on the blockchain network, whereas the CeFi ecosystem uses intermediary exchanges to handle assets. SafeMoon is embedded in the BSC blockchain and runs on the CeFi ecosystem.

SafeMoon's price increased in the second quarter of this year as a result of celebrity endorsements from musician Lil Yachty, UFC boxer Jake Paul, and prominent sports blogger Dave Portnoy.

SafeMoon is currently ranked the 91st among all cryptocurrencies by market cap, according to CoinGecko, and the 207th most popular cryptocurrency, according to CoinMarketCap, at the time of publication.

The current price of SafeMoon, according to CoinMarketCap and CoinGecko, is more than 70% lower than its all-time high earlier this year. SafeMoon's highest price was on May 11, according to CoinGecko, while SafeMoon's price peaked on April 20 this year, according to CoinMarketCap.

History of SafeMoon

SafeMoon is a crypto token standard that aims to bring Ethereum standards to the cryptocurrency ecosystem. On March 8, 2021, SafeMoon was released on the BSC blockchain by six developers.

The phrase “Safely To The Moon” inspired the name, implying that the purpose of the coin was not only to ride but also to travel safely. According to BscScan, this coin has more than 2.9 million holders since its launch.

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