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Why SafeMoon Is not A Safe Investment?

The buzzword HODL swings thick and fast within the crypto market. During a bull market, laser eyes come crashing in; whereas in a bear market, the cliche HODL fills the digital space. What if we get paid instantly for HODLING instead of waiting for months and years to LAMBO. Is there an ecosystem existent within the cryptoverse to do that? That’s perhaps what you have in your head. Well, indeed there’s one and the name is SafeMoon. 

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What is Safemoon?

Safemoon was launched on March 8, 2021 on the BSC or Binance Smart Chain. The ecosystem introduces a new concept where you get incentivized for holding on to your crypto. However, if you wish to cash out, there’s a 10% transaction charge imposed which will be rewarded to the other HODLERS within the ecosystem. On top of this, the ecosystem further pushes the prices of the moon tokens through a burning event that occurs on each trade. However, there’s very little clarity given on how the burning happens. 

Is SafeMoon Really Safe?

Well, the technicals do portray a bad image for SafeMoon where it could end up as a pump and dump token only, in the absence of a battle-tested use-cases. For example, there’s very little clarification on the burning events. Generally, it is assumed that the founders and developers do the burning instead of a smart-contract. 

These aspects make the token extremely speculative and not a good example of a truly decentralized crypto. For example, one of the influential crypto cronies Lark Davis says that SafeMoon is a sugar-coated Ponzi scheme that most people fail to notice. The only reason for the same is that they are concerned about living in the present moment and encashing all their gains as if there’s no tomorrow. 

Lark Davies have cautioned other investors to not take overnight cash making crypto protocols as battle tested investment portfolio because they could be as good as a ponzi scheme even if they do not go bankrupt overnight. However, the fall is imminent in the future like Squid Token

→ Buy Safemoon ←

SafeMoon Price Prediction for 2022

“Old wine in a new bottle” Apparently the V2 release of Safemoon perfectly syncs with the phrase mentioned earlier. Indeed that’s what most of the investors have been thinking about SafeMoon. It is going to be not bad days but worse ahead for SafeMoon investors as the downslide doesn’t show any signs of corrections. The descending trendline hasn’t been broken by the bulls this week. With such occurrences, prices have fallen since bears have enjoyed an upper hand. 

Safemoon weekly charts showing no sign of improvement.
Fig.1 Weekly Chart of Safemoon crypto showing a potential reversal

At the moment, we are seeing $0.0017960 which could further slide downwards. If that happens, the token will register a new low at $0.001621. However if bears couldn’t sustain the downslide considering that 200 Day MA in comparison to 50 Day MA improves, there could be a fresh sign of revival and bulls could target the $0.001965. If that happens, we could very well see more upsides in formation. 

Don’t forget to follow us on Google News to keep yourself updated with the latest Price Predictions 😉

SafeMoon did well in 2021 but that doesn't stop it from becoming a ponzi scheme considering its use-cases and ethos of decentralisation
© Cryptoticker

The post Why SafeMoon Is not A Safe Investment? appeared first on CryptoTicker.

Why SafeMoon Is not A Safe Investment?  

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