Meme coins are coins that are created for certain fun purposes and can even be the identity of a community. Many crypto activists used to underestimate the power of meme coins. This view changed when the phenomenon of Dogecoin (DOGE) emerged, which is a meme coin with a dog icon typical of Japan, namely the Shiba Inu. The coin became a boom and the price touched $1 USD per DOGE coin thanks to the help of Elon Musk and SpaceX.
Meme coins are becoming the new prima donna among crypto activists at this time, but keep in mind that not all meme coins can be of good value and can follow in the footsteps of Dogecoin. SafeMoon (SAFEMOON) might be your consideration if you want to buy meme coins.
To add to your reference about the SAFEMOON coin, in this article AllCrypto.link wants to review what Safemoon (SAFEMOON) Cryptocurrency is.
What is Safemoon (SAFEMOON) Cryptocurrency?
SafeMoon Protocol is a community-based Decentralized Finance (DeFi) token with fairness principles. According to the official website, SafeMoon has three simple functions whenever a trade occurs: Reflection, LP Acquisition, and Burn.
SafeMoon Protocol is a combination of RFI tokenomics and Auto-Liquidity Generating protocol. SafeMoon plans to develop a decentralized Non-Fungible Token (NFT) exchange, several charity projects and applications for crypto education.
SafeMoon belongs to the type of altcoin, which is a blockchain-based digital currency that is generally similar to Bitcoin, but with some distinct differences and functions. SafeMoon was first launched in March 2021 and has managed to amass over 1 million users.
SafeMoon has a unique feature where they charge a 10% fee to anyone who sells their token, of which 5% of the fee is redistributed to all other SAFEMOON coin holders. It aims to reward those who don’t sell their coins and of course, by reducing SAFEMOON coin sales, the price of the coin remains stable.
SafeMoon is a community coin that was created as a critique of Bitcoin which has deviated from the original purpose of the coin, where Bitcoin was supposed to be a centralized currency but has now turned into a tradable commodity. So the price of Bitcoin is very ‘wild‘ and only controlled by ‘Whale‘. SafeMoon at least charges a fee that encourages owners to not only buy the coin for short-term resale, but to hold it for longer.
SafeMoon can also be seen as a more serious take on Dogecoin which has the slogan “Go To The Moon” and which SafeMoon replies with “Safely to the Moon.”
Is SafeMoon Safe For Crypto Investment?
Cryptocurrencies are often highly volatile, and based on current evidence, SafeMoon doesn’t look much different: despite its growth in value, it is still vulnerable to major declines, one of which has occurred in April and another occurred last month.
How to buy SafeMoon
If you’re willing to take the risk, then you can buy SafeMoon from any of the four crypto exchanges: PancakeSwap, BitMart, WhiteBit, and BakerySwap. This is a more complex process than simply buying a currency like Bitcoin: you basically need to buy BinanceCoin, another cryptocurrency, and then exchange it for SafeMoon.
To use PancakeSwap, for example, you first need to download the Trust Wallet app , then buy Binance Coin (either BNB or BSC) and add it to your wallet. You then visit PancakeSwap via the meme app, find the SafeMoon page and exchange your Binance Coins there for SAFEMOON coins.
A special SafeMoon wallet is currently in the works. With the existence of a special digital wallet for the SAFEMOON coin, it is hoped that it will simplify the process of buying and storing these coins. Remember that using cryptocurrencies as an investment carries a high level of risk, even at the best of times. Crypto assets are much more volatile than the traditional stock and mutual fund markets and arguably no one currently regulates crypto asset trading. Keep using cold money in investing or money that you are prepared to burn.