Ultimately, this system of smart contracts and automatic burning, holder rewards, and liquidity acquisition is what makes SafeMoon unique. SafeMoon is a community-driven DeFi project that began in March 2021. John Karony, a former analyst at the United States Department of Defense, founded SafeMoon with the goal of building new and beneficial blockchain, commerce, metaverse, and NFT products. For more information and a complete list of our advertising partners, please check out our full Advertising Disclosure.
- To learn more, read our guide on how to choose the best cryptocurrency wallet for your needs.
- And we hope with out guide on how to buy Safemoon on Trust Wallet, you can easily buy some Safemoon.
- With this kind of mechanism, blocks are created by so-called validators, which are selected and approved by Binance.
- As much as it bills itself as a community-led initiative, key positions are still important, especially on the tech side.
- For now, continue to do your own due diligence and make sure you know exactly what you are getting into.
They are written for a specific chain with compatible protocols. This is similar to how versions of smartphone apps are written for specific operating systems. SafeMoon, which operates https://tradecrypto.com/news/crypto-industry-news/galaxy-digital-ceo-usd-dominance-over-what-does-this-mean-cryptocurrencies/ on the Binance Smart Chain blockchain, launched on March 8, 2021, but it took off like a rocket on Twitter and TikTok in mid-April, sparking interest among many crypto investors.
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These burns do not seem to be prebuilt mechanisms in SafeMoon’s protocol but will be done at the team’s discretion. These validators are pre-approved and chosen by Binance, making the blockchain https://coinrule.com/tools/crypto-trading-software/coinbase-pro/ centralized. SafeMoon is aBEP-20 token launched on the Binance Smart Chain ecosystem on March 8, 2021. This crypto bull run has shown many similarities to what happened in the 2017 run-up.
Of course, it’s vital that your educational sources are solid. It might be easy to follow a random YouTube and Tiktok influencer or join a Discord channel, but your best bet is to learn from vetted experts. Projects like Safemoon and Shiba Inu – that have the potential to absolutely wreck outsiders coming in – contribute to the poor public opinion of cryptocurrencies. They claim it’s a scam and that everyone in the space is out to get you. While that’s the case for some projects, it’s certainly not the case for all.
Luckily, Portnoy added that he had “no idea how this works,” and joked that it could actually be a Ponzi scheme. As a born researcher, he won’t leave any stone unturned when it comes to topics he covers. You can’t buy Safemoon with fiat money, so you need to purchase and trade Binance Coin in order to subsequently swap them for Safemoon. If you are the referrer https://www.benzinga.com/money/best-forex-robots/ and someone uses your unique code, you gain 10% of BNB distribution on the initial purchase of the referee directly into your wallet. HUH Token has committed to a multibridge launch of USD 500,000 PancakeSwap and USD 500,000 liquidity in Uniswap. So, an impressive total of USD 1 million of liquidity is being put behind HUH Token at launch on 6th December.
- Last year, a cryptocurrency called SafeMoon went viral on social media.
- However, these commissions don’t affect our processes for creating unbiased, honest and helpful content.
- Secondly, the mechanism is an incentive for users to continue holding their tokens, thus collecting an even greater number of tokens, similar to the way dividends work for stockholders.
The buy and hold strategy is the simplest to execute and is pretty self-explanatory. Skills such as technical analysis aren’t required and investors can make a profit without committing much time or effort. Binance has grown exponentially since it was founded in 2017 and is now one of, if not the biggest cryptocurrency exchanges on the market. 79.17% of retail investor accounts lose money when trading CFDs with this provider.
Latest Safemoon News
It is aDeFi“community-driven” project designed to help democratize yield farming. It was launched in March 2021 and quickly became one of the most exciting meme coins. It runs on theBinanceSmart Chain, making it less accessible than other digital assets like bitcoin orEthereum. SafeMoon plans to develop anNFTexchange, charity projects, and cryptocurrency educational apps. SafeMoon is a cryptocurrency token that was launched under BEP-20 tokens on the Binance Smart Chain blockchain.
With Tik Tok influencers promoting cryptocurrencies like SafeMoon, much of this newfound traction can be attributed to SafeMoon’s social media promotions. Safemoon is a cryptocurrency that was designed to encourage long-term check this out investment and discourage selling, but it’s an extremely volatile asset that comes with a number of other risks too. Those who buy this kind of risky asset should be prepared to lose their entire investment.