SafeMoon is a BEP-20 coin that was introduced in March 2021 on the Binance Smart Chain (BSC). It works on the strategy of punishing individuals who sell the token with a 10% exit charge. Out of that half will be handed to current SAFEMOON holders and the other half will be burned, and it rewards long-term holders. After it rose in April, it caught the attention of individual investors.
One of the crypto token standards created to complement Ethereum norms in the cryptocurrency ecosystem is SafeMoon. On March 8, 2021, SafeMoon, which was created by six developers, went live on the BSC blockchain. The slogan “Safely To The Moon,” which emphasizes that the purpose of the currency is not just to rise but to rise safely, served as the inspiration for the name.
Factors that helped SafeMoon to receive such popularity
High quantity
As with any other meme coin, the quantity for this one is also high, the maximum supply of SafeMoon is 1 Quadrillion and the market cap of SafeMoon is $4,086,391 ( ₹322,853,182) Because of the easy availability, people are more comfortable buying it.
Low price
The price of any cryptocurrency depends on the demand and as the quantity of SafeMoon is quite high so the demand is always fulfilled so the price is low because of that. At the moment the price of the SafeMoon is $0.000004068 ( ₹0.0003228).
People interested in entertaining things
People are more interested in it and buy it because the concept is highly interesting to them. Things that become popular online and on social media quickly become a trend that people follow.
Backup from powerful people like Elon Musk
Elon is highly in favor of the meme coins, especially of DOGE, so every time he markets or talks about the meme coins the price increases, and the popularity of all the meme coins increases.
What can risk the growth of SafeMoon?
Changing Trends
Meme coins are extremely well-liked by people, and new coins are always created and changing the trends. SafeMoon may therefore eventually be forgotten with the introduction of other cryptocurrencies. This meme coin won’t just vanish at random one day, although prices might fall for a while
Easy availability leads to limited growth
Since there is a large supply and it is simple for anybody to use or purchase, there is no need for demand. Yet the price of cryptocurrency is heavily influenced by demand. The restricted growth of SafeMoon is due to the prices not rising significantly if the demand is easily met.
How can you buy SafeMoon on Suncrypto in India?
You can buy it in a number of ways. It can be mined just by you, or you can accept it as payment for goods and services. The easiest and safest way to obtain it is through a trusted exchange like Suncrypto.
To purchase this cryptocurrency on the Suncrypto Exchange, you just need to follow these instructions: –
- Install the Suncrypto app from the App Store or Play Store.
- Fill out the necessary details to complete the KYC process.
- Deposit money into your Suncrypto account to purchase cryptocurrencies on the platform.
- Use the search feature to look up the SafeMoon meme coin.
- Choose the quantity, then click “buy.”
- And you have completed the buying process.
Since SafeMoon is a well-known cryptocurrency with a strong reputation, it is a suitable investment to start with at low prices. Despite the ease of the investment, a person should conduct their own research before making a purchase.
Visit the Suncrypto academy website for additional news and information about cryptocurrency. Here you can find all the updated blogs, current news, and current market updates of the Crypto market.
