What is SafeMoon currency
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| SafeMoon |
SafeMoon is a cryptocurrency that has been gaining popularity in recent months. It is an Ethereum-based token designed to reward long-term holders and penalize short-term traders. The idea behind SafeMoon is to create a deflationary currency where the value of each coin increases over time, incentivizing people to hold onto their coins instead of trading them for quick profits. This encourages users to "HODL" or “Hold On for Dear Life” as they wait for the price of the coin to increase over time, providing greater returns on investment than other cryptocurrencies such as Bitcoin or Ethereum.
The way SafeMoon works is by having a 10% fee taken from every transaction made with it; 5% goes directly back into buying more tokens from exchanges while another 5% gets burned (destroyed). Burning tokens helps reduce supply which should theoretically help drive up demand and therefore push prices higher in turn benefiting those who have held onto their coins rather than selling them off quickly like day traders do when looking at traditional stocks and shares markets.. Additionally, there's also an additional 2% fee that goes towards rewarding existing holders with bonus tokens known as 'Reflection'.
Overall, SafeMoon appears promising due its unique approach compared against other cryptos out there but investors should be aware that this kind of venture comes with high risks associated so caution must be exercised before investing any money into it - always thoroughly research first! As always though never invest more than you can afford too lose just incase things don't go according plan!