Today we talking about Safemoon price and more. Safemoon coin looks like a moon in your app and this project has been up 3338.75% in the last thirty days. It has a trading volume of $167 Million in the last day. Its fully diluted market cap is $4 Billion. However, safemoon price is $0.000006 for each coin. And do not forget that nearly all cryptocurrencies started off small. Dogecoin was not worth until the start of 2021. However, it climbed by more than 10,000% in a few months.
It is not a cryptocurrency. It is a D5 token which stands for decentralized Finance. Safemoon also uses blockchain technology just like Bitcoin and others.
The Truth About Safemoon
Their product is called tokenomics. It is a combination of token and economics. Anytime you transact or sell your coins, you will get a 10% penalty fee. They tack on a 10% penalty tax on the transactions that you make. When it comes to that 10% tax, they redistributed half of that (5%) back to current Safemoon token holders according to their wallet size.
The other half added back to the liquidity pool on PancakeSwap. It means you are giving that money to everybody else. Tokenomics promises to make you rich for holding. It is trying to make rewarding tokens more fairly. Safemoon said that it will reward people who buy their token and hold it as much as they can rather than trade it.
Why Is Safemoon Coin Going Up in Price?
There are so many other projects that are very similar to it, but safemoon price is going up. They do have a roadmap for the rest of 2021 where they highlight, they are going to create a safemoon exchange for NFTs in their website. Launch was on March 8. Since that launch they have 1,028,046 wallet addresses. It means they are more valuable than GoPro Inc. they did it in just two months.
A lot of people are comparing Safemoon to a pyramid scheme or a multimulti-level marketing scheme. It is a pyramid and people on top are always making money from the people on the bottom. I mentioned that 5% fee depends on how many tokens you are holding. But its pyramid is a little bit different because if you are at the bottom of the pyramid, you can continue go to the top as long as you increase the number of tokens that you are holding.
Could SafeMoon Rival Dogecoin?
With the growth of Safemoon, many people start to compare it to another popular cryptocurrency, Dogecoin. Although Dogecoin was founded as a joke in 2012, it drew a lot of attention from billionaires like Elon Musk. Dogecoin now has a price of $0.44 according to CoinDesk and Safemoon has a price of 0.000006 dollar. Soon more people will start to compare these two coins.
Cryptocurrencies are very volatile and Safemoon is exactly the same. Although The %10 fee and redistribution model can encourage people who would gain the most from them, there is no real practical purpose of this coin like other projects. However, what you do with your money is up to you. You have to invest money that you can afford. If Safemoon price is going up, you must have an exit strategy. If you profited 20% – 30% and happy with that, feel free to take them. If you want to take risks, of course you can hold more.
If you want to invest your money into crypto projects that focus on tokenomics rather than solving real world problems, that is normal. As long as you manage your risks accordingly, you can do anything you want. Safemoon price moves up and down every day. It is based on marketing, hype but underneath all of that there is some utility that you can use.
Editor Note: I am not a financial advisor, and you should not take this article as a investment advice. Everything involves risk and you are responsible for your decisions. This article has been written only to give information about Safemoon price and details.