Will Safemoon Reach 1 Cent in 2021?
The price has increased significantly over the last 6 months, but can Safemoon hit a penny?
Many are wondering if Safemoon will reach 1 cent in the future. Safemoon currently trades at $0.000002353 and has had a price increase of over 1000x, since it was first released in March 2021. This makes Safemoon one of the most popular cryptocurrencies for small investors to purchase due to its low cost per coin and potential for exponential growth.
Will Safemoon reach 1 cent?
There is no chance for Safemoon to reach 1 cent. Safemoon has 585 trillion coins, and it would require a market cap of $5.85 trillion to reach 1 cent, which is 3738 times more than its current market cap.
Safemoon’s price is misleading, low price often attracts new buyers, you may hear something like “What if the price hits $0.01? That’s 3700 times more than the current price”, but that’s just pure speculation.
Safemoon has a market cap of $1.56 billion and almost 600 trillion coins. Let’s compare it to Holo coin (HOT) which has a similar market cap ($1.74B) and costs exactly 1 cent ($0.01004) as of August 26, 21. So the Holochain has only 173 billion coins, which is 3500 times less than Safemoon’s circulating supply.
What is Safemoon?
Safemoon is a DeFi (Decentralized Finance) token built on the BSC (Binance Smart Chain) with over 2.6 million holders over the world and $13 million in daily volume. As of today, 42% of tokens have already been burned to reduce the current supply and drive up demand for the token. Safemoon has a huge fan base, with over 1 million followers on Twitter and 155k members on Telegram.
Is Safemoon worth buying?
As a general rule, we recommend buying Safemoon only if you have an interest in the project, although Safemoon has lots of holders, for the last 3 months price has been going down with no significant sign of recovery and many investors have expressed their concerns regarding its low price.
Safemoon exchange listing
Safemoon is listed on Bitmart, Gate.io, Pancakeswap, WhiteBit, and Decoin
How to buy Safemoon on Bitmart?
Step 1. Create Bitmart account
Step 2. Go to Buy & Sell section on Bitmart and buy USDT with Fiat currency (USD or EUR) using your card
Step 3. Go to Spot — Standard and type SAFEMOON in the search bar
Step 4. Select Market and type amount of Safemoon you want to buy or USDT you want to spend and click Buy Safemoon
FAQ
Here are some Frequently Asked Questions about Safemoon
What’s Safemoon’s market cap?
Market Cap: $1,380,309,445 (08.26.21)
Fully Diluted Market Cap: $2,293,435,772 (08.26.21)
How often does Safemoon burn tokens?
In Safemoon’s whitepaper, there is a section about manual burns, meaning that burns are controlled by the developer team. On March 2021, Safemoon’s official Twitter account said that they stopped manual burns
There is a 10% fee for each transaction, so if you sell 10 million tokens, 1 million will be sent to cover the fee. Whitepaper also states a burn on each trade, however, it doesn’t clarify the percentage that gets burned on each transaction.
You can see the number of burned tokens in real-time on Safemoon’s home page
Can you buy Safemoon on Binance?
No, Safemoon is not listed on Binance
What’s Safemoon wallet release date?
Safemoon wallet will launch on August 28, 2021. COO of SafeMoon Jack Haines announced it during Safemoon Sunday on their Twitch channel.
What is Safemoon contract address?
Safemoon contract address: 0x8076c74c5e3f5852037f31ff0093eeb8c8add8d3 (Binance Smart Chain)
How much Safemoon can I buy with 100 dollars?
With a current price of $0.000002353 you can buy 42.5 million tokens for 100 dollars
How many Safemoon tokens are there?
Currently, circulating supply for Safemoon is 585 trillion. Safemoon launched with 777 trillion coins, and so far developers have burned 415 trillion of them.
What’s Safemoon’s initial price?
Safemoon launched on 8 March with the initial price of $0.000000001
How Safemoon became popular?
Currently, Safemoon has a market cap of $1.5 billion and ranks as 14th Most viewed coin on Coinmarketcap. One of the reasons why Safemoon became so popular is celebrities and social media influencers that were promoting cryptocurrency when it came out. Chief Operating Officer of Safemoon - Jack Haines spent years managing relations with YouTube and Twitter influencers, so they promote it when it came out.
Safemoon’s Twitter account was created on March 1, 2021, and has 1,012,239 followers. It’s posting a couple of tweets each day and getting 9k likes and 2k retweets on average based on the last 20 posts. Positive sentiment surrounding the Safemoon wallet launch on August 28th is evident in the #SAFEMOONWALLET hashtag currently trending worldwide.
In the future, developers plan to launch their own exchange and hardware wallet with military grade encryption to safely store your tokens.
The Problem with Safemoon
There are many other decentralized exchanges and the main thing that makes Safemoon unique is a 10% fee on transactions distributed between token holders and liquidity pools. The fact that developers focus on price but not on real-world purpose makes us concern that it’s a pump and dump token. Safemoon has several future plans such as creating exchange, wallet, cold wallet and integrating Safemoon with African markets, but so far there is only wallet’s launch date.
Conclusion
The Safemoon token is currently trading at $0.000002353, and there’s no chance to reach 1 cent in the nearest future. Safemoon increased by over 10000% during the month of April and hit its peak on 21st April 2021 at $0.00001194. Although some retail investors may have benefited from this token, ICO (Initial Coin Offering) investors made a lot more money by selling after the pump to new buyers at a higher price thanks to influencers.
Safemoon is an extremely risky investment because there are no guarantees that price will come to its all-time high anytime soon (or ever), not to mention 1 cent per coin. You can buy meme coins like Safemoon for a very low price and hope the price will go up, but it’s not something to invest in the long term.
