According to the latest cryptocurrency news, more crypto updates will be released this year – one of the novelties in the industry is a wallet for beta testing from SafeMoon. How to use it in different areas such as business? Read our article to know every interesting detail.
SafeMoon is a cryptocurrency that has been promoted on social media in a very active way. Twitter users saw many #SAFEMOONWALLET hashtags on Twitter. This article is for those who are interested in what this cryptocurrency is and how to get a new wallet.
The previous month, the crypto project opened sign-ups for a closed beta wallet. It invited 500 guests who could try it. There was also an opportunity to get the SafeMoon token.
Other functions of the SafeMoon wallet:
- safe place to store and trade cryptocurrency;
- dark mode;
- contact synchronization;
- Simplex integration.
It’s also important to mention a 10% tax on each transaction. It doesn’t matter if it’s trade or exchange. Some amount of the tax is also going into a liquidity pool. Half of it splits up between holders. It depends on the number of tokens they own. The company called it “reflections”.
The protocol is DeFi token. And for every single trade, there are three functions:
- LP acquisition;
What is the difference between Bitcoin and SafeMoon?
Since the first cryptocurrency introduction in the world, a large number of Bitcoin forks and Ethereum fans was increasing during a few days to make a contribution to CoinMarketCap’s servers. Customers won’t buy any coins if they don’t fulfill some utility beyond transactions.
The SafeMoon is positioned as a totally safe way of a token that gets expansive. The main difference from Bitcoin is such an unusual way to make people not spend their token on the other cryptocurrency. However, this token cannot be spent on anything else.
SafeMoon is the 5th of the most-visited pages on CoinMarketCap. This cryptocurrency is searched for more times than Ethereum (one of the most trending crypto).
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What about trading?
At present, most trading is happening on decentralized exchanges PancakeSwap and BitMart. Now the current situation makes things difficult for exchange, which has had to help the taxed tokens get into the wallet of every customer. It happened because of the token’s redistribution mechanism.
The wallet is a benefit for SafeMoon. BitMart listed SafeMoon in April 2020, but it didn't have any tokenomics plan, that would provoke daily reflections. However, it was decided to add reflections to wallets every month.
It’s not a secret that SafeMoon offers integrated tokenomics. So it can make people keep tokens in the wallet and make taxes down on certain transactions.
What users can know about SafeMoon crypto from media space
SafeMoon also doesn’t share the details about the product. However, the similar EthereumMax that also gives holders of token a share of every transaction announced some information.
There’s also nothing about the device on which the app is suitable. Users can see the line with a question about the device model. SafeMoon declared that the main goal is a check how a wallet will be working on every possible device. Moreover, these 50 beta-users have had to sign a nondisclosure agreement, so there will be no more information.
The cryptocurrency doesn’t have this much support in the media space at EthereumMax, for instance. It doesn’t have any support from celebrities like Kim Kardashian or Floyd Mayweather.
How to buy SafeMoon crypto
The first thing you need to get for buying SafeMoon coins is a wallet. It guarantees your safety while trading. Trust Wallet will provide a recovery phrase that can be used as a form for private keys. It can be used in case of losing access. It’s also important to be careful and not give this phrase to other people.
Buy Binance Coin. Since SafeMoon can't be bought by cash, customers can buy it only with another cryptocurrency. The most comfortable option is Binance Coin (BNB).
The next step is Pancake Swap exchange. Here’s a platform where you can trade different cryptocurrencies, BNB and SafeMoon are some of them. You need to select “DApps” in Trust Wallet. It also can be named “Browser”. Then it will be the exchange page where customers trade crypto.
The process of trading is the following. Enter the amount of BNB and select a SafeMoon currency. Then you will see the estimated amount you’ll get.
What risks you can face?
SafeMoon used the Binance Smart Chain, and that’s a big difference from the chain used by Bitcoin and Ethereum. The fact is that Binance is a centralized ecosystem with control over its blockchain technology. It means it can be changed at any time.
Moreover, security company CertiK has found a serious weakness. Some amount of the seller fees is on the single account of one of SafeMoon’s owners. It also can create some risks for investors.
So if you like to take challenges and get into risks, you should invest in this cryptocurrency.
SafeMoon crypto price for the next few years
The price has been changing since March 2021. In June it was down 60% from the all-time high. But it also was up 9.624% from its low.
In the nearest future, the coin’s price can be getting high. However, its cost may be at the level of a cent. This calculation is made by DigitalCoin.
Prediction of the price for the nearest years:
For example, Dave Portnoy bought $40 000 in SafeMoon. He also approved it as his preferred shitcoin over DOGE, Shiba Inu, and others.
SafeMoon price is so assailable for now, moving averages and a trend line oppress on it. The potential future was found out on June 22. It was a test low of $0.00000230. It means that the current price will decline by 30%.
You also can find Bitcoin price prediction for 2021 on our site.