SAN FRANCISCO, Feb 17 ― It’s hard to keep track of all the cryptocurrencies available to tech enthusiasts. While Bitcoin and Ethereum are the best known, crypto-investors are increasingly being drawn to SafeMoon, a digital asset that’s shaping up to be all the rage on the internet.
What do YouTuber Jake Paul, rapper Lil Yachty and American singer Nick Carter have in common? They all own SafeMoon, the cryptocurrency that literally promises the moon to its holders… not to mention safety (well, almost).
This digital currency was created last March on the Binance Smart Chain blockchain. Like all other cryptocurrencies, it offers an ecosystem of financial services without intermediaries. But SafeMoon is based on a distinctive modus operandi, as investors are encouraged to hold on to their assets, not sell them. Those who refuse to follow this recommendation must pay a transaction fee of about 10 per cent, half of which will be paid out as a dividend to SafeMoon holders. It’s a penalty that, according to the project founders, should encourage long-term investments and help stabilize the price of this cryptocurrency.
But that’s not necessarily the case. SafeMoon’s price has been very erratic since its launch. It reached an all-time high of $0.00001399 on April 20, 2021… before plummeting a few weeks later. It is at $0.000001309 at the time of writing, according to the CoinMarketCap.com website. While cryptocurrencies are more volatile than traditional asset classes, SafeMoon is especially so.
Crazy about crypto
However, that doesn’t discourage some investors from trying their luck with SafeMoon. And its popularity online has a lot to do with this. Celebrities such as DJ Afrojack, basketball player Jason Hart and YouTuber Daniel Keem have all praised the digital currency to their millions of social media followers. The most enthusiastic can even buy merchandise with the SuperMoon logo, prompting the British magazine The Face to describe it as becoming “something of a cult.”
But adventurous (or oblivious) investors will need patience if they hope to join the club of SafeMoon holders, as they can’t do so on just any cryptocurrency trading platform. Potential investors must first create a SafeMoon wallet and acquire Binance Coin, the virtual currency of crypto leader Binance. The final step is to exchange these Coins for SafeMoon tokens.
It’s likely that this process will discourage some SafeMoon hopefuls, especially those who are new to the world of cryptocurrency. But in this growing market, anything’s possible. ― ETX Studio