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SafeMoon: The New Altcoin and its Performance

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Crypto is now a modern way of doing business and earning but not all crypto projects are authentic. Capitalists and shareholders sometimes venture into blockchain projects with selfish motives which are centered around their profit only. There are different types of cryptocurrencies. Like bitcoin, altcoin is an alternative cryptocurrency.  

A new altcoin gaining fame is SafeMoon. It grew in popularity very swiftly and has made many communities. It is a scheme to get rich quickly. The prices for a percent of SafeMoon are multiplying by tens and thousands for the last three weeks. There is no harm in going and checking out this scheme that has sky-high prices.  

SafeMoon is so built that with every transaction a part of this currency gets wiped out. The more people exchange the currency the more parts of the currency will get destroyed as a result of which the price of the currency will rise.

With every transaction, the shareholders of a particular token will get shares automatically. This model of altcoin creates deflation.

The part getting wiped out is called burn rate and the part shareholders get is called auto-staking rate. Both the burn rate and the auto-staking rate of SafeMoon is 5 percent.  The wallets of the long-term stakeholders grow due to the auto-staking rate whereas their existing amount reduces continuously due to the burn rate.

SafeMoon drew its inspiration from another altcoin project called Hoge. SafeMoon, as a project, was set in motion on March 8. To know whether it is a scam or not a third-party audit is required which has not been done yet.

With experience as a full-time environmentalist and part time journalist, Lisa heads the post of editor at California Herald. She covers all the significant proceedings in the world of Environment while editing all the news pieces posted over the website to ensure everything aligns with the journalistic format.

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