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

Snoop Dogg is said to be an early investor in SafeMoon cryptocurrency

SafeMoon – the new cryptocurrency taking the market by storm – has continued to gain popularity since its launch in April.

The growth of SafeMoon, coupled with its online slogan, drew comparisons with the skyrocketing popularity of another Dogecoin cryptocurrency.

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It is the latest cryptocurrency to have seen a spike in interest since the start of the year, following the success of Dogecoin, Bitcoin and Ripple XRP in recent weeks.

Here’s what we know about SafeMoon.

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

Its website carries the tagline “ Safely to the Moon ” – a play on the phrase first brought up by WallStreetBets on Reddit in an attempt to drive up the price of Dogecoin.

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

Its founders held “ Ask Me Anything ” sessions to reassure potential investors of its legitimacy due to the unregulated nature of cryptocurrencies.

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

Unlike other cryptocurrencies, SafeMoon claims it will reward people who buy its token and hold onto it rather than trading it – for which penalties are in place.

It will impose a 10% tax penalty on sellers and redistribute 5% of that tax to other people who already own the cryptocurrency.

Some experts believe this to be a high risk, as the success of SafeMoon is highly dependent on more and more people buying the currency to keep the price up.

The SafeMoon Facebook page states, “Remember, getting to the moon takes time and the longer you hold on, the more tokens you collect.”

Could SafeMoon compete with Dogecoin?

The growth of SafeMoon, coupled with its online slogan, drew comparisons with the skyrocketing popularity of another Dogecoin cryptocurrency.

Dogecoin, founded in 2012 as a joke, has caught the attention of prominent figures such as billionaire entrepreneur Elon Musk and rapper Snoop Dogg.

Dogecoin, at the time of writing, has a market price of close to $ 0.40 according to CoinDesk – the result of an 8,092% increase in value since the start of 2021.

How can I buy SafeMoon in UK?

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

From there, users can basically exchange BNB for SafeMoon tokens.

As with most cryptocurrencies, there has been mixed reviews so far with a reddit user saying, “I totally agree that once they are listed on an exchange, this could easily explode. ”

The world of cryptocurrencies can be a difficult area to navigate for the uninitiated.

In October 2020, Britons were banned from buying certain cryptocurrencies after an increase in the number of people making bad investments and losing money.

Financial Conduct Authority (FCA) warns people of the risk of investing in cryptocurrencies, referring to price volatility, product complexity, fees and charges, marketing materials and protection of consumers.

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