Safemoon is a member of the group of tokens known as memecoins. Memecoins are crypto tokens or coins based on internet memes. Specifically, Safemoon derives its name from a popular slang term in crypto discussion forums—’going to the moon’. This expression refers to the price of a crypto asset rising very high over a very short period.
SafeMoon’s Facebook page states: “Remember, getting to the moon takes time and the longer you hold the more tokens you pick up.”
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@waronrugs, a KOL with 100,000 followers on twitter, said that 50% of Safemoon is held by its founding team, so they may possibly crush the market at any time. All business logics of 4JNET follow the smart contract, and the team does not hold 4JNET tokens and have no access to the investors’ funds.
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In other words, if you're waiting for Safemoon to hit $1, you'll likely be waiting for a long time.
Overall, we’d urge you to do your own research if you were to invest in Safemoon. Common investment advice states that the cryptocurrencies which perform the best over the longer term are those with real-world utility, which Safemoon doesn’t seem to have at present. Although the developers may improve the protocol and create some valuable use cases, there is still the chance that this coin could be a ‘memecoin’.
Bitcoin had rallied 220% in 4Q 2017 and if history repeats itself, Bitcoin could reach $96,355, which could potentially be this cycle’s top.
Given the hype and ironic humor around its release, the currency attracted a cult following among cryptocurrency enthusiasts. Undaunted, West’s legal team filed suit, compelling the creators to sell their holdings and shut down Coinye’s website.
Earlier today, Bitcoin (CRYPTO: BTC) flash crashed to $8,000 on Binance U.S., the American trading platform of the world's top crypto exchange Binance.
This may sound like an over-inflated number to many, however, Shiba Inu recently showed that this is within the possibility of the cryptocurrency market. With reasonable timings assumed, $1000 in Shiba Inu would have generated investors over three million dollars.
Safemoon protocol aims to create a self-regenerating automatic liquidity providing protocol that would pay out static rewards to holders and penalize sellers.
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"My advice to mainstream investors is to wait for the Certik audit (Q4 of 2021) and improvements in the liquidity pool before proceeding."