SafeMoon, a new type of cryptocurrency launched this month, is gaining a lot of interest. Complete information on its financial behavior is still not clear among the investors. The developers had a LIVE session called Ask Me Anything (AMA) to answer the questions of the enthusiasts but still many questions remain unanswered for the investors.
The developers claim the cryptocurrency, SafeMoon, will reward those who buy and hold on to the cryptocurrency. It will issue a penalty on the ones who sell it. The developers have created a Facebook for new cryptocurrency. The page states- Remember, getting to the moon takes time and the longer you hold the more tokens you pick up.
Going to the moon’, is a phrase used in reference to an asset price soaring. SafeMoon issues a ten percent penalty tax fee on sellers while redistributing 5 percent of it to people who own the currency. It is said that the report highlighting the features of the product is available online but few people have complained that they are having trouble in accessing it.
The SafeMoon website has also been down certain times and the organization says it is due to the unexpected demand of the cryptocurrency. To buy the new cryptocurrency you will have to firstly buy the Binance Coin (BNB) and then swap it for SafeMoon. Trust or Metamask are the two crypto wallets that need to be used according to the organisation.
SafeMoon states that the buyer needs to set up a wallet to work on the Binance Chain Network. The website states, “Withdraw BNB to your wallet address and be sure to select the BSC Network (BEP20). Visit pancake swap. Connect your wallet to pancake swap. Before you swap please ensure you click the gear icon and set slippage to 11%. Press swap. Confirm the transaction on your wallet and hold!”
The cryptocurrency has received mixed reactions. Some investors are excited but others seem skeptical. They think it is risky and can easily ‘blow up’ once they get listed on an exchange. The users have warned others that one should be prepared to lose every single dollar put into the new cryptocurrency and suggest the company should put this as a disclaimer.