Is SafeMoon a Scam?

Since the start of the pandemic, all of us have been trying to expand our vocabulary — both in a literal and metaphorical sense. We’re trying to get accustomed to the new normal, and we aren’t only talking about video meetups and social distancing. Any self-proclaimed finance guru would know how cryptocurrency has been eclipsing the market recently, and why it’s important keeping our ear to the ground.

However, as hyped as they are, not every form of cryptocurrency is worth drooling over. And even if you do, it’s crucial that you do a bit of research before going all in. Today, we’ll take a look at one of the latest hypes of the crypto world — SafeMoon — and tell you whether it’s safe to put your eggs in its digital basket.

What is SafeMoon?

SafeMoon is the latest and probably the coolest-sounding cryptocurrency on the market right now. Unlike NFT, which is successfully connecting artists to their patrons, SafeMoon is pretty much a general-purpose cryptocurrency with its own share of perks. In technical terms, the cryptocurrency, which was launched in early March 2021, is a Decentralized Finance (DeFI) cryptocurrency based on Binance Smart Chain.

As you’d expect, Safemoon also has a pretty robust online presence, although its primary website seems to be down most of the time. Below are SafeMoon’s official communication channels.

Why am I seeing a lot of SafeMoon?

As we’ve discussed already, cryptocurrencies are all the hype at the moment. However, that doesn’t necessarily mean that every new form of cryptocurrency would get an astounding launch party. SafeMoon, for a particular reason, has broken the barrier of expectations and is now being touted as the hottest thing on the market.

Like most investments, SafeMoon, too, promises great wealth. But it’s its speech delivery that has made all the difference. SafeMoon promises to take its investors “to the moon,” which is a fancy way of saying that their financial graph would observe a sharp uptick.

Additionally, SafeMoon strongly advises its users to preserve the asset, which is excellent for those who are more comfortable in long-term investing. SafeMoon stamps a 10% fee on each transaction, 5% of which is distributed to all the investors while the remainder gets burned. The more you hold, the richer you’re likely to become. So, off the gate, there is plenty to love about SafeMoon, but it might not be the best bet for everyone.

Related: How to Make and Sell NFT Art

Is SafeMoon a scam?

SafeMoon has blown up is currently one of the most trending topics on Reddit. However, that doesn’t make it a must-have for most investors out there. Since it’s a new form of cryptocurrency, the investor should always be prepared to lose every single cent that they invest. Still, by the looks of it, SafeMoon isn’t looking like a dreadful scam.

TrustWallet Update!!! showing USD Value from SafeMoon

SafeMoon’s community is flooding and the developers are very hands-on about the whole thing. They are conducting Ask Me Anything (AMA) sessions three times a week and answering pretty much all the doubts and queries. Additionally, SafeMoon has been doing exceptionally well in the coin burning department, burning over a trillion coins over the last 24 hours. The more they burn the greater the coin value soars. Finally, as of now, SafeMoon has over 80000 holders, even though it’s only about 20 days old. The higher the number, the greater the stability of the currency.

Yes, the official SafeMoon website is currently down and that can ring some warning bells. However, the developers have already addressed the issue in a recent AMA and have assured us that it’s simply down because of the heavy, unexpected traffic. We expect the issue to be sorted sooner than later.

Should you get into SafeMoon?

In the previous section, we’ve seen all the positives of getting into SafeMoon. Currently, it’s one of the most-searched-for cryptos in the world, which is giving it massive exposure. The early signs are encouraging as well, and you do get the chance to get significantly richer.

Yet, like all cryptos, there is risk involved; more so because it’s so new. Irrespective of how positive it’s looking right now, the entire operation could come crashing down or eventually turn out to be a massive scam.

So, unless you’re prepared to lose all the money you invest — or at least have the mindset to bounce back — we’d recommend you to sit this one out. It’s never a bad idea to go out of your way and chase the hottest thing on the market. Only invest when you’re prepared for the worst but have the confidence to hope for the best.

RELATED