When any new cryptocurrency starts gaining recognition, there’s always a reason to be skeptical about it. It always begs the question of its legitimacy. So if you’re also curious to find out, Is Safemoon scam or legit? Read more to find out.
Safemoon, or Safely to the moon, as its slogan says, is a US-based cryptocurrency.
It has recently gained a lot of popularity in the market due to the increase in interest. It is even being considered in the same race as Dogecoin and Bitcoin. For those of you who are new to the term “cryptocurrency”- it is a virtual or digital currency mainly used as a source of exchange in the United Kingdom, United States, and Korea, etc.
Those of you who have been following the trends and patterns of cryptocurrency might’ve noticed a new name called Safemoon being popped continuously. Those who’ve already invested in this can’t stop bragging about the benefits of it. It promises to take its investors to the moon. If that is indeed true or not, let’s find out.
What is Safemoon?
Safemoon is a general-purpose Decentralized Finance cryptocurrency. It launched in early March 2021 and is based on Binance Smart Chain. It had a public announced launch with no private pre-sale. The founder- John Karony, has given his best to stuff the website with all the jargon he could find, but as influencers argue, it lacks substance.
The currency has seen a nearly 3000% price increase. The early owners claim to have gained numerous benefits and advertise it to be the best cryptocurrency yet. Their goal was to be accessible to the general public and be fair to them. They launched the coin with 1 quadrillion tokens. To create an inflationary situation, about 223 trillion tokens were burnt before the launch by decreasing the supply.
The basic fundamental of Safemoon was that it would reward those who were still the members and punish those who would sell their tokens. Therefore, when a member decides to sell their token, they must pay a 10% fee, which then gets distributed in two halves. The first 5% goes to the existing members, and the second goes to the liquidity pool.
How does Safemoon Work?
Technically, any cryptocurrency is a risky business. And Safemoon scam has risen a lot of eyebrows in the market. But if you’re willing to take the risk and can afford to lose the amount, if it turns out to be nothing but a Ponzi scheme, then here’s how you can buy it.
You have four options to buy from- PancakeSwap, BitMart, WhiteBit, and Bakery Swap. You need to buy a Binance coin or any other cryptocurrency and swap it for Safemoon. If you’re buying it from PancakeSwap, you need first to download the Trust Wallet app, then buy the Binance coins from there. Then just visit the Safemoon page and swap your coins.
Is Safemoon scam or not?
Like every other new currency, there is a low trust factor involved in buying it. The investors should be aware of the risks and be willing to lose everything if it goes south. But on the face of it, however shady it might seem, it hasn’t shown a lot of signs of being peculiarly dicey.
There is a good chance it might turn out to be the worst scams of all, but it is all up to chance. From whatever we’ve read, around 60% of the influencers and cryptocurrency specialists claim it to be a pyramid scheme. They’ve full belief that only the early investors are the ones who have any chance of getting something out of it. Those who are applying right now can suffer tragic losses. But there are just a few individual’s opinions at the end of the day.
It’s a 50-50 game, and no matter how careful an investor is –the Safemoon scam can turn out to be true after all. Their website is experiencing a glitch that doesn’t send out good signs. But some investors claim to have benefited from it, as is shown in their tweets. They have a promise of taking their investors to the moon, and if they stand corrected, the world would indeed be a better place.
Do let us know in the comments below your opinions regarding Safemoon.