SafeMoon immediately gained in popularity in the bull run of 2021 after its launch in March. SafeMoon observed gains of around 900% in April which instantly brought it under the spotlight. The cryptocurrency has a unique functionality which incentivizes holding. SafeMoon is debated to one day rival Dogecoin in popularity and it continues to stay under the limelight.
At the time of writing, SafeMoon stands at a price level of $0.0000033. The price has declined by 6% in the past twenty-four hours while the daily trading volume is also going downwards. SafeMoon currently stands at a rank of 206 in terms of capitalization.
How does SafeMoon work?
SafeMoonwas created in March 2021 on the Binance Smart Chain. The slogan of SafeMoon is “safely to the moon”. Although the price of the cryptocurrency is low in absolute terms, the growth it has had and the growth potential it carries is what intrigues investors and traders alike.
SafeMoon incentivizes holding of the cryptocurrency while a 10% penalty is imposed on sellers of SafeMoon. Of the 10% transaction fee, 5% are reflected back to holders while the other 5% is directed to wallets in other currencies.
What is in store for SafeMoon?
The team of the cryptocurrency has ambitious plans for it. SafeMoon aims to build an NFT exchange. The team is also looking into education and charity projects to get involved in. The price projections for SafeMoon coin are optimistic. In the longer timeframes, an upward trend can be expected from the price movements.
According to the estimates of Wallet Investor, the cryptocurrency will be trading at $0.000017 in a year’s time while the five-year projection shows a staggering 2000% increase with a price of $0.000074. SafeMoon can be safely regarded as a good investment in the long term; however, the cryptocurrency market is highly volatile and anything can happen at any time.