New cryptocurrencies are now making news in the market due to their impressive growth in the limited time of their introduction. One such cryptocurrency in this context is SafeMoon which is seeing good growth. Due to this, more people are now focusing on buying SafeMoon to gain some profit in the future.
Introduced on March 8, 2021, after taking inspiration from DogeCoin, the new cryptocurrency has seen skyrocketing growth of tens of thousands in the last three weeks. SafeMoon works on a deflationary tokenomics model which means it’s some part gets destroyed after every transaction.
And it results in a decrease in its volume and an increase in its price value. In every SafeMoon transaction, a 10% penalty fee is imposed on sellers. SafeMoon has a burn rate of 5 percent which means 5% of Safemoon is destroyed permanently after every transaction.
And another 5 % gets transferred to other shareholders. It results in a growth in the cryptocurrency in people’s wallets. It also leads to the shrinking of available quantities due to the burn rate. More people are buying SafeMoon because they hope that it will continue to grow with time.
Since its prices are increasing, it will continue to receive more investors to buy it. Until now, SafeMoon is not listed on any exchange, and the only way to purchase it is through Pancake Swap. Binance Smart Chain is a medium to buy deflationary altcoins like SafeMoon.
Since SafeMoon has shown consistent growth over the last three weeks, it is expected that it could take a big spike in its growth in the near future. It is the reason why more people are now buying it to grow their wealth.