Safemoon Binance Listing Date – Are you wondering when Safemoon coin will be listed on Binance so you can buy … here is all we know about Safemoon for the moment.
What Is Safemoon
Safemoon is a cryptocurrency, which are digital currencies that exist only online and hope to be used as a medium of exchange. Like most popular cryptocurrencies such as Bitcoin and Ethereum, Safemoon is ready for conversion into cash by distributed ledger technology such as blockchain. Safemoon was created on the Binance Smart Chain blockchain and only has a market cap of about $1.3 billion, compared to about $930 billion for Bitcoin.
Safemoon was built in a way, to encourage long-term investment and discourage selling. It does this by charging sellers a 10 percent fee, with half of the fee which is 5% going to Safemoon existing holders and the other half to be used for current liability this is done to maintain market price stability.
The slogan of SafeMoon, took inspiration from the popular phrase to the moon, meaning “to quickly rise in price”. The CEO of SafeMoon is John Karony, a former analyst for the United States Department of Defense. After its launch, SafeMoon quickly gained over one million holders of the cryptocurrency.
Safemoon’s developers also manually reduce the amount of Safemoon in circulation regularly, in an effort to reduce supply and increase the price. The price did soar shortly after being introduced in March, reaching an all-time high of $0.000014 on April 20, according to CoinMarketCap. SafeMoon multiplied rapidly in value after a wave of celebrity endorsements, including rapper Lil’ Yachty, YouTuber Logan Paul, and sports blogger Dave Portnoy.
It has since fallen around 80 percent from its peak. Despite the desire to achieve some stability, through the fees levied on investors who sell their tokens, there has still been substantial price volatility. This means that investors could have made both impressive gains and staggering losses, depending on your financial situation.
SafeMoon has announced plans to launch its own cryptocurrency exchange. On 15 June 2021, the project invited applications for testing of the SafeMoon wallet. The SafeMoon wallet app was released on Google Play in September 2021 and the App Store in October 2021.
In May, the token was audited by security auditing firm CertiK, receiving a score of 82/100. The audit report identified no critical issues but noted one major issue that the project’s owners have. In response to the one issue raised by CertiK, the SafeMoon team stated that, in regards to owner control, Safemoon is a fair launch governed by a central board, which is subject to governmental regulations and law. They are a legally registered entity in accordance to the law and jurisdictions in which Safemoon operates.
As of October 2021, the CertiK Security Score for SafeMoon is 91/100
Blockchain security firm CertiK, discovered during an audit of Safemoon, that its owners acquire tokens created from the liquidity pool, giving them control over tokens created as part of the fee. CertiK flagged this as a major issue in its audit report and recommended Safemoon improve its security features.
Risks To Consider Before Buying Safemoon
Like all cryptocurrencies, Safemoon is an enormous speculative asset with no intrinsic value. You should be prepared for the possibility of losing your entire investment if you choose to purchase Safemoon. Here are some other risks to consider before investing Safemoon.
Volatility: Since Safemoon was introduced, the price of Safemoon has been extremely unstable, rising more than 20,000 percent before tumbling more than 80 percent recently. Because cryptocurrencies have no underlying value, your return is based on what you can sell it for to someone else.
Regulation: Cryptocurrencies are quite new, and governments are just beginning to understand what they are and what their impact could be. China was coerced in its response, banning cryptocurrencies earlier this year due to the financial risks they pose and the speculative trading they created. Regulation could also come in the form of higher tax rates on cryptocurrency gains.
Safemoon Binance Listing Date
Safemoon has about 4.7 million investors, with the bulk of them being new and first-time purchasers. Binance would gain much from introducing the currency since it would bring in a flood of new consumers, who would not only purchase Safemoon, but also other cryptocurrencies in the future.
A Binance IPO might cause its price to skyrocket and go beyond its previous all-time high, rewarding investors handsomely. The investment community is so excited about the fresh news and is anticipating Binance’s official announcement of the listing.
Binance has already archived Safemoon on their website, which is currently simply a skeletal listing. You will find a dedicated page for the Safemoon listing, but that is only available with the cached version of the website. While on the updated web page you will not find any news as such. And as of now, the company has not said anything relating to Binance accepting Safemoon on its platform or not.
According to some Crypto Experts, there are some assumptions that Binance may list the Safemoon on its exchange in 2021, year-end.