Search trends reveal that SAFEMOON is a new cryptocurrency that is rising in popularity among crypto enthusiasts. Within two months from launch, data from the website of this newly launched protocol shows that it currently has over 850,000 token holders.
How one User Turned $200 to $2.3 Million in 43 Days
One SAFEMOON user has gained $2.3 million in 43 days of holding the coin. The user purchased $205.05 worth of the coin using BUSD on March 7, it is now worth about $2.3 million today. The transaction below displays the purchase made 43 days ago for 322,166,793,708 SAFEMOON tokens.
The current wallet has since purchased more SAFEMOON tokens, holding $39,000,000 USD (.5% of total supply).
What Exactly is SafeMoon?
SafeMoon protocol is a DeFi token that incorporates three functions in each transaction: a burn, liquidity protocol acquisition and reflection. This system creates automatic yield and liquidity for users with each transaction. It combines RFI tokenomics with an auto-liquidity generating protocol. The protocol has attracted interest from various crypto investors because it has surged over 8,000% in a month and 129% in the last 24 hours.
SafeMoon is built on the idea of rewarding long-term SAFEMOON holders and penalizing short-term holders. As a part of its token mechanics, it charges sellers a 10% fee for selling and gives half of it to existing holders of the token. According to its CEO, Johnny Karony, SafeMoon intends to create an NFT exchange. They claim to have raised over $690,000 for the exchange.
Despite this seemingly large number of SAFEMOON token holders, its token is only available on PancakeSwap (CAKE), other specific decentralized exchanges Bitmart (BMX), and WhiteBit. According to SafeMoons’s white paper, current yield farming platforms offer non-user-friendly farms. The protocol aims to combat this problem by providing static rewards and decreasing the inflationary pressure on the token.
Even while the market took a tumble on Saturday, SAFEMOON still achieved an astonishing 99% increase. It is important to note the prices of these digital currencies will remain volatile since their value is highly speculative due to the small size of the market. Overall the SAFEMOON price action reflects the massive increase in speculation and attention to the DeFi space, specifically the Binance Smart Chain. The explosive growth of SafeMoon has provided an exceptional catalyst to BSC DeFi as it continues to grow exponentially.
Source : bsc.news
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