Today, the global crypto market cap stands at US$1.85 trillion, a decrease of 4.56% in the last 24 hours. Most of the cryptocurrencies like Bitcoin, Ethereum, Solana, Cardano, Avalanche, etc., are trading in the red today. However, one crypto which is currently witnessing a price rise is SafeMoon.
So, here in this article, let us know more about this altcoin.
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Launched in March 2021, SafeMoon cryptocurrency is a member of the group of tokens known as memecoins, which are based on internet memes. Here, SafeMoon crypto gets its name from the popular term, going to the moon. And, in a relatively short-time interval, this crypto has risen a great deal.
Currently, priced at U$0.0000005366, the crypto is soaring 198.72% at the time of writing today.
How SafeMoon works?
This cosmic-themed cryptocurrency works on the PoA consensus mechanism and is a decentralised finance token. Here, block creators also referred to as validators are pre-selected by Binance, thereby ensuring project centralisation.
Its platform focuses on Reflection, LP Acquisition as well as Token Burn. Here a 10% fee is charged every time a token is being sold, out of which 4% is redistributed across all its existing token holders, hence, adding an incentive for its token holders to keep their tokens for longer.
A 3% fee is added to the liquidity pool, which provides stability to the protocol, and 2% of the tokens are burned, a strategy aimed to help SafeMoon token holders in the long term. And the remaining 1% is added to the SafeMoon Ecosystem Growth Fund.
SafeMoon has plans of completing a SafeMoon app and has begun building its own SafeMoon Exchange. Moreover, it is exploring plans of allowing trading on popular crypto exchanges like Binance as well as growing its team by 35%.
Where to get SafeMoon crypto from?
The SAFEMOON token is available across several crypto exchanges. Some of them include Hotbit, Gate.io, BitMart, Bitrue, Biswap, PancakeSwap, etc.
SafeMoon, one of the newest cryptos to have been launched, is witnessing a huge surge in its prices. Though tech-savvy investors may find it tempting to invest in such cryptos, in-depth research and thorough analysis must be done, which going for any cryptocurrency investment, for crypto markets are highly volatile and risky.
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