SafeMoon cryptocurrency continues to rise in popularity – how can you buy it in the UK? Yorkshire News

He is loved by Elon Musk and Snoop Dogg, but what is SafeMoon? Our expert explains how to buy the new cryptocurrency.

Snoop Dogg reportedly was an early investor in cryptocurrency SafeMoon

SafeMoon, the new cryptocurrency that is sweeping the market, continues to rise in popularity since its launch in April.

SafeMoon’s growth, coupled with its online tagline, has drawn comparisons to the rise in popularity of another cryptocurrency Dogecoin.

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It is the latest cryptocurrency to see a surge in interest since the turn of the year, following the success of Dogecoin, Bitcoin, and Ripple XRP in recent weeks.

This is what we know about SafeMoon.

Due to its novelty in the market, little is known about the US-based SafeMoon.

Their website carries the tagline ‘Safely to the Moon’, a pun on the phrase first raised by WallStreetBets on Reddit in an attempt to drive up the price of Dogecoin.

And while it has high ambitions, its current market value is somewhat below the $ 1 threshold, but it has seen a steady rise in price since its launch.

Its founders have been holding ‘Ask Me Anything’ sessions to reassure would-be investors about its legitimacy due to the unregulated nature of cryptocurrencies.

This lack of regulation means that its transaction costs are lower, making it an attractive tool or investment for people to move digital money around the world.

Unlike other cryptocurrencies, SafeMoon claims that it will reward people who buy their token and keep it instead of trading, for which there are penalties.

It will impose a 10 percent penalty tax rate on sellers and redistribute five percent of this tax to other people who already own the cryptocurrency.

Some experts say this is high risk as SafeMoon’s success is largely dependent on more and more people buying the coin to keep the price high.

SafeMoon’s Facebook page says, “Remember, getting to the moon takes time and the longer you have, the more tokens you’ll collect.”

Could SafeMoon rival Dogecoin?

SafeMoon’s growth, coupled with its online tagline, has drawn comparisons to the rise in popularity of another cryptocurrency Dogecoin.

Founded in 2012 as a joke, Dogecoin has attracted the attention of high-profile personalities like billionaire businessman Elon Musk and rapper Snoop Dogg.

Dogecoin, as of this writing, has a market price of close to $ 0.40 according to CoinDesk, the result of an 8,092% increase in value since early 2021.

How can I buy SafeMoon in the UK?

Users can purchase SafeMoon by setting up a crypto wallet on the Binance Chain Network and adding Binance Coins (BNB) to their account.

From here, users can essentially exchange BNB for SafeMoon tokens.

As with most cryptocurrencies, there have been mixed reviews so far with one Reddit user saying, “I completely agree that once listed this could easily explode.”

The world of cryptocurrencies can be a tricky field for the uninitiated to navigate.

In October 2020, the British were banned from buying some cryptocurrencies after an increase in the number of people who made bad investments and lost money.

The Financial Conduct Authority (FCA) cautions people about the risk of investing in cryptocurrencies, referencing price volatility, product complexity, charges and fees, marketing materials, and consumer protection.

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This notice was published: 2021-05-13 19:04:49