Wednesday, April 24, 2024

SafeMoon Token: Safe to Moon or Rug Pull Risk?

The Newly launched DeFi Token SafeMoon has generated a strong buzz in the crypto industry. #SafeMoon was quite trending on Twitter and is the talk of the town. On TikTok, the same hashtag has almost 72M views. The project has left many investors and traders in delima to decide if it’s a legit or a scam. 

SafeMoon Market Sentiments 

The token had gained a 99% surge on April 18th after the Bitcoin price experienced a huge drop. The SafeMoon price surged from $0.00000029 to $0.0000074, with 2,200% in 3 weeks.

However, Due to wild swings in volatility, the token has lost an eye-popping amount of value in just an hour. The coin plunged to two thirds of its value on Thursday morning, dropping from $0.000015 to $0.000005 within an hour. It later recovered to $0.000007.

CEO John Karony, claimed that SafeMoon appeared to acknowledge the huge drop, with its official account writing on Twitter: “Who said there wouldn’t be turbulence”.

What is SafeMoon?

SAFEMOON is a defi token launched recently in the 1st quarter of 2021. It is the native token of SafeMoon protocol, a decentralised finance startup that ensures aiding crypto bulls get to the moon in a safer manner. The platform started to add incentives for users who hold their tokens for a longer period of time. On the other hand, users who sell will face a penalty as well.

How to Purchase Safemoon Token ?

Currently, The token is available on Whitebit, PancakeSwap, and Bitmart. In the recent  AMA session, CEO of SafeMoon John Karony hinted that the token is due to enter two exchanges. Although, it is not known which are those exchanges yet.

However, Right now, to buy SafeMoon tokens on PancakeSwap, you need to  download Binance and Trust Wallet initially. The second step is to buy a BNB coin from Binance Exchange and transfer it to their Trust Wallet to convert it to a Binance Smart Chain. .

Further, you need to go to their browser on Trust Wallet, click PancakeSwap, and convert BNB tokens to SafeMoon tokens. However, you can purchase easily with U.S dollars from trades like WhiteBit or BitMart.

Is Safemoon a Ponzi Crypto project?

With the help  of growing coverage by the well-known press, SafeMoon has attracted huge attention. On the contrary, prominent influencers of the crypto community are criticizing it as a ponzi scheme. As per reports, it may not really be the right and safest investment choice.

“War on Rugs”, the community that analyse crypto money projects, also warned about SafeMoon. According to them, the possibility of losing funds is absolute, as the creators hold more than 50% of the liquidity and refuse to fix it.

Notable Crypto Youtuber Lark Davis experiences a Deja Vu with the newly buzzing defi token SafeMoon to Bitconnect Ponzi that occured few years before. He compared it to the now-dead Bitconnect project, guaranteeing that the rush of gains is blinding users.

Later CEO of Safemoon, John Karony Confirms that they will lock the liquidity of the Safemoon LP token.

You can now buy Safemoon on a lot of exchanges like MXC, and Delta. Presently Safemoon has more than one lakh holders, which is a very large community in itself.

Monesh Kumar
Monesh Kumar
Monesh Kumar is a cryptocurrency and blockchain enthusiast. He trades cryptocurrencies and holds some but he prefers holding Bitcoin, Ethereum & Cardano.

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