PancakeSwap is a decentralized exchange that lets you trade directly from your crypto wallet, which means you, not the exchange, are in complete control over your crypto assets. You can also purchase safemoon on a number of exchange platforms, including PancakeSwap and Bitrue. 22, you can purchase safemoon seamlessly through the safemoon wallet, but you will need to buy bnb, or binance coin, then swap it for safemoon. A group of investors filed suit in February, alleging that safemoon used celebrity endorsements to promote misleading claims about the potential for investors to profit.Īs of Sept. Then, they will sell or “dump” their coins into the unsuspecting crowd, which inevitably will drive the price back down. That means that people who bought the coin early will “pump” it up, encouraging others to buy. Some analysts even go so far as to say they believe it is a pump-and-dump scheme. The hype and frenzy over crypto in social media are adding fuel to the fire. That fact could drive the price up over time, benefiting the owners and early adopters. Some Analysts Think It’s a Pump and DumpĪs mentioned, the token is designed to discourage selling. 6, 2021 - and shot up to #10 within 12 hours, SafeMoon announced in a tweet. The iOS version went live on the App Store on Oct. 1, 2021, according to BSC News, it appears not to have reached 200,000 downloads as of Sept.
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Although more than 100,000 Android users had downloaded the wallet from Google Play by Oct. It could see more buyers if the wallet gains more widespread use. Although the project plans to develop a non-fungible-token exchange and coin launchpad, for now, the entire purpose seems to be to get people to buy it and drive the price up. Unlike some other crypto projects, safemoon doesn’t actually do anything. Some analysts have concerns with safemoon. With all the hype for a newer coin, it’s valid to wonder if it’s safe. It also allows the burns to be announced and tracked publicly, leading to increased transparency. The argument is that this process can implement a beneficial burn strategy for long-term investors.
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However, safemoon employs manual burns instead of continuous burns. Some crypto projects perform continual coin burns from the start. This process is an attempt to create increased scarcity, and thus value. Most cryptocurrencies undergo a process called token burning, which permanently removes tokens from circulation. Five percent of the fee is split among existing holders, encouraging investors not to sell their tokens.Īccording to the project’s white paper, the goal is to “prevent the larger dips when whales decide to sell their tokens later in the game, which keeps the price from fluctuating as much.” Manual Burn For every transaction, the smart contract charges a 10% fee. The unusual feature of safemoon is the penalty for selling coins. This function creates a solid price floor for both buyers and sellers. LP AcquisitionĪccording to the official white paper, the automatic liquidity pool is the “secret sauce” of safemoon. Safemoon’s static reward approach attempts to mitigate the problem of early adopters selling their coins en masse. That means early adopters generally have more crypto than new buyers. For example, with bitcoin and other tokens, early adopters earned more rewards for their mining efforts than latecomers because the reward value decreases over time. This static approach differs from traditional mining rewards. It encourages those holding the tokens to collect higher payments based on the total number owned.The reward amount is conditional upon the volume being traded, which mitigates selling pressure caused by early adopters selling their coins.Static rewards, known as reflection, attempt to correct the problems with mining rewards. It works with three simple functions: Reflection, LP Acquisition and Burn. Safemoon was designed to resist volatility by rewarding investors for holding their coins.
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