SafeMoon Price Today • Live Data • Benzinga Crypto

SafeMoon is making a lot of noise in the crypto world. Its extraordinarily successful marketing campaign has made it a cultural phenomenon and marketing success story. SafeMoon recently launched on the Binance Smart Chain (BSC) as an ordinary small market cap decentralized finance (DeFi) token from an unknown development team. This token, however, is the cryptocurrency that the crypto TikTokers and social media influencers always wanted: a legal kind of pyramid scheme.

Investing in SafeMoon

SafeMoon is a divisive topic for crypto enthusiasts. On one hand, SafeMoon is a relatively uninventive coin that attracts the attention of many new crypto buyers for its volatile price swings. These swings have made a few lucky holders look like rich business geniuses while the majority of its traders lose their money in silence.

On the other hand, SafeMoon is an example of a financial system that traditionally shouldn’t be trusted, but because of the trustless nature of Blockchain, SafeMoon is just as trustworthy as any other Binance Smart Chain token. SafeMoon shows the potential for blockchains to host trustless financial systems that anyone can benefit from and access. 

It’s hard to call SafeMoon a good idea, but there’s no reason why it isn’t a valid idea that gained a market cap of $2.5 billion with just over 2 million holders in 4 months. No matter what you think about SafeMoon, it’s an extraordinarily successful project but should be treated like gambling for the common investor.

What is SafeMoon?

SafeMoon is a decentralized finance (DeFi) token that rewards its holders by automatically distributing transactions to maintain token growth. When a token is bought or transacted, SafeMoon’s protocol splits 10% of these funds into 3 main categories: liquidity pool acquisition, static reward and a manual burn. This crypto jargon essentially means you earn more tokens by holding SafeMoon while others make transactions. However, this token accumulation doesn’t necessarily mean you will automatically make more money.

All holders receive a 5% static reward from the transaction fees proportional to their holdings. The other 5% of every transaction is converted into 50% Binance coin and 50% SafeMoon tokens to be added to PancakeSwap’s liquidity pool. Finally, the controlled burning of coins decreases the coin supply and incentivizes early investments while the token supply is high. A part of the static reward goes into a burn wallet, which is a crypto wallet that nobody has access to.

The 3 actions of SafeMoon act as an incentive program to develop long-term growth. It might look like guaranteed profit in theory, but when adjusted for the price swings of SafeMoon’s token and the 10% fee you will face at least twice when you buy and sell, earning profit is far from a guarantee.

History of SafeMoon

SafeMoon launched on March 8 on the Binance Smart Chain as a normal DeFi project. During this time, DeFi was the hot topic for crypto investors, and SafeMoon was entering this new market. The name SafeMoon is a play on a viral joke that these smaller coins and stocks with low market cap were greatly undervalued and would actually outperform any other investment and hit the “moon.” 

These were investments with little fundamentals that still managed to appreciate in price because of the “meme value” of the coin. The main problem with these speculative investments is that they usually cause intense price swings resulting in people losing their money. So people wanted their investment to hit the moon, but they also wanted it to be safe. Get it? SafeMoon.

Where to Store Your SafeMoon

To access your cryptocurrency investments, you need a piece of data called your private keys.This data is always stored somewhere, whether it be on an exchange, software wallet or hardware wallet. It’s not recommended to store your crypto on an exchange, as exchanges are less secure than storing cryptocurrency in a dedicated crypto wallet. 

Best Software Wallet: MetaMask

MetaMask is the most common software wallet because of its integration with decentralized exchanges (DEXs). The MetaMask wallet is easily controlled through its Google Chrome extension, which will automatically connect with exchanges like PancakeSwap and UniSwap. Because SafeMoon is on the Binance Smart Chain, you will need to use a decentralized exchange on its network like PancakeSwap. MetaMask isn’t automatically connected to the Binance Smart Chain network, so you will have to import that manually. Once you are connected to the network, you will connect your wallet to PancakeSwap and swap your Binance tokens for any token on the network, including SafeMoon.