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These prices seem extremely low compared to current prices due to the V2 migration described belowĪlthough SafeMoon has a relatively small market capitalization, the token price is a bit misleading. To put these gains in perspective, an investor who bought $100 of SafeMoon tokens at $0.000000001 would have had $130,000 at SafeMoon’s peak. The token began trading in March for $0.000000001 before skyrocketing to an all-time high of over $0.000013. SafeMoon has only been trading for about 3 months, and it's appreciated more than the S&P 500 over the last decade. Don't fall for price bias – if you're new to crypto, you may want to stick to Bitcoin or Ethereum. This is because of the immense amount of tokens minted the initial supply was 1 quadrillion tokens. However, it's almost impossible for SafeMoon to reach a penny, much less a dollar. SafeMoon can be bought for far under a penny, leading some to think there's lots of room for the cryptocurrency to grow. The reason some investors think they're early investors in SafeMoon is its low token price. It turns out SafeMoon was far from being on the ground floor – the token is currently trading for a tiny fraction of what it was back then. Admitting that he doesn’t really know what SafeMoon is, Portnoy told his followers: “If it is a ponzi, get in on the ground floor.” This proved to be terrible advice. He announced his support on Twitter, encouraging his followers to buy Safemoon. With Tik Tok influencers promoting cryptocurrencies like SafeMoon, much of this newfound traction can be attributed to SafeMoon’s social media promotions.Īs of May 17 2021, Dave Portnoy, founder of Barstool Sports, has voiced his allegiance to SafeMoon. Instead, “Tik Tok Tokens” better describes the nature of these assets. Dave Portnoy's SafeMoon EndorsementĬalling these highly speculative, pyramid-scheme-esque cryptocurrencies “shitcoins” doesn’t explain the complete nature of these investments. With such a high cost to be part of the network, the network is controlled by a few well off Binance Coin holders, including people involved with Binance directly. To be a Binance Smart Chain validator, investors must stake millions of dollars of BNB.
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#SAFE MOON CRYPTO PRICE CODE#
One of the major tweaks it made from the Ethereum code was it only has 21 nodes validating transaction compared to the 10s of thousands of validators on Ethereum. Even though BSC is essentially Ethereum but with a few tweaks, it suffers from a huge lack of decentralization. However, for well-versed cryptocurrency enthusiasts, it’s hard to consider anything on Binance Smart Chain as a DeFi token.
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SafeMoon classifies itself as a decentralized finance (DeFi) token. Conversely, smaller holders make pennies each day, and they're incentivized to hold these rewards in hopes of growing their base number of tokens. Since large holders make a significant amount of money each day, they're incentivized to sell their rewards and lock in profits. Since tokens are redistributed proportionally to the amount of SafeMoon token one holds, those with the most tokens earn the most money. More on this can be read in the SafeMoon whitepaper. Unfortunately for SafeMoon holders, this effect is usually negligible, especially after the 5% fee is incurred when selling the tokens. This 5% fee is burned, redistributed and added to the SafeMoon liquidity pool on PancakeSwap. This keeps investors from selling their investment, even if SafeMoon doesn’t provide any real value. To fund this, SafeMoon charges investors a 5% fee to simply sell their tokens. These “static rewards'' increase the amount of SafeMoon investors own based on how long they hold their investment. Terms like “Static Rewards'' are used to hide the token’s resemblance to a pyramid scheme.
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If you visit SafeMoon’s website, you’ll be greeted by a plethora of crypto-related buzzwords. It's also 1 of the 1st cryptos to implement redistribution tokenomics, something which has yet to be proven as a viable framework for cryptocurrencies. Most of this attention has been gained from social media platforms, namely Twitter and TikTok. SafeMoon is among the 1st cryptocurrencies on Binance Smart Chain to gain mainstream attention.