Is SafeMoon the new Dogecoin?
The Safemoon project, which debuted on March 9, has been making headlines for several weeks. The token is the object of a vast number of investors’ interest, whether on specialized French or Anglo-Saxon platforms. At this point, we’d like to go back to the beginnings of the Safemoon project and its potential future directions. It is important to remember that this may be a purely speculative project that is very dangerous for investors.
The rise of Safemoon
The initiative flourished during the month of March, with an exponential growth in the number of holders (the owners of Safemoon). Safemoon currently has nearly a million separate users for its coin, up from a few hundred when the project first started. A figure that could rise in the coming days or weeks.
Since the project is already in its early stages, there is no information available not only about the Safemoon project’s proponents, but also about the solution proposed. The token may be one of many strictly speculative ventures. Safemoon positions itself as a decentralized finance (DeFi) project that addresses a challenge that many too many cryptocurrencies face: investors’ proclivity to not keep investments throughout their portfolio. To do this, the project imposes fines on token sellers in the form of 10% transaction fees. Half of this 10% will then be distributed to all Safemoon token holders.
The firm has already also earned a significant amount of capital to establish its own exchange. An exchange that will ultimately enable non-fungible tokens to be traded (NFT). So, for a project that’s barely a month old, the reported ambitions seem to be very lofty.
Which coin is a better investment?
For the time being, it’s difficult to forecast the same direction. Let us not forget that the Dogecoin project has been around since 2013. Safemoon, on the other hand, has only been available for a few weeks. Furthermore, many analysts believe that Dogecoin’s existence is destined to be grim, and that the bubble around this cryptocurrency is about to burst. Remember the Dogecoin rose to prominence as a spoof of cryptocurrencies such as Bitcoin. A joke that has grown to be worth more than $35 billion.
In any case, the number of Safemoon cryptocurrency exchanges has increased in recent days. And the party isn’t short on ambition. The token hopes to be listed explicitly on sites such as Coinbase, Binance, and Kraken by the third quarter.
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