There has been a lot of talk recently about Safemoon, the Cryptocurrency that you could say jumped on the bandwagon of the now-famous Wallstreetbets from Reddit after their quite amazing run on Gamestop and AMC short squeezers a few months back.
It is very clever this coin. One reason is the name. Safemoon.
You see, during the big pumps of Gamestop and AMC and even the joke coin Dogecoin there were many people coining the phrase “we are going to the moon”.
This is a term for when a stock goes parabolic! Like a rocket ship.
A very clever move by the Safemoon team.
In fact, I would bet that many of the holders have literally just backed this coin BECAUSE of the name and nothing else.
Unlike many other fad alt coins, this does have a website, it does have a whitepaper, the team behind it do show up and go on camera answering questions.
So, Is Safemoon Going To Be The Next Dogecoin?
So is it more than just a name? Could it actually hang around long enough to be accepted on the major exchanges and become widely adopted like the infamous Dogecoin?
Dogecoin was setup as a joke and in many ways because of this it got loads of backers, most famously Elon Musk tweets about it from time to time which sends the price into a frenzy!
Since Safemoon’s official launch on March 8th 2021 this coin has grown a MASSIVE 5000% reaching an all-time high of $0.00001399 which is quite incredible given the short space of time it has been around.
In fact, as of now (April 2021) it is not even on any major crypto exchanges so you can’t even buy it easily yet it has over a 1,000,000 holders and growing daily.
You do have to go through a few hoops in order to actually buy some Safemoon.
However, it can be done – this guy breaks it down quite simply.
PLEASE NOTE: WE ARE NOT SAYING TO BUY THIS COIN.
This is purely an entertainment style post.
Judging by their whitepaper you could say that these guys definitely do not want to be in this game for the short term and they are looking long with this project.
Of course, the fear is in the crypto world that many token traders will try to “pump and dump” this coin which could end up giving it and the developers a bad name.
As a part of the long term plan they actually promote the holders buy giving them a share of any sold stock.
A seller will have to pay a 10% penalty fee (in coins) which is split and redistributed to the existing holders.
So, the morals seem to be there.
Now, of course, no one knows what will happen in the future. Even the most stable cryptos can have huge price swings and fluctuations, unlike the more traditional stock markets.
It is not uncommon for the alt coins and tokens like this to have 50% price swings within a day apart.
So, with that of course comes risk.
Sadly, thousands of cryptocurrencies die and never come back, some for genuine reasons like poor planning, maybe some wrongful bad press drove the price down, or maybe security flaws.
Others do unfortunately die off though because the owners are just clearly in it to make a quite buck.
There have been several cases where founders are now in jail due to illegal fraudulent activities and scams by conning their investors.
You always need to do your own research.
Safemoon does set out in its own whitepaper to try and address these flaws in other alt-coins. Notably, as I mentioned above, by trying to keep people holding long term by adding a “sales tax” of sorts.
Safemoon may not be the coin for the short-term trader, however aim long and who knows?
Maybe you could be taking a trip to the moon.
Disclaimer: This site has no interest in Safemoon or any crypto coins for that matter. This is purely an entertainment post. Whenever you invest in ANYTHING please always do your own research.
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