What is Safemoon?

Photo of: Joseph Stone
by Joseph Stone

Launched on March 9, the Safemoon project has been making the buzz for a few weeks now, and the token is the focus of a lot of investors. Here, we will go back over the genesis of the Safemoon project and its possible future prospects. Keeping in mind that this is a potentially purely speculative project and very risky for investors.

Presentation of the Safemoon project The Safemoon project was set up on March 9 and is still relatively new. It only took about ten days for it to take off and become one of the favorite subjects of crypto-diggers.

Indeed, during the month of March, the project quickly exploded, with an exponential increase in its number of holders (Safemoon owners). From a few dozen users at the launch of the project, Safemoon now has nearly a million different users with its token. A figure that should continue to grow in the days and weeks to come. In terms of market capitalization, Safemoon is now approaching 3.4 billion dollars after having flirted for a long time with the 5 billion mark.

As the project is still very new, little information is available about the Safemoon project’s holders and the solution it provides. The token could indeed be one of many purely speculative projects. Safemoon presents itself as a decentralized finance project (DeFi) allowing to solve the problem met by too many cryptocurrencies: the tendency of investors not to keep the asset in portfolio. To achieve this, the project provides penalties for sellers of the token with a 10% transaction fee. Of this 10%, half is then returned to all Safemoon token owners.

The company has already raised over €700,000 to develop its own exchange. An exchange that should eventually allow the exchange of non-fungible tokens (NFT). For a project that is barely more than a month old, the ambitions seem to be quite strong.

At the time of writing, one Safemoon token is trading for 0.00000827 USD. Assuming an investment of €100 on the asset and if it were to become as successful as Dogecoin, your initial investment of €100 could earn you a very large return. In this case 100 * 31,000 = €3,100,000. An estimate based on the fact that the price of Dogecoin has increased by 31,000 times since its launch.

For now, it is difficult to predict the same course. Let’s remember in passing that the Dogecoin project has existed since 2013. Safemoon, on the other hand, has only been on the markets for a few weeks. Moreover, for many observers the future of Dogecoin is bound to be negative and the bubble around this crypto could quickly burst. Recall that Dogecoin built its fame around a joke and a parody of cryptocurrencies like Bitcoin. A joke that is now worth over $35 billion.

In any case, the volume of exchange of the Safemoon cryptocurrency continues to grow in recent days. And there is no shortage of ambitions for the group. By the third quarter, the token hopes to be directly listed on platforms like Coinbase, Binance or Kraken. Over the last three days, the token has even been searched for more than Dogecoin on the CoinMarketCap platform. Over the last 30 days, the Safemoon token has already appreciated by more than 6,600%.