Is Safemoon worth buying, and why?
Asked 4 years ago
Hi, I'm looking at diversifying my portfolio and investing in some different cryptocurrencies. What do you guys think about Safemoon? What does it do? Is it a good investment or is it a pump-and-dump scam?
Andrew Moran
Wednesday, October 13, 2021
No, SafeMoon is not worth buying or holding.
You should not be fooled by its market value of nearly $1 billion. And, just because each token is trading at a fraction of a fraction of a of a fraction penny, it is still immensely volatile and not worth your time or money.
SafeMoon possesses the hallmarks of a pump-and-dump scheme, with the project promising a non-fungible token (NFT) exchange and apps that specialize in charity projects and cryptocurrency education.
Despite its 777 trillion SafeMoon tokens, every trade performs three things: reflection, LP acquisition, and burn. This, according to the project leaders, could lead to a deflationary currency.
If you are interested in cryptocurrency investing and want to avoid Bitcoin, Ethereum and Dogecoin, you are always better off finding projects and coins that possess some type of utility, such as FileCoin, Cosmos, and Chainlink.
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