Is SafeMoon (SFM) a Good Investment?

SafeMoon (SFM) Cryptocurrency Overview for 2024

With so many cryptocurrencies on the market, there is often the thought of which ones are worth investing in, and which ones should just be ignored. This consideration becomes even more complicated as new ones continue to emerge.

Of course, the big names, such as Bitcoin and Ethereum have proven that cryptocurrencies can certainly be a good investment.

Well, today is about exploring Safemoon, which is one of the relatively newer entrants to the market, having emerged in 2021. By the time you’re finished, you should know all you need to about the currency, including the feasibility of its investment potential.

SafeMoon Cryptocurrency Overview For 2024

Since its launch in 2021, Safemoon has garnered meme coin status, partially because of the hype that has been generated around it by some very well-recognized public figures. Some of these names include Jake Paul, Logan Paul, Afrojack, and Lil’ Yachty.

At the time of writing, Safemoon has seen an all-time high, which is a thing of the past. As far as 2022 is concerned, the potential of its value to improve continues to hang in the balance. A part of this comes from the fact that there seems to be no real utility for the coin.

Nevertheless, those who invested in Safemoon at launch would certainly have made a profit by now, even though the coin no longer stands at its all-time high. It’s good to remember that Safemoon is still in its early stages, so its potential remains to be seen.

What is SafeMoon

Safemoon is an altcoin that was launched to satisfy ambitions surrounding decentralized finance. As you’d expect, it sits on blockchain technology. Of course, it’s certainly not the first DeFi token. However, its point of differentiation comes from the fact that sellers are charged a 10% fee, half of which is redistributed to holders.

By doing this, Safemoon manages to discourage selling, while encouraging buying and holding. The Safemoon team chose to do this because they recognized that investors tend to prematurely sell their cryptocurrency, contributing to the level of volatility that already existed.

The History of SafeMoon

As indicated before, Safemoon was launched in March 2021. It bore the slogan “safely to the moon.” This was a derivative of the “to the moon,” which means “to quickly rise in price.” Of course, this is a reference to the kind of behavior that was intended at launch.

Between mid-March and late April 2021, Safemoon saw a 23.225% value appreciation, which came after celebrity endorsements and a lot of social media photos. It was at this early stage that questions around its real-world applications came to the fore.

By May, a presentation to The Gambia was announced with the intention of technology provision for innovation and learning. Safemoon wallet would be released in September and October on the Google Play Store and Apple App Store, respectively.

In December, Safemoon V2, an updated version of the initial save moon contract was released.

How Does SafeMoon Work?

Like any other digital currency, Safemoon exists exclusively online, and its creators hope for it to become a medium of exchange. Typical blockchain distributed ledger technology sits behind it, which in this case is the Binance Smart Chain blockchain.

Again, the use of the 10% selling fee is meant to encourage holding. Additionally, the developers manually reduce the number of tokens in circulation, increasing the price because of reduced supply.

SafeMoon Price Prediction

Price predictions defer, based on where they’re coming from. While some analysts project a negative outlook, others believe things are going to look up for Safemoon.

For example, Wallet Investor’s prediction sees Safemoon falling to $0.00012 by 2023, becoming effectively worthless later in the year.

Price Prediction expects $0.001 by 2022’s end, with a move up to $0.004 in 2025.

Finally, DigitalCoin expects Safemoon to rise to $0.001 by 2022’s end, moving up to $0.0016 in 2025.

Is SafeMoon worth Buying?

The current lack of utility makes it very difficult to recommend purchasing Safemoon to anyone. As is the case with other cryptocurrencies, it’s a pretty high-risk and long-term investment, so if you are going to purchase it, the best advice is to do so with money you can afford.

One of the biggest problems with Safemoon is even if you are willing to absorb the 10% fee, it may become progressively more impossible to sell in the future. Opt for an investment that allows you to exit your position easily when you have decided that you want to sell.

SafeMoon Forecast 

The Safemoon forecast is not a positive-looking one unless some major changes are made. First, there is not much, if anything to differentiate Safemoon from a Ponzi scheme, especially since its only utility seems to be to make money.

Additionally, unless all the vulnerabilities from the HashEx audit in 2021 are remediated, the incentive to investors may become non-existent. Some of these vulnerabilities are:

• Temporary blocking of token transfers
• Potential for setting transfer commission to 100%
• Potential for a rug pull
• potential for rendering the token smart contract completely inoperable

Effectively, since the safe mode smart contract owner is an external account, and there’s a market value of $20 million, should that owner’s address become compromised, then you could see a $20 million rug pull at any time.

Apart from the audit, Safemoon has announced Operation Phoenix and Swap and Evolve. These are two initiatives with no ETA that the team has announced, which could theoretically provide a bit more stability and confidence in the investment. Unfortunately, the ambiguity surrounding the projects and when they are intended for is a deterrent.

Where to Buy SafeMoon

If you’ve become comfortable using Coinbase, unfortunately, you are not going to be able to purchase Safemoon through that medium. Instead, your options consist of PancakeSwap, BitMart, Gate.io, and WhiteBit. Of these, PancakeSwap is certainly the most popular, but they are all covered below to help you decide.


PancakeSwap

PancakeSwap, launched in 2020, uses the Binance Smart Chain and is a decentralized exchange. It’s automated, thanks to its implementation of permissionless liquidity pools. Since it allows the exchange of various token types, it implicitly provides exchange pool liquidity.