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Binance smart chain blockchain is a decentralized network of nodes that run cryptocurrency wallets and ledger-based smart contracts. The SafeMoon Protocol token relies on the Binance blockchain to provide users with immediate, secure transactions.

The bull crypto running in Binance

The birth of SafeMoon Cryptocurrency

SafeMoon Protocol was launched In March 2021. Its motto, “Safely to the Moon,” got inspiration from the common phrase “to the moon,” meaning “growing fast in price.” The cryptocurrency quickly exceeded one million cryptocurrency holdings after its inception.

This is a relatively young cryptocurrency striving to reach the moon like Bitcoin, Ethereum, and Dogecoin that came before it.

The SafeMoon token will provide users with instant access to uninterrupted, secure transactions. It uses the Binance blockchain, a decentralized network of nodes that run cryptocurrency wallets and smart contracts. The website does not define it as a bank or government.

The milestones

Barely a year since it was launched, the coin has recently gained traction thanks to a promise that it will prevent the vast price swings that plague Bitcoin, Ethereum, and, more recently, Dogecoin. According to the currency’s developers, the circulating supply now stands at the figure of over 2 million people who have purchased the token thus far.

SafeMoon chart shows its the price currently stands at a fraction of a cent—$.000002—but it’s been up 202 per cent over the last few months as the value for cryptocurrencies has skyrocketed.

This digital currency is similar to Bitcoin and Ethereum but differs in just a few crucial ways. Its founders claim to address some of the issues that other digital currencies face, such as price fluctuation.

The DeFi hopes to prevent day trading of its coin and reward long-term holders by charging a ten per cent charge on each sell.

Existing coin owners will receive a dividend in the form of extra coins, with half of the fees earned going to founders. Its founders explained that the primary goal of charging this was to prevent the price from fluctuating, referring to the large token holders as investors.

Roadmap over the next year

The DeFi token mapped out a plan for the coming year. The company said that it had increased its workforce size during the first quarter and started a marketing effort. The business intends to finish a SafeMoon app, a wallet, and games, although it hasn’t been clear what the primary function would be.

They also said they aim to look into permitting its currency to be traded on platforms like Binance, start developing its exchange platform, increase its team by 35%, and open a U.K./Ireland office. After that is done, they plan to launch an office in Africa during the second half of the year.

Quick facts about this DeFi coin

There are many similarities between the 2017 crypto growth and this current beast of crypto. In that cycle in 2017, there was sparked interest in cryptocurrencies after it had gone mainstream.

Similar to this, a few characteristics have been behind the boost of it and its market cap. Let’s have a deep dive into those characteristics.

The three main components are as follows.

The reflection plays the role of charging a fee on all transactions carried out on SafeMoon, and then it’s distributed to all the token holders.

The second type of fee charged on any transaction is distributed to liquidity pools on various crypto exchanges platforms like PancakeSwap. A liquidity pool is a collection of funds that have been locked in a smart contract.

Liquidity pools are utilized to enable decentralized trading, lending, and a variety of many other activities.

To prevent inflation of the cryptocurrency, token burn takes place by removing some crypto tokens from circulation. Some of the fees charged from this crypto’s trading are used in token burning.

The crypto runs on the Binance smart chain blockchain. It is pretty trusted in terms of security for users or investors don’t have to rely on it for security but on the Binance platform.

In search of proof of authority, the block creators are known as validators. The validators get pre pre-approved by Binance, making the blockchain centralized.

What the future holds for SafeMoon coin

According to coinmarketcap.com, the SafeMoon Live price chart displays the current market price stands at $0.0000020. Placing SafeMoon market cap Dominance at 0.04% and ranking at number sixty-nine as of October 20th, 2021, with a 24 hours trading volume of $ 2.65 million.

SafeMoon Marketcap is still estimated to continue growing between 2021 to 2024.

Referring to the SafeMoon chart, the DeFi token in March, recorded its market time high on May 11th, 2021, at a value of $0.00001094. The low market value to have been recorded still stands at $0.000000044360, which was in March, the same month it was launched.

The digital currency’s white paper describes a total circulation supply of 1,000,000,000,000,000, with 223,000,000,000,000 burned DeFi tokens, keeping in mind it launched with a total supply of 777,000,000,000,000.

The SafeMoon Live price chart can be a good reference point to monitor how the coin is doing in the market.

A long term piece of financial advice as we wrap up, investing in SafeMoon token is a personal decision that should be determined by the amount of risk you are willing to take. Taking a close analysis of Binance, the team behind SafeMoons, and whatever society is formed around it all have an essential role in its success.

SafeMoon Crypto Review Final thoughts

It would be fair enough to keep the focus on both the pros and cons of this decentralized finance DeFi. For it has fairly received critics as much as it has received endorsements from tech moguls, media personalities, and bloggers.

Several crypto influencers have referred to it as a get-rich-quick scheme with no actual aim other than to benefit its early adopters.

A reasonable investment in SafeMoon would consider the Binance Smart Chain's centralization and the amount of control Binance has over it.

It would also necessitate a measure of trust in the SafeMoon team's credibility, given their lack of prior success. While everyone has to start somewhere, a healthy dose of scepticism can help immensely.

It is a good practice to invest in small junks of money as time goes by as you also get an opportunity to evaluate the progress made, be it losses or profits. All these would need time to understand and make a proper evaluation.