Periodically, cryptocurrency labels pop up out of nowhere and become public and private talk.

After the “BEE” coin, which filled the world with noise, and then faded and disappeared from view if not died, other new currencies appeared filled with groups of encrypted digital currencies and are similar to the currency of “BEE” and its predecessors.

Beware of the Bee Network project and the BEE digital currency

Recently, a new cryptocurrency called “SafeMoon” has risen in popularity, here is a glimpse and an introductory guide about it and why it is considered a dangerous currency.

What is SafeMoon digital currency?

Due to its newness in the market, little is known about the digital currency “SafeMoon”, but many reports indicate that it is based in the United States of America.

Read:Ripple responds to the SEC and demands to know why Bitcoin and Ethereum are not considered securities?

The project team appears periodically to answer the followers’ questions, and the founder of the project from time to time shoots a video and updates where the coin project arrived.

The SafeMoon coin website bears the slogan “Safely to the Moon,” which is a tampering with the phrase “WallStreetBets” first put forward on Reddit in an attempt to increase the price of Dogecoin to $1.

“SafeMoon” is a digital currency based on the Binance Blockchain, and although the great ambitions that this coin poses, the total coin makes these ambitions a consideration

The total “SafeMoon” coin is currently estimated at 616,523,426,814,421 SAFEMOON.

With the project burning 408 trillion SAFEMOON coins.

How does SafeMoon work?

Unlike other cryptocurrencies, SafeMoon claims that it will reward people who buy and hold its digital currency rather than sell it, as penalties have been set up for those offering it for sale, by charging a fee of 10 percent to sellers, with five being redistributed percent of this tax is for other people who already own the cryptocurrency and have not offered it for sale.

Which is a high risk because the success of SafeMoon is highly dependent on more and more people buying the coin to keep the price high without offering it for sale.

Read:The “Beanstalk” crypto project was hacked and its cryptocurrency BEAN collapsed

The SafeMoon Facebook page states:

Remember that it takes time to reach the moon

You have to extend the time you hold the more tokens you capture.

The rise of SafeMoon and the increasing momentum around it have drawn comparisons to Dogecoin.

Dogecoin is one of the oldest digital currencies, founded in 2012, although it does not have a clear project except that it was created as a joke, but it is popular after it was pumped and talked about a lot by “Elon Musk” and many celebrities, and the model of its work does not exist in it No arbitrary terms.

SafeMoon Caution:

SafeMoon, as we mentioned, is an emerging and new currency and there is not much information about it. The currency is based on the Binance Blockchain with a huge total offer and working conditions that show how dangerous it is and impose on those who bought it to keep it or impose a fee when trying to sell.

The more buyers, the higher the value, and the new buyers who are waiting for the value to go up even more so that they too can sell and profit with a 10% fee.

Read:Bitcoin price almost stable as trading volume drops, CEL cryptocurrency jumps 30%

In the event of a decrease, they incur a double loss, one of which relates to the decrease in value and the other of the fee charged at the time of sale.

Not only that, according to the title of the currency contract, the founder of the “SafeMoon” project owns more than 50% of the liquidity pool, and he refuses to fix this defect, which means that the rug can be pulled from under the legs of investors at any time.

❌ Scam Tip #115 – SafeMoon #SAFEMOON (0x8076C74C5e3F5852037F31Ff0093Eeb8c8ADd8D3)

Reason: The owner has more than 50% of the cash and refuses to fix it. He can pull LP and sell tokens, pulling the rug out.

Probability of losing money: Absolute

Dior. # wars❌ pic.twitter.com/bzmr9JflWD

– #WARONRUGS❌ (@WARONRUGS) April 20 2021

SafeMoon coin did not stand out due to the technology it offers or the trading platform that it promises to build, but rather it became famous on the shoulders of its marketers in various social media who want to raise it so that they can sell at a profit.

In conclusion, we recommend caution and caution against this unclear currency, as the crypto market is already rife with fraudulent projects and this may be one of them.

Read also:

In a brutal scam… a person stole $27,000 of Bitcoin

Phishing and attack targeting the cryptocurrency wallet “MetaMask”