SafeMoon Tokens are a cryptocurrency that was created in March 2021. While the token did get a lot of buzz, it has been described as a “meme coin”. Just like Dogecoin and Shiba Inu, “Meme coins” gain their value due to a market frenzy and can be highly volatile in nature. SafeMoon is based on distributed ledger technology. The token’s name is derived from the popular phrase “Safely To The Moon”. It aims to reassure investors that not only will the token rise to the moon, but it will also do so with the safety of the investors in mind.
What are SafeMoon Tokens?
SafeMoon Tokens are a cryptocurrency that was launched under BEP-20 tokens on the Binance Smart Chain (BSC) blockchain. These Tokens gained a lot of traction after receiving endorsements from celebrities like rapper Lil Yachty, YouTuber Jake Paul, and popular sports blogger Dave Portnoy.
SafeMoon is currently the 117th largest cryptocurrency by market capitalization, according to CoinGecko. Meanwhile, CoinMarketCap ranks it as the 218th most popular cryptocurrency. However, both CoinMarketCap and CoinGecko agree that SafeMoon is more than 85% lower than its all-time high earlier this year. These token are considered to be quite a risky investment.
How Does SafeMoon Work?
The tokens have accumulated a market capitalization of about US $1.9 billion since their launch in March 2021. Cryptocurrency giant Bitcoin has a market cap of about US $1.1 trillion. Those wishing to invest need to pay a steep 10% charge. SafeMoon’s creators maintain that it was designed with the intention of encouraging long-term investment. As per the creators, half the money from the 10% charge goes to current holders. Meanwhile, the other half goes into the liquidity pool to maintain price stability. The creators have also decreased the quantity of SafeMoon in circulation.
SafeMoon is not the only popular cryptocurrency in the running. Many video games like Thetan Arena, Phantom Galaxies and Axie Infinity have their own in-game currencies, To learn more about the THG to PHP conversion, read THG To PHP Calculator – How Much Philippine Peso (PHP) Is 1 Thetan Arena Coin?