Required Apps: you'll need accounts on these You can use another exchange to buy your Bitcoin eg. It seems complicated, but you do it once you'll see how easy it is.Įditor's Note: This can be done ENTIRELY from your phone, or you can use your phone + computer (to access KuCoin and Coinbase). It intends to encourage people to hold on to the coin by imposing a 10 percent penalty tax fee on sellers and redistribute the seller fee to people who hold onto the coin.īut some experts have noted the similarity of this mechanism to a pyramid scheme, which requires more and more investors to keep the investment structure alive.Took me a few hours to figure this out since I'm In New York. While SafeMoon claims it will reward people who buy the token and hold onto it instead of trade, its value still depends on people holding it, so it can not promise it will reward people. These sudden rises come after similar coin Dogecoin also spiked earlier this year. The coin is highly volatile, and exchange Coinbase recorded a 910% increase in the SafeMoon share price from 16-20 April.įor example, at the time of writing (Thursday morning, April 22) the price of SafeMoon is $0.00000664, according to CoinMarketCap.īut there’s no telling if the price will rise, fall or even reach it to $1. If you’re looking for an investment vehicle that guarantees your money, then SafeMoon probably isn’t for you. The FCA has warned people about the risks of investing in cryptocurrencies, with reference to price volatility, complexity, charges and fees, misleading marketing materials and protecting consumers. In October 2020, some cryptocurrency products were banned by the Financial Conduct Authority (FCA) for British users, so there’s no guarantee the same couldn’t happen with SafeMoon.
The cryptocurrency is currently listed at 2430 on Coinmarketcap, so it’s not particularly up there in terms of coins. Some analysts have said cheap cryptocurrencies appeal to investors because of their low transaction costs and unregulated nature, making it easier for people to move digital money around the world with little friction. The founders of SafeMoon held an ‘Ask Me Anything’ forum on Reddit to reassure investors, but the Q&A was light on details on the technology of the coin. Given the coin’s recent launch date, the current value of SafeMoon is low, below the $1 dollar threshold that announces the arrival of a popular new coin, but has steadily increased in price since its launch. But in the wake of Reddit retail investors taking on established Wall Street types, the cryptocurrency began to rally. The joke cryptocurrency dogecoin was created in 2013 as a light-hearted take on bitcoin. Its slogan, ‘Safely to the Moon’, echoes a popular sentiment on subreddits like WallStreetBets, which tries to send certain stocks ‘to the moon’, or as high as possible.Īttempts to tap into the internet hype machine are not new, with coins like dogecoin achieving success based on their essential ‘memeability’. SafeMoon was launched on March 8, 2021, and its newness to the cryptocurrency world means that not too much is known about its long-term value and underlying technology. Dogecoin is surging right now (Credits: adriantoday – )
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