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WHAT IS SAFEMOON AND HOW DOES IT WORK?

Investing
Advertiser Disclosure


ADVERTISER DISCLOSURE

We are an independent, advertising-supported comparison service. Our goal is to
help you make smarter financial decisions by providing you with interactive
tools and financial calculators, publishing original and objective content, by
enabling you to conduct research and compare information for free - so that you
can make financial decisions with confidence.
Our articles, interactive tools, and hypothetical examples contain information
to help you conduct research but are not intended to serve as investment advice,
and we cannot guarantee that this information is applicable or accurate to your
personal circumstances. Any estimates based on past performance do not a
guarantee future performance, and prior to making any investment you should
discuss your specific investment needs or seek advice from a qualified
professional.


HOW WE MAKE MONEY

The offers that appear on this site are from companies that compensate us. This
compensation may impact how and where products appear on this site, including,
for example, the order in which they may appear within the listing categories.
But this compensation does not influence the information we publish, or the
reviews that you see on this site. We do not include the universe of companies
or financial offers that may be available to you.


EDITORIAL DISCLOSURE

All reviews are prepared by our staff. Opinions expressed are solely those of
the reviewer and have not been reviewed or approved by any advertiser. The
information, including any rates, terms and fees associated with financial
products, presented in the review is accurate as of the date of publication.

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adamkaz/Getty Images
2 minute read Published July 07, 2022

Written by
Brian Baker
Written by Brian BakerArrow Right Investing reporter
Bankrate reporter Brian Baker covers investing and retirement. He has previous
experience as an industry analyst at an investment firm. Baker is passionate
about helping people make sense of complicated financial topics so that they can
plan for their financial futures.
 * Connect with Brian Baker on Twitter Twitter

Brian Baker

Edited by
James Royal
Edited by James RoyalArrow Right Senior investing and wealth management reporter
Bankrate senior reporter James F. Royal, Ph.D., covers investing and wealth
management. His work has been cited by CNBC, the Washington Post, The New York
Times and more.
 * Connect with James Royal on Twitter Twitter
 * Connect with James Royal on LinkedIn Linkedin
 * Get in contact with James Royal via Email Email

James Royal
Bankrate logo


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Info More info

At Bankrate we strive to help you make smarter financial decisions. While we
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general educational purposes only and should not be construed as investment or
financial advice. Bankrate does not offer advisory or brokerage services, nor
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Safemoon is a cryptocurrency that launched in March 2021 and attracted attention
after its price skyrocketed in April of that year. It has since lost essentially
all of its value, falling nearly 99 percent since its April 2021 peak. It was
designed to reward long-term holders and charges sellers a 10 percent fee, with
part of that fee going back to existing holders.


HOW DOES SAFEMOON WORK?

Safemoon is a cryptocurrency, which are digital currencies that exist solely
online and hope to be used as a medium of exchange. Like more popular
cryptocurrencies such as Bitcoin and Ethereum, Safemoon is powered by the
distributed ledger technology known as blockchain. Safemoon was created on the
Binance Smart Chain blockchain and has a market cap of only about $88.4 million
(as of July 7, 2022), compared to about $396 billion for Bitcoin.

Safemoon was designed in a way to encourage long-term investment and discourage
selling, but it has failed to catch on after its initial spike. It does this by
charging sellers a 10 percent fee, with half of the fee going to Safemoon’s
existing holders and the other half to be used in a liquidity pool, in an effort
to better maintain price stability.

Blockchain security firm CertiK found during an audit of Safemoon that its
owners acquire tokens created from the liquidity pool, giving them control over
tokens created as part of the fee. CertiK flagged this as a major issue in its
report and recommended Safemoon improve its security features.

Safemoon’s developers also manually reduce the amount of Safemoon in circulation
regularly in an effort to reduce supply and increase the price. The price did
soar shortly after being introduced in March, reaching an all-time high of
$0.000014 on April 20, 2021, according to CoinMarketCap. It has since fallen
nearly 99 percent from its peak.


RISKS TO CONSIDER

Like almost all cryptocurrencies, Safemoon is an extremely speculative asset
with no intrinsic value. You should be prepared for the possibility of losing
your entire investment if you choose to purchase Safemoon. Here are some other
risks to consider.

 * Volatility: Since it was introduced, the price of Safemoon has been extremely
   volatile, rising more than 20,000 percent before tumbling nearly 99 percent.
   Because most cryptocurrencies have no underlying value, your return is based
   on what you can sell it for to someone else.
 * Regulation: Cryptocurrencies are quite new, and governments are just
   beginning to understand what they are and what their impact could be. China
   was forceful in its response, banning cryptocurrencies in 2021 due to the
   financial risks they pose and the speculative trading they created.
   Regulation could also come in the form of higher tax rates on cryptocurrency
   gains. Check out Bankrate’s cryptocurrency taxes guide to learn about basic
   tax rules for Bitcoin, Ethereum and more.
 * Speculative bubble: While bubbles are more easily seen with hindsight, there
   are signs that cryptocurrencies were part of a speculative frenzy. The name
   Safemoon itself seems to have been chosen to capitalize on the current mania
   by conveying an asset that is both safe and “going to the moon,” rather than
   having a real underlying purpose. This should be a red flag to serious
   investors.
 * Liquidity: For traders looking to get in or out of Safemoon quickly, the fact
   that the currency’s founders discourage selling through a 10 percent fee
   could make liquidity a challenge. Additionally, Safemoon doesn’t trade on the
   major crypto exchanges, but instead is bought and sold on Pancake Swap, which
   allows trading in many cryptocurrencies.


BOTTOM LINE

Safemoon is a cryptocurrency that was designed to encourage long-term investment
and discourage selling, but it’s an extremely volatile asset that comes with a
number of other risks too. Those who buy this kind of risky asset should be
prepared to lose their entire investment.

Editorial Disclaimer: All investors are advised to conduct their own independent
research into investment strategies before making an investment decision. In
addition, investors are advised that past investment product performance is no
guarantee of future price appreciation.


SHARE:
 * Share this article on Facebook Facebook
 * Share this article on Twitter Twitter
 * Share this article on LinkedIn Linkedin
 * Share this article via email Email

Written by Brian BakerArrow Right Investing reporter
 * Connect with Brian Baker on Twitter Twitter

Read more from Brian
Bankrate reporter Brian Baker covers investing and retirement. He has previous
experience as an industry analyst at an investment firm. Baker is passionate
about helping people make sense of complicated financial topics so that they can
plan for their financial futures.
Edited by
James Royal
Edited by James RoyalArrow Right Senior investing and wealth management reporter
Bankrate senior reporter James F. Royal, Ph.D., covers investing and wealth
management. His work has been cited by CNBC, the Washington Post, The New York
Times and more.
 * Connect with James Royal on Twitter Twitter
 * Connect with James Royal on LinkedIn Linkedin
 * Get in contact with James Royal via Email Email

James Royal
Senior investing and wealth management reporter


RELATED ARTICLES


CRYPTO DURING A RECESSION: HERE’S WHAT TO EXPECT


BITCOIN ETFS: WHAT ARE THEY AND HOW TO INVEST IN THEM?


BITCOIN AND CRYPTO PRICES ARE EXTREMELY VOLATILE ⁠— WHAT TO DO WHEN THEY’RE
CRASHING


HOW TO START INVESTING IN CRYPTOCURRENCY: A GUIDE FOR BEGINNERS


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We are an independent, advertising-supported comparison service. Our goal is to
help you make smarter financial decisions by providing you with interactive
tools and financial calculators, publishing original and objective content, by
enabling you to conduct research and compare information for free - so that you
can make financial decisions with confidence.
Our articles, interactive tools, and hypothetical examples contain information
to help you conduct research but are not intended to serve as investment advice,
and we cannot guarantee that this information is applicable or accurate to your
personal circumstances. Any estimates based on past performance do not a
guarantee future performance, and prior to making any investment you should
discuss your specific investment needs or seek advice from a qualified
professional.


HOW WE MAKE MONEY

The offers that appear on this site are from companies that compensate us. This
compensation may impact how and where products appear on this site, including,
for example, the order in which they may appear within the listing categories.
But this compensation does not influence the information we publish, or the
reviews that you see on this site. We do not include the universe of companies
or financial offers that may be available to you.


EDITORIAL DISCLOSURE

All reviews are prepared by our staff. Opinions expressed are solely those of
the reviewer and have not been reviewed or approved by any advertiser. The
information, including any rates, terms and fees associated with financial
products, presented in the review is accurate as of the date of publication.

Bankrate logo


THE BANKRATE PROMISE

Founded in 1976, Bankrate has a long track record of helping people make smart
financial choices. We’ve maintained this reputation for over four decades by
demystifying the financial decision-making process and giving people confidence
in which actions to take next.

Bankrate follows a strict editorial policy, so you can trust that we’re putting
your interests first. All of our content is authored by highly qualified
professionals and edited by subject matter experts, who ensure everything we
publish is objective, accurate and trustworthy.

Our investing reporters and editors focus on the points consumers care about
most — how to get started, the best brokers, types of investment accounts, how
to choose investments and more — so you can feel confident when investing your
money.

Investing disclosure:

The investment information provided in this table is for informational and
general educational purposes only and should not be construed as investment or
financial advice. Bankrate does not offer advisory or brokerage services, nor
does it provide individualized recommendations or personalized investment
advice. Investment decisions should be based on an evaluation of your own
personal financial situation, needs, risk tolerance and investment objectives.
Investing involves risk including the potential loss of principal.

Bankrate logo


EDITORIAL INTEGRITY

Bankrate follows a strict editorial policy, so you can trust that we’re putting
your interests first. Our award-winning editors and reporters create honest and
accurate content to help you make the right financial decisions.

KEY PRINCIPLES

We value your trust. Our mission is to provide readers with accurate and
unbiased information, and we have editorial standards in place to ensure that
happens. Our editors and reporters thoroughly fact-check editorial content to
ensure the information you’re reading is accurate. We maintain a firewall
between our advertisers and our editorial team. Our editorial team does not
receive direct compensation from our advertisers.

EDITORIAL INDEPENDENCE

Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to
give you the best advice to help you make smart personal finance decisions. We
follow strict guidelines to ensure that our editorial content is not influenced
by advertisers. Our editorial team receives no direct compensation from
advertisers, and our content is thoroughly fact-checked to ensure accuracy. So,
whether you’re reading an article or a review, you can trust that you’re getting
credible and dependable information.

Bankrate logo


HOW WE MAKE MONEY

You have money questions. Bankrate has answers. Our experts have been helping
you master your money for over four decades. We continually strive to provide
consumers with the expert advice and tools needed to succeed throughout life’s
financial journey.

Bankrate follows a strict editorial policy, so you can trust that our content is
honest and accurate. Our award-winning editors and reporters create honest and
accurate content to help you make the right financial decisions. The content
created by our editorial staff is objective, factual, and not influenced by our
advertisers.

We’re transparent about how we are able to bring quality content, competitive
rates, and useful tools to you by explaining how we make money.

Bankrate.com is an independent, advertising-supported publisher and comparison
service. We are compensated in exchange for placement of sponsored products and,
services, or by you clicking on certain links posted on our site. Therefore,
this compensation may impact how, where and in what order products appear within
listing categories. Other factors, such as our own proprietary website rules and
whether a product is offered in your area or at your self-selected credit score
range can also impact how and where products appear on this site. While we
strive to provide a wide range offers, Bankrate does not include information
about every financial or credit product or service.