Safemoon is the novelist digital currency that has made the headline right after its foundation in March 2021. Like other cryptocurrencies, this altcoin operates on the blockchain. It is a decentralized finance DeFi token. Safemoon is a significant component of an alternative financial system that enables trading on peer-to-peer networks with no intervention of centralized systems, such as the government or banks.
Reputable cryptocurrency exchanges like Coinbase revealed a 910% increase in their share value within a time of four days in April 2021. However, the fee structure and unclarity of its use cases of cryptocurrency in the real world. This post encircles everything about Sofemoon, such as how this cryptocurrency works and how you can buy the tokens. You will also learn about factors that would help you decide whether or not investing in Safemoon is a wise option.
As mentioned earlier, Safemoon is the latest digital currency that is more likely to attract significant crypto investors because of following the footsteps of successful cryptocurrencies like bitcoin and dogecoin. Despite only arriving in the spring of this year, the cryptocurrency already has gained more than two million investors. The Safemoon received a more number of users who kept it on their watchlist than BTC. Investors buying this crypto get encouragement to hold the digital assets instead of selling them.
Fees and Costs of Safemoon
Selling Safemoon requires you to pay 10% fee. The current investors will get half off by way of a dividend. According to the founders of altcoin, the philosophy behind the sale fees is to discourage day traders and sort out the price volatility that hits other digital currencies. As of writing, the price of this crypto is $0.000001641, a fraction of a USD dollar. It means the altcoin has witnessed a fall since its initial price, which indicates that the founders’ measures have to bring the costs under control.
For investing in Safemoon, you need to set up a cryptocurrency wallet on the Binance exchange and purchase BNB coins. You can subsequently exchange them with Safemoon coins. You can also Bowdoin to exchange for the altcoin. However, users from the UK may not be able to buy carryout regulated activities on Binance.
TrustWallet Apps is the best place to buy Safemoon. For instance, you can use Google Play, Android, or App Store to download the Trust Wallet App. Once downloaded, open the app and click on the dApp tab to find decentralized applications. Now choose PancakeSwap which will let you exchange Bitcoin or Binance with these tokens. You can hold your crypto asset in the Trust Wallet.
How is Investing in Safemoon?
As with other cryptocurrencies, Safemoon investments involve high levels of risks, such as volatility. Therefore, investors who understand digital currencies and have done thorough research can step forward for cryptocurrency investment. Of course, they need to have the affordability of losing their stake. While investors may want to get some volatility through the fees they need to pay for selling their tokens, they still need to experience considerable price volatility. It means you can make both significant gains and overwhelming losses based on your financial condition. Since investing in cryptocurrency is more like gambling, never invest all your life savings in digital holding.
Most cryptocurrency market analysts seem to be watchfully optimistic about the future of Safemoon. According to the WalletInvestor predictions, the price of this coin will increase up to $0.000051 in twelve months. On the other hand, the coin can rise to $0.000237 in the next five years. Nonetheless, it is just a prediction. The cryptocurrency chart can only serve as a bumpy ride at this point. The tax impact Safemoon sale can bring on future investors’ profiles.
As an investor, you might wonder if Safemoon coins are a safe option to add to your investment. If you want to sell your coins when their price is low, you can experience capital losses and pay 10 percent of penalty fees. Some critics also believe that the incentive does not make the altcoin different than a Ponzi scheme.
The potential rivalry between Safemoon and dogecoin is also well-known. DOGE has already enjoyed significant popularity because of Elon Musk – the most prominent proponent of altcoin. The Doge price value has gone through significant volatility since its invention, although it is among the top 10 cryptocurrencies. The digital coin has a market capitalization of over $44bn, whereas Safemoon is under $3bn. It means there is almost no comparison at this stage.