What is Safemoon Cryptocurrency ?
To start off... Safemoon CryptoCurrency / Token is a fresh coin from March of 2021. It is an inflationary coin as the Dev's burned all of their own tokens upon launch of the Crypto and as of July 2021 there has been over half a Trillion coins burned (destroyed / taken out of circulation). The burning of tokens is to create scarcity of the Crypto, commonly causing the value to rise. Just as with Gold or Silver... the more we mine up the more valuable it becomes because there isn't much left to mine up.
Shortly after release the Crypto managed to gain over 1 million holders very fast.
A few numbers :
Total supply is 1.000.000.000.000.000.
The total market cap is currently $1.2 billion.
There are currently around 2.5 million holders.
Rated 82/100 by CertiK when it was audited.
A few Pro's and Con's.
Each trade made using SafeMoon Crypto has a 10% fee, some is burned, some goes to exchanges pools and 5% goes back to the holders. This 5% given back is sent in BNB (Binance coin) . So each trade of SafeMoon generates liquidity that help's the Crypto community.
The Development team at Safemoon have been described as having little to no substantial success in the past and the coin itself has been said to be a "pump and dump" aswell as "just another meme coin". A small group of experts have even said that the coin does nothing special.
But ..... the Safemoon website shows that the team have some big plans for the Crypto. They have a game planned that will have the SafeMoon coin integrated as well as an App made to educate people on Crypto. Head over to safemoon.io to read up on their plans for yourself.
Where can you invest in Safemoon ?
The Safemoon team recommend purchasing your coins using Trust wallet, Its a Crypto wallet that can be downloaded on most smartphone's. You will be given a recovery phrase, its extremely important you write this down somewhere safe (Preferably offline) as this phrase acts as a password with one difference, you can not reset it. You loose your phrase, you loose your crypto.
You will need to purchase some Binance coin in order to pay for the Safemoon coin, Safemoon is built on the binance chain. You could buy your BNB from the Trust wallet you should have made an account with. I suggest buying your BNB direct from Binance.com to get yourself 10% back on your first deposit.
Then you will need to go to pancake swap exchange, Select "DApps'' from the bottom menu of Trust Wallet. But if you have an iPhone, this option is marked "Browser." Somewhere on the bottom of the page you can find Pancake Swap, select it. This takes you to Pancake Swap's exchange page, where you can trade one crypto for another.
On Pancake Swap, enter the amount of Binance Coin that you want to trade. Go with "Max" if you wish to swap all the Binance Coin in your wallet. Use "Select a currency" to choose the cryptocurrency you want to exchange too. Enter "Safemoon" in the search bar and select it when it appears. Keep in mind need to adjust the slippage tolerance to get the trade to process. Slippage is when the price of a crypto moves between the time you put in the trade and when it executes.
If you own SafeMoon coin / tokens you can earn rewards passively (I'll be writing a piece about this soon). Safemoon also will be releasing an open beta to their very own Crypto Wallet very soon in this month (August 2021)
In my personal opinion I believe that Safemoon is a reasonably safe bet, I myself will be investing and holding. However I am not trained in finance so this opinion is purely my own and based on the research I have done.
Thank you for taking the time to read this, I hope it helped.
I will leave you with Safemoon Crypto's slogan
"SAFELY TO THE MOON"