What is SafeMoon (SAFEMOON) crypto? Know more about it

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What is SafeMoon (SAFEMOON) crypto? Know more about it

Cryptocurrency
Image source: Hendrik Heemskerk, Shutterstock.com

Highlights

  • Debuted in 2021, SafeMoon crypto is gaining a lot of traction these days
  • The platform utilises the PoA consensus mechanism
  • It has plans of building its own SafeMoon Exchange

Today, the global crypto market cap stands at US$1.85 trillion, a decrease of 4.56% in the last 24 hours. Most of the cryptocurrencies like Bitcoin, Ethereum, Solana, Cardano, Avalanche, etc., are trading in the red today. However, one crypto which is currently witnessing a price rise is SafeMoon.

So, here in this article, let us know more about this altcoin.

cryptocurrency, SafeMoon, Binance

Source: © Arif77shine | Megapixl.com

SafeMoon price

Launched in March 2021, SafeMoon cryptocurrency is a member of the group of tokens known as memecoins, which are based on internet memes. Here, SafeMoon crypto gets its name from the popular term, going to the moon. And, in a relatively short-time interval, this crypto has risen a great deal.

Do Read: What is SafeMoon crypto? What’s so unique about it?

Currently, priced at U$0.0000005366, the crypto is soaring 198.72% at the time of writing today.

How SafeMoon works?

This cosmic-themed cryptocurrency works on the PoA consensus mechanism and is a decentralised finance token. Here, block creators also referred to as validators are pre-selected by Binance, thereby ensuring project centralisation.

Its platform focuses on Reflection, LP Acquisition as well as Token Burn. Here a 10% fee is charged every time a token is being sold, out of which 4% is redistributed across all its existing token holders, hence, adding an incentive for its token holders to keep their tokens for longer.

A 3% fee is added to the liquidity pool, which provides stability to the protocol, and 2% of the tokens are burned, a strategy aimed to help SafeMoon token holders in the long term. And the remaining 1% is added to the SafeMoon Ecosystem Growth Fund.

Related Read: Seeking Solana (SOL) crypto? Things you must know

Future plans

SafeMoon has plans of completing a SafeMoon app and has begun building its own SafeMoon Exchange. Moreover, it is exploring plans of allowing trading on popular crypto exchanges like Binance as well as growing its team by 35%.

Where to get SafeMoon crypto from?

The SAFEMOON token is available across several crypto exchanges. Some of them include Hotbit, Gate.io, BitMart, Bitrue, Biswap, PancakeSwap, etc.

Also Read: 5 must-read crypto trading tips for beginners

Bottom Line

SafeMoon, one of the newest cryptos to have been launched, is witnessing a huge surge in its prices. Though tech-savvy investors may find it tempting to invest in such cryptos, in-depth research and thorough analysis must be done, which going for any cryptocurrency investment, for crypto markets are highly volatile and risky.

Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.

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