What Is SafeMoon? Is It Really a Safe Investment?

SafeMoon attracted a lot of attention especially after Dave Portnoy made an investment worth $40000.

In 2017 many cryptocurrencies both real and fake sprouted making it difficult to discern real from fake.  Dogecoin is a successful crypto that started off as a joke and falls under the meme culture investment category. Is it taking the Dogecoin route?

What is SafeMoon? 

Launched on March 21st 2021, SafeMoon is a BEP-20 token existing on the Binance smart chain ecosystem (a competitor to Ethereum’s Decentralized finance ecosystem).

SafeMoon says it is a decentralized finance start-up that wants to address common issues other cryptos face. One problem addressed is price volatility and tendencies of investors not holding for a long-term. The project aims to be 100% community owned. 

Who Created SafeMoon?

There is little information on the minds behind the SafeMoon but we know that they are a team of six leaders. The chief executive officer John Karony was an analyst for the US defence department. The other members include Thomas Smith who is the Chief Technology Officer, Trevor Church the Community Manager, and Jack Haines Davis who is the Chief Operating Officer. The team worked together at an Indie game studio called Technically A New Operation.

The team promotes their project on their Twitter accounts and advertises merchandise related to the project too.

Should You Invest in SafeMoon?

Projects, including Safemoon, have positive and negative sides in the ocean of the cryptocurrency market. Tides can be high or low. So should you invest?

The first reason you should consider Safemoon, is because the team has added a layer of safety to the coin that saw the developers burn all the team’s tokens and purchase them in the presale, just like everyone else did.

What does this mean? This means that there’s no way the team can cash out or dump their coins like a majority of crypto-asset developers do. This makes it unique.

The second reason is, SafeMoon has a clear roadmap laid out. The first step was to double the team’s size and improve marketing. After that, they planned to develop a wallet (that will be launched on 28th August 2021), some games, and an application- although it’s unclear what the application will be used for.