DeFi token Safemoon is attracting attention from various investors in the crypto space. In the past 24 hours, the token has surged by over 130%. What’s more, it has soared over 2900%.
This newly launched cryptocurrency intends to establish rewards for people who hold their tokens for a more extended period. Besides, it aims to penalize those that decide to sell quickly. The penalty is 10% of the amount the sellers choose to sell. Meanwhile, those who still hold it will receive 5% of the seller’s fee.
Besides, the Defi token plans to launch its own SafeMoon Exchange and introduce an educational app. It has claimed to have raised $700,000 from donors for the project.
Johnny Karony, SafeMoon CEO, stated that the exchange would stretch the concept behind Safemoon to other cryptos too.
He explained that the users who hold on to the platform would receive static reflection through all transactions. It means that when you have your Bitcoin, you will get more Bitcoin.
Things You Should Know About SafeMoon
SafeMoon is relatively new. The token launched in the first quarter of 2021, and its followers are excited about the expansion news. This means that there is relatively little information available about the token and its underlying blockchain company.
Here is what you need to know when the token’s prices skyrocket:
Investors should note that SafeMoon was launched on March 8, 2021. According to SafeMoon, it is a decentralized financial startup that wants to address common problems found in other cryptocurrencies.
These issues link with price volatility and a tendency for some crypto investors not to hold out for the long term. As we mentioned before, SafeMoon penalizes sellers with a 10% transaction fee to address this problem. Half of the fee goes to the rest of the token holders. John Karony, the CEO of SafeMoon, posts under @CptHodl on Twitter. SafeMoon has been very active on Twitter since its launch in March 2021.
Before making it available on other exchanges, investors can access it at WhiteBit, BitMart, and PancakeSwap.
Through PancakeSwap, users must first buy BinanceCoin and then exchange it.
Another thing to keep in mind is that investors have questions about SafeMoon’s key information. Using social media, SafeMoon has been requesting CoinMarketCap to change its token statistics. CoinMarketCap lists a fully diluted market cap closer to $3 billion, while SafeMoon says its market cap is closer to $5 billion. While investors await clear information about the token, it is essential to approach this hot crypto with caution.