SafeMoon price: Is SafeMoon a good investment? 'Big profits can be made'

SafeMoon has burst onto the cryptocurrency scene, seeing a 3,000 percent increase in its price in just a matter of weeks. Having peaked on April 20 at $0.000014, the value has dropped today to $0.000007 at the time of writing. The token was only launched in the first quarter of 2021, so little is known about it, but one expert has claimed that there could be serious money to be made on the new cryptocurrency.

Paddy Osborn, Academic Dean at London Academy of Trading, told that, as with any cryptocurrency, there will be fluctuations in its price.

However, traded wisely, it could lead to "big" financial gain.

Mr Osborn said: "SafeMoon was only launched on 8th March 2021 so it’s still in its infancy.

"It has attracted plenty of interest and the price has already surged higher, but the actual price is still VERY 'cheap' at around $0.00001.

"Some sceptics have suggested that SAFEMOON is simply an elaborate get-rich-quick scheme, saying that it is neither SAFE, nor is the price going to the MOON, but it will undoubtedly attract further speculative retail interest since it has managed to build a significant crypto community in just a few weeks.

"For me, the jury’s still out on this one. I expect to see some spectacular price increases in the coming days and weeks, but also some dramatic short term price crashes, but traded wisely, some big profits can be made."

Other experts agree, with a price forcast from Digital Coin Price stating SafeMoon "is profitable investment based on our forecasting."

But some say it is better to wait before taking a gamble on SafeMoon.

Mohit Tater, CEO of Black Book Investments, told "The reason why SafeMoon has caught the attention of the public is its 7000 percent price spike: with investors boasting about turning $3,000 into $91,000 in three weeks, along with other success stories.

"SafeMoon rewards you for holding your DEFI tokens and penalizes those who cash in by taking a cut of their earnings. This is an effort to make sure investors stay put to allow the price to rise.

"However, there are limitations as to how SafeMoon will function as a global means of exchange. It’s also very susceptible to pump and dump schemes at this nascent stage. It’s better to wait and watch for a bit before taking the plunge."

It is important to note no increase in the value of any cryptocurrency is certain, and people should only invest with spare money.

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Once you have done that, click on 'select a currency' and enter the contact address: 0x8076c74c5e3f5852037f31ff0093eeb8c8add8d3

At that point, SafeMoon should become available to purchase.

However, before you exchange currencies, select the cogwheel and "set the slippage to between 11-12 percent", according to the SafeMoon purchasing guide.

Then you will be able to select the amount you wish to transfer and then select the swap button.

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