Introduction to SafeMoon
SafeMoon is a new cryptocurrency that entered the crypto market in 2021. The cryptocurrency was launched as a community-driven project for decentralized payment systems. Today, there are over 2.9 million holders of SafeMoon crypto tokens, according to Utah Business reports. According to the stats of CoinMarketCap, there are around 585.536 trillion tokens in circulation. It is the objective of SafeMoon to ensure the safe extraction of profits and avoid crypto token bubble scenarios.
Launched at the network of Binance Smart Chain, SafeMoon is a BEP-20 cryptocurrency token that is now the third-most-popular crypto token by market cap.
The cryptocurrency has three essential components.
- The first component is reflection. At this point, the fee of the SafeMoon transactions gets distributed among the token holders.
- The second component is a fee charged on the SafeMoon transactions provided to the liquidity pools of Pancake Swap and various other platforms.
- The third component is the token burn that occurs in every SafeMoon trade. A tax slab of 10% gets imposed on every transaction that constitutes 5% for liquidity pools and 5% for the reflection rewards.
What is SafeMoon mining?
The mining of SafeMoon takes place by the process of token burning. By this process, the tokens get removed permanently from circulation. The team of SafeMoon developers burns the SafeMoon tokens manually to reduce the number of tokens in circulation and thereby increase the token’s price. More than 400 trillion tokens have been burned by the SafeMoon team so far.
The burning of cryptocurrency tokens increases the scarcity of supply and the price of the tokens in circulation. Unlike other cryptocurrency developers, SafeMoon developers perform manual burning of tokens regularly. The process of regular burning is especially beneficial for long-term investors. The token burning events are announced and recorded publicly for increased transparency.
Need for SafeMoon mining
The importance of SafeMoon mining lies in decreasing the supply of tokens in circulation to increase the value of the cryptocurrency token. SafeMoon also rewards the miners with reflection rewards.
Is it profitable to mine SafeMoon Coin?
Yes, it is profitable to engage in mining SafeMoon cryptocurrency tokens. The miners of SafeMoon receive rewards from the reflection core component of the crypto token. The reward amount encourages the token holders to raise higher payments or profits based on the trading volume. Mining in SafeMoon is especially rewarding for the early adopters of crypto tokens. If an early buyer had invested only $100 in SafeMoon during the launch of the cryptocurrency, then he possesses a wealth of $1.4 million today.
Okay, Now See What’s the Current Safemoon Price
SafeMoon was launched in the crypto market with 777 trillion tokens. Even though it had started with quadrillion tokens, the developers had burned 223 trillion tokens to regulate the cryptocurrency price. In the beginning, the price of the crypto token was $0.0000000010. In April, the price of the SafeMoon tokens reached an all-time high price of $0.00001399. Later, the price of the token plunged by almost 75%. The current price of SafeMoon is $0.000001481.
Despite the favourable price fluctuations, investment in SafeMoon is a tad too risky. The cryptocurrency token depends on its popularity for its price fluctuations, and there is a chance that the token is way past its favourable period now. However, the plans of the SafeMoon developers may spark new hopes and draw in more investors to the crypto market of SafeMoon. Read to know more about the future price of SafeMoon.
Future of SafeMoon
The team of developers at SafeMoon holds extensive discussions regarding the plans for the cryptocurrency by coming live at different platforms. The plan of action for SafeMoon soon are listed below:-
- The launch of an app, a wallet, and a video game of SafeMoon cryptocurrency.
- The integration of SafeMoon markets with the cryptocurrency markets of South Africa.
- The creation and launch of an exclusive SafeMoon cryptocurrency exchange forum.
- The transformation of SafeMoon by Project Phoenix into the fuel for the liberation of unbanked payment systems.
As of today, SafeMoon is a safe investment choice. However, most crypto experts are sceptical about the performance of the cryptocurrency token in the crypto market as SafeMoon does not have either advantages or use cases. The crypto token is popular, but its long-term success is not particular.
Crypto enthusiasts think that SafeMoon does not have any competitive advantage, and therefore, the token may not last long in the crypto market. Nonetheless, the mining process of the crypto token is pretty advantageous, and the mining rewards do not fail to attract buyers to the crypto market. If you seek to trade in SafeMoon, sign up with PancakeSwap and other SafeMoon exchange platforms today.