How did SafeMoon start, is it legit ?&nbsp;Is this DeFi token backed by solid projects ?&nbsp;Find out more in this article.

Find answers to most of your questions about SafeMoon

<img src="https://static.wixstatic.com/media/31b694_c27d8f07126d4a3982b248508f4952d7~mv2.png/v1/fill/w_672,h_336,al_c,q_95/31b694_c27d8f07126d4a3982b248508f4952d7~mv2.webp" alt="Safemoon the next big cryptocurrency, shitcoin or ambitious token ?" width="672" height="336">Safemoon is a new DeFi token that has created a lot of infatuation in the past weeks. Safemoon, known for its high ROI, has caught the eye of new and experienced investors.But, where did this token come from ? is it worth the hype ?This article will answer the most frequent questions about Safemoon.Without further ado, let's get right into it !<h2>What is Safemoon ?</h2>First of all, it’s a Decentralized Finance (DeFi) token. DeFi tokens refer to any kind of token that simplifies the creation of decentralized applications. So Safemoon is technically not a coin nor a cryptocurrency. Safemoon is also based on its own blockchain.One unique thing about this token is that it actually encourages holding. Anyone who tries to sell their Safemoon tokens will immediately be charged with a 10% fee. The creators say this is to discourage people from selling off their tokens. Also, out of the 10% fee that is charged to the sellers, 5% goes back to all Safemoon users as an incentive for holding.<h2>How did Safemoon start ?</h2>Safemoon is relatively new. It started in March 2021 and is barely four months old. It was launched by its current CEO, John Karony, who goes by the name: <a href="https://twitter.com/CptHodl" rel="noopener noreferrer" dir="ltr">@cpthodl</a>, on Twitter. It goes by the motto "Safely to the moon" probably to allay newbie fears. Currently, its CTO is Thomas Smith, who is also the co-founder of Safemoon.Much is not known about this token, although the developers have outlined a <a href="https://safemoon.net/whitepaper" rel="noopener noreferrer" dir="ltr">white paper</a>.As time goes on, we would learn more about this new token.<h2>Does Safemoon run on any projects ?</h2>The hallmark of any promising cryptocurrency is its use case or project it's used in. Every crypto investor knows that if there's a project behind a coin or token, then there's a higher chance it would do better than others that aren't. According to Safemoon's official site, the team is working on developing two exchanges: a Safemoon exchange which will be called "Cryptonomics" and another exchange for NFT's (non-fungible tokens). The Safemoon developers might complete the NFT exchange in Q3. They also have other projects under development, you can check them on their dedicated page <a href="https://safemoon.net/products" rel="noopener noreferrer" dir="ltr">here</a>.<h2>Price and market capitalization</h2>At the time of writing, 1 Safemoon is equal to $0.00000372. This means $1 can buy about 268817 Safemoon tokens. Held by about 1.8 million people, the popular cryptocurrency has a $4.5 billion market cap. Market cap is an indication of how valuable an asset, like crypto or stocks, is.Just like any cryptocurrency, Safemoon is very volatile. One reason it has attracted so much attention is its pumps. From April to May 2021, the coin rallied more than 900%. From March to May, Safemoon increased almost 120 times more since it launched ! No wonder everyone wants to get a piece of the Safemoon cake. But is Safemoon safe?<h2>Should I buy some Safemoon ?</h2>Cryptocurrency itself is a risky investment and should only be done with spare money. On April 22, 2021, Safemoon holders experienced a big shock. The token plummeted a vast 66%, even though it rose by 100% the day before.If you are comfortable making high profits AND huge losses, you could get your hands on some Safemoon. If you can't, you should go for less volatile cryptocurrencies like Bitcoin (BTC) or Ethereum (ETH). (Not a financial advice.)<h2>Where can I buy Safemoon ?</h2>Safemoon can be obtained from <a href="https://pancakeswap.finance/" rel="noopener noreferrer noopener" dir="ltr">PancakeSwap</a>, <a href="https://www.bitmart.com/" rel="noopener noreferrer noopener" dir="ltr">BitMart</a>, <a href="https://www.zbg.com/" rel="noopener noreferrer noopener" dir="ltr">ZBG</a>, <a href="https://whitebit.com/" rel="noopener noreferrer noopener" dir="ltr">WhiteBit</a> and <a href="https://www.bakeryswap.org/" rel="noopener noreferrer noopener" dir="ltr">BakerySwap</a>. It has not yet been listed on top-tier exchanges like Coinbase, Binance or Kraken, so you won't find the token on there. The Safemoon community says it would work on a donation project token to be listed on the big exchanges. Till that happens, you can either buy it from a smaller exchange like <a href="https://www.zbg.com/" rel="noopener noreferrer noopener" dir="ltr">ZBG</a> or swap BNB (Binance coin) for Safemoon on <a href="https://pancakeswap.finance/" rel="noopener noreferrer noopener" dir="ltr">PancakeSwap</a> and/or <a href="https://www.bakeryswap.org/" rel="noopener noreferrer noopener" dir="ltr">BakerySwap</a>. If the token eventually gets listed on a significant exchange, it could really shoot up and make holders smile to the bank.<h2>Can Safemoon be mined ?</h2>No, Safemoon cannot be mined. This is because all tokens have already been released at launch. To reduce its circulating supply of 586 trillion dollars, the developers said they would burn the token regularly. Burning reduces supply and usually increases a coin's value over time.Do not fall for any site or person that tells you Safemoon can be mined. Just like Binance Coin (BNB), Safemoon will constantly control the supply. So they can't be mined, no matter the kind of mining equipment or technique a site claims to use.<h2>Is Safemoon a Shitcoin ?</h2>A coin that pumps and dumps massively in a short period is usually suspected of being a shitcoin. Shitcoins are coins with no real value and can amount to nothing after a while.One reason why people think Safemoon is a shitcoin is because of the fees we talked about earlier. As holders sell off their tokens, the ones who still hold are rewarded for doing so. This means that as more people trade the token, those initial buyers will continue getting their rewards. But what would happen if all Safemoon holders were interested in the reward and therefore decided not to sell their assets? You're starting to get it, the price would increasingly tumble since there are no more rewards like before.Another reason why Safemoon is being considered a shitcoin is because of its liquidity. The Safemoon team has locked 50% up of its liquidity, meaning that at any time, they can decide to bail, and the coin instantly becomes worthless. This lack of liquidity might lead to a rug pull, a scenario where investors are "scammed" of their investments.Also, the token's model encourages accumulation and not trading. People are encouraged to accumulate now because it is cheap, hoping that it's value would increase in the future. Because this coin does not really have any project at its core, more buyers are needed to sustain the price. This reason is why some people think it's nothing but a grand Ponzi scheme.<h2>Conclusion</h2>Safemoon is an exciting new DeFi token that can be a good investment or a fair token for trading because of its big moves. However, you should always trade new cryptocurrencies and other digital assets with caution. Please do your own research before you invest in anything. <h3>Did you like the article ?</h3>If so, you can subscribe to our newsletter belowto stay tuned with our future content and releases :

SafeMoon is a brand new DeFi token that has created a lot of infatuation in the past weeks. SafeMoon, known for its high ROI, has caught the eye of new and experienced investors. But how did this token start? Who is behind it? This article will answer these questions and more.

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Safemoon is a new DeFi token that has created a lot of infatuation in the past weeks. Safemoon, known for its high ROI, has caught the eye of new and experienced investors.

But, where did this token come from ? is it worth the hype ?

This article will answer the most frequent questions about Safemoon.

Without further ado, let's get right into it !

First of all, it’s a Decentralized Finance (DeFi) token. DeFi tokens refer to any kind of token that simplifies the creation of decentralized applications. So Safemoon is technically not a coin nor a cryptocurrency. Safemoon is also based on its own blockchain.

One unique thing about this token is that it actually encourages holding. Anyone who tries to sell their Safemoon tokens will immediately be charged with a 10% fee. The creators say this is to discourage people from selling off their tokens. Also, out of the 10% fee that is charged to the sellers, 5% goes back to all Safemoon users as an incentive for holding.

Safemoon is relatively new. It started in March 2021 and is barely four months old. It was launched by its current CEO, John Karony, who goes by the name: <a dir="ltr" href="https://twitter.com/CptHodl" rel="noopener noreferrer">@cpthodl </a>, on Twitter. It goes by the motto "Safely to the moon " probably to allay newbie fears. Currently, its CTO is Thomas Smith, who is also the co-founder of Safemoon.

Much is not known about this token, although the developers have outlined a <a dir="ltr" href="https://safemoon.net/whitepaper" rel="noopener noreferrer">white paper </a>.

As time goes on, we would learn more about this new token.

The hallmark of any promising cryptocurrency is its use case or project it's used in. Every crypto investor knows that if there's a project behind a coin or token, then there's a higher chance it would do better than others that aren't. According to Safemoon's official site, the team is working on developing two exchanges: a Safemoon exchange which will be called "Cryptonomics " and another exchange for NFT's (non-fungible tokens). The Safemoon developers might complete the NFT exchange in Q3. They also have other projects under development, you can check them on their dedicated page <a dir="ltr" href="https://safemoon.net/products" rel="noopener noreferrer">here </a>.

At the time of writing, 1 Safemoon is equal to $0.00000372. This means $1 can buy about 268817 Safemoon tokens. Held by about 1.8 million people, the popular cryptocurrency has a $4.5 billion market cap. Market cap is an indication of how valuable an asset, like crypto or stocks, is.

Just like any cryptocurrency, Safemoon is very volatile. One reason it has attracted so much attention is its pumps. From April to May 2021, the coin rallied more than 900%. From March to May, Safemoon increased almost 120 times more since it launched !

No wonder everyone wants to get a piece of the Safemoon cake. But is Safemoon safe?

Cryptocurrency itself is a risky investment and should only be done with spare money. On April 22, 2021, Safemoon holders experienced a big shock. The token plummeted a vast 66%, even though it rose by 100% the day before.

If you are comfortable making high profits AND huge losses, you could get your hands on some Safemoon. If you can't, you should go for less volatile cryptocurrencies like Bitcoin (BTC) or Ethereum (ETH).

(Not a financial advice.)

Safemoon can be obtained from <a dir="ltr" href="https://pancakeswap.finance/" rel="noopener noreferrer noopener">PancakeSwap </a>, <a dir="ltr" href="https://www.bitmart.com/" rel="noopener noreferrer noopener">BitMart </a>, <a dir="ltr" href="https://www.zbg.com/" rel="noopener noreferrer noopener">ZBG </a>, <a dir="ltr" href="https://whitebit.com/" rel="noopener noreferrer noopener">WhiteBit </a>and <a dir="ltr" href="https://www.bakeryswap.org/" rel="noopener noreferrer noopener">BakerySwap </a>. It has not yet been listed on top-tier exchanges like Coinbase, Binance or Kraken, so you won't find the token on there. The Safemoon community says it would work on a donation project token to be listed on the big exchanges.

Till that happens, you can either buy it from a smaller exchange like <a dir="ltr" href="https://www.zbg.com/" rel="noopener noreferrer noopener">ZBG </a>or swap BNB (Binance coin) for Safemoon on <a dir="ltr" href="https://pancakeswap.finance/" rel="noopener noreferrer noopener">PancakeSwap </a>and/or <a dir="ltr" href="https://www.bakeryswap.org/" rel="noopener noreferrer noopener">BakerySwap </a>. If the token eventually gets listed on a significant exchange, it could really shoot up and make holders smile to the bank.

No, Safemoon cannot be mined. This is because all tokens have already been released at launch. To reduce its circulating supply of 586 trillion dollars, the developers said they would burn the token regularly. Burning reduces supply and usually increases a coin's value over time.

Do not fall for any site or person that tells you Safemoon can be mined. Just like Binance Coin (BNB), Safemoon will constantly control the supply. So they can't be mined, no matter the kind of mining equipment or technique a site claims to use.

A coin that pumps and dumps massively in a short period is usually suspected of being a shitcoin. Shitcoins are coins with no real value and can amount to nothing after a while.

One reason why people think Safemoon is a shitcoin is because of the fees we talked about earlier. As holders sell off their tokens, the ones who still hold are rewarded for doing so. This means that as more people trade the token, those initial buyers will continue getting their rewards. But what would happen if all Safemoon holders were interested in the reward and therefore decided not to sell their assets? You're starting to get it, the price would increasingly tumble since there are no more rewards like before.

Another reason why Safemoon is being considered a shitcoin is because of its liquidity. The Safemoon team has locked 50% up of its liquidity, meaning that at any time, they can decide to bail, and the coin instantly becomes worthless. This lack of liquidity might lead to a rug pull, a scenario where investors are "scammed" of their investments.

Also, the token's model encourages accumulation and not trading. People are encouraged to accumulate now because it is cheap, hoping that it's value would increase in the future. Because this coin does not really have any project at its core, more buyers are needed to sustain the price. This reason is why some people think it's nothing but a grand Ponzi scheme.

Safemoon is an exciting new DeFi token that can be a good investment or a fair token for trading because of its big moves. However, you should always trade new cryptocurrencies and other digital assets with caution. Please do your own research before you invest in anything.

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The SafeMoon Token : Shitcoin or Ambitious Project ?

Find answers to most of your questions about SafeMoon

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