What Is Crypto SafeMoon and How Does It Work

Lovata Andrean

What Is Crypto SafeMoon and How Does It Work
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 article for you loyal readers. SafeMoon is an upstart in the cryptocurrency market, noted for its significant volatility, ten percent transaction fees, and social media buzz.

SafeMoon, like a coin crypto Other well-known ones such as Bitcoin and Ether on the Ethereum blockchain, are 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 creator.

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

SafeMoon, like 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 costs of buying SafeMoon were considered past investors, 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 the project's designers, and the 10% transaction fee is intentionally set high to discourage users from selling coins and promote long-term HODLers.

SafeMoon is considered one of the most dangerous crypto investments. Safemoon, like Shiba Inu, has no special utility and derives its value only from the purchases of other investors, which is why some people call it a “shitcoin”.

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

What is SafeMoon Crypto and Why is it So Famous?

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

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 into 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 fighter Jake Paul, and prominent sports blogger Dave Portnoy.

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

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 the Ethereum standard 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 coin's purpose is not only to ascend but also to travel safely. According to BscScan, the coin has more than 2,9 million holders since its launch.

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Lovata Andrean

Hi, I'm Lovata, I'm not Ai but I am a content writer for SEO, Technology, Finance, Travel, Cooking Recipes and others. I hope this can be useful for all my friends. Thanks