Cryptocurrency News

What Is SafeMoon? Is It a Good Investment?

what is safemoon

There’s been a lot of talk about SafeMoon in the crypto community. Launched in March, 2021 SafeMoon rocks over $2.1 billion in market cap. In this article, I will provide my analysis of SafeMoon and my honest opinion on whether or not you should invest in SAFEMOON.

What Is SafeMoon?

According to their official website, SafeMoon is a “community focused DeFi token.”

Putting key words like “community” and “DeFi” in the description of a project has been a trend among emerging cryptocurrencies that are looking to attract investors.

If it’s looking to compete in the “community” and “DeFi” space, we need to quantify the community behind SafeMoon and see what DeFi applications they have on the market.

From an overview of SafeMoon’s products, the only product we have from SafeMoon is a basic wallet that’s essentially a simplified version of MetaMask.

When it comes to SafeMoon’s community, Alexa rankings for their official site show a stagnating userbase.

Source: Alexa

Is SafeMoon a Good Investment?

While I’m personally a big fan of meme coins like Shiba Inu, Dogecoin, etc. in my opinion SafeMoon is not a good investment.

Not only is the market cap inflated to over $2 billion with only a basic product on the market, but the whole cryptocurrency gives me Substratum vibes.

Source: Coinmarketcap

If you guys remember back in 2017 there was a cryptocurrency called Substratum that rose to over $1b in market cap. However, the team didn’t have a solid product and the price only revolved around speculation. As such, when the bubble popped Substratum died a slow death and the team disappeared.

While I probably will get hate from the “#SAFEMOONARMY” for this article, It’s imperative to warn potential investors of the catastrophe that SafeMoon will most likely turn into. In my opinion, you would have better chances doubling your money playing Roulette than you would by investing in SafeMoon.

My biggest issue with this crypto is that it tries to pass itself as a next generation DeFi token, but at its core it’s just a meme coin. At least hype coins like Dogelon, DogeMoon and Spidey Inu don’t try to pass themselves off as a “next-generation DeFi token”, they say it like it is.

This is not trading or investment advice, always do your own research when buying cryptocurrency.

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Originally published on The VR Soldier

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