Tech enthusiasts have plenty of virtual currencies that they can buy. There are so many, in fact, that tracking them all isn’t always easy.
Bitcoin is likely the most well-known, and Ethereum is another big name. However, many cryptocurrency investors are taking a good look at SafeMoon. This particular digital asset is turning out to be quite a trendy topic online.
Jake Paul is a YouTube sensation, Lil Yachty is a rapper, and Nick Carter is an American singer. Wonder what they have in common? They’re all owners of SafeMoon. This cryptocurrency actually promises its holders the moon. It also promises a high degree of safety.
SafeMoon started up last March. It’s on the blockchain called Binance Smart Chain.
As with other virtual currencies, it provides an ecosystem of various financial services free of middlemen or intermediaries. However, SafeMoon has something distinct about it. Investors are actually encouraged to hold their assets rather than sell them.
Anyone who doesn’t play by this recommendation winds up paying transaction fees of approximately 10%. Half of that winds up being passed around as dividends to holders of SafeMoon. Project founders believe this penalty will encourage investors to be long-term holders so the price of this digital currency stabilizes more over time.
It’s not actually working out so far if you look at the data. Since its launch, the price of SafeMoon has been quite erratic. On April 20th, 2021, it hit its record high of $0.00001399. It plunged several weeks later. At the time of this content being written, it was down to $0.000001309. Seasoned cryptocurrency investors know that this sector has far more volatility than conventional asset classes, and SafeMoon is certainly not an exception to the rule.
This hasn’t stopped some from putting their resources into SafeMoon. Online popularity has quite a bit to do with this. Jason Hart is a basketball player that’s talked about this digital currency to his social media followers. So has DJ Afrojack and YouTube personality Daniel Keem. In total, that’s multiple millions of social media fans being convinced to look into SafeMoon.
Some of them even buy merchandise featuring the SafeMoon logo of the SuperMoon. The Face, a British Magazine, has even written about how this is the formation of a cult. Whether the followers are a cult or not can be debated, but the level of attention certainly puts SafeMoon in a spotlight. That can be beneficial in drawing in investors, but those investors might also be bullish about its future without it actually living up to its online hype.
Investors who are feeling daring or just don’t know the dangers need to be patient if they want to invest in SafeMoon. You can’t get this through many crypto trading platforms. You have to first create a specific SafeMoon Wallet. You also have to get Binance Coin. Only then can you exchange for SafeMoon tokens.
The number of hoops that need to be jumped through will certainly put off some aspiring investors. Those who are newer to crypto investing might be especially discouraged. Then again, this is a growing market where anything is really possible.