At present, more than 15,000 digital currencies are being made available to you in the cryptocurrency market and every day this number is increasing in more numbers, it can be quite difficult for you to know what people are getting into it. research or invest. There are many popular coins like bitcoin and other cryptocurrencies which are valuing them in a big way and which are going fast like a storm all over the world, but we also want to tell you that all cryptocurrencies are successful. There are some currencies which have also failed and some of them are just scams. In order to see more, you can visit our website.
Through this article, we have mentioned that it starts a SafeMoon investigation for new cryptocurrencies. If you want to know the history of coins, the first thing to know is how much is it worth, whether is it completely safe and whether will it prove to be a good investment. Is Safemoon one of the big crypto to explode this year?
What Is SafeMoon?
Safemoon came to the cryptocurrency market in the year 2021, which came out in the form of cryptocurrency. Crypto project which is like a community-driven approach to decentralized systems. The coin had 2.9 million holders as of January this year, after its first-quarter launch in 2021. As per the report of CoinMarketCap, it has come to know that there are more than 562 trillion coins in circulation so far, which are present to us. Founders have always wanted a coin that is completely “safe” and that ensures profits and on the other hand, helps prevent the inevitable bubble. The Safemoon crypto developers have a long-term vision of what’s going to be successful in the future. In addition, the holder earns passive rewards over time, and the same penalty discourages selling.
Is SafeMoon a good investment
In the case of Safemoon investment, we have already discussed the Ponzi scheme which concludes that it could have red flags at some points and you may have to take precautions over participating. The firm HashEx on 25th, 2021 reported that SafeMoon could be risky for millions of investors as per the audit report. The vulnerabilities found in the projects include:
- A smart contract allowed only 100% commission for the transfer of Safemoon.
- Rug pulling excludes the holders from commission distribution and gives chances to developers for liquidity theft.
- Temporary transfer of tokens is prohibited, rendering tokens incorporated permanently by smart contracts.
- It is claimed by HashEx that only the person controlling the SafeMoon smart contract.
HashEx said that SafeMoon can be attacked by hackers and liquidity could be stolen. Therefore, it would not be possible for the developers to send tokens to the burn address.
Safemoon is specially designed for investors to resist extreme volatility by rewarding them as the first to hold coins. It accomplishes its functions in different simple ways: Manual Burn, LP Acquisition and Reflection.
- Manual Burn
Cryptocurrency token burning is a process that permanently removes the token from its circulation completely. It is a process that seeks to create increased scarcity and value. The same crypto project burns the coin continuously.
- LP acquisition
Seen through its official white paper, its liquidity is like a “secret sauce” for Safemoon. This function creates a very solid price level for sellers and buyers.
This is known as a reflex that attempts to fix a problem for mining rewards, and stable rewards. which works in two ways:
- The reward amount is conditional on the traded volume, which helps to reduce the selling pressure that may occur when selling their coins to all those beginners.
- It collects payments based on the number of people who own the token to hold it.