Safemoon has gotten quite a bit of criticism. It's one of the riskiest cryptocurrency investments you can make Turning Safemoon into "the fuel for the freedom of the unbanked" through "Project Pheonix" (an intentional misspelling)ĭetails are especially scarce on Project Pheonix, which begs the question of whether the true point is to keep people talking about Safemoon.Integrating Safemoon with African markets.Releasing a Safemoon app, wallet, and video game.But these ideas are all over the map, and some seem like they're only intended to hype Safemoon. The Safemoon team has covered future plans on their website and through regular video livestreams. Future plans for Safemoon may be more style than substance While it's not too hard to buy Safemoon if you're willing to learn how, the process isn't as straightforward as buying crypto through a major exchange. There are also several other exchanges that let you trade Tether for Safemoon. If you connect your crypto wallet to that site, you can trade Binance Coin for Safemoon and vice versa. PancakeSwap, a decentralized crypto exchange, was the first to list Safemoon. There also currently isn't any exchange that lets you buy Safemoon using fiat money, such as dollars. The top cryptocurrency exchanges don't have Safemoon available. You can't purchase Safemoon with cash or through the biggest crypto exchanges The cryptocurrencies that stick around are the ones that have a specific purpose or have a competitive advantage. Safemoon has gotten by on popularity so far, but that's not a recipe for long-term success. Many crypto enthusiasts are skeptical about Safemoon because it doesn't have any use cases or advantages over other cryptocurrencies. It doesn't have a real-world purpose or competitive advantage But Safemoon has lost more value than several of the bigger coins, such as Bitcoin and Ethereum. To be fair, most cryptocurrencies have seen their prices drop in the last several weeks. To put that into perspective, if you had put $100 into Safemoon at launch, you would've had almost $1.4 million worth of Safemoon.Īt the time of writing, Safemoon's price is down over 75% from that all-time high. On April 20, its price hit an all-time high of $0.00001399. Safemoon was extremely rewarding for early buyers. The price shot up by over 20,000% - and then fell back to Earth Over 400 trillion Safemoon tokens have been burned so far, counting the first 223 trillion that were burned before launch. What this means is that the Safemoon team will regularly burn tokens and reduce the supply, which is intended to raise the price. The developers manually burn Safemoon tokensĪnother key part of Safemoon is manual burns.
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