The ‘SafeMoon squeeze’ begins: here’s what it is and where to buy it
- Could Reddit investors cause the SAFEMOON price to surge?
- Should you buy SafeMoon crypto right now?
- We list the two best places to buy SafeMoon online
If you are an active member of the cryptocurrency community, you will likely have noticed a popular topic in the last 24 hours. SafeMoon (SAFEMOON) – an up-and-coming altcoin project – is set to surge in value thanks to Reddit investors.
This article explains why this is happening, whether you should buy SafeMoon now, and what the future could hold for the project. To kick things off, scroll down to find out the best places to buy SafeMoon crypto online.
Where to buy SafeMoon coin today
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What is SafeMoon?
Founded in the United States in March, 2021, It is a decentralised cryptocurrency that runs on the Binance Smart Chain. Unlike other cryptocurrencies, SafeMoon rewards tokenholders who hold onto tokens and taxes those who sell them with a 10% fee, 5% of which is returned to tokenholders.
The coin quickly gained momentum after its release and now cryptocurrency investors are targeting it for a price squeeze.
What is the SafeMoon squeeze?
It is a community movement led by the Reddit forum SatoshiStreetBets, the cryptocurrency version of the infamous WallStreetBets. The aim is to ‘take all of the power from the banks and transfer it to the people’ by creating a ‘massive sustained upward pressure’ on the price of SAFEMOON coin courtesy of ‘volume induced token burn.’
Unlike a short squeeze, as seen with both AMC Entertainment and GameStop, this squeeze is not intended to catch out the large short positions held by major financial institutions. Instead, the only thing this movement seeks to expose is the alleged slander and ridicule of the SafeMoon development team, who SatoshiStreetBets claim has been ‘undeservingly’ targeted.
Should I buy SafeMoon now?
If you buy into the fundamental value of the cryptocurrency, or if you believe that the Reddit campaign will generate positive market sentiment and, therefore, price accretion, now could be a good time to buy SafeMoon.
However, make sure you are comfortable with the risks. SAFEMOON is an early-stage altcoin and volatility is inevitable, so never invest money you can’t afford to completely lose and don’t be afraid to avoid investing if you are slightly averse to risk.
SAFEMOON price prediction
We are always keen to avoid giving price predictions for altcoins because they are usually unreliable. This is because of the sheer number of variables and the large amount of unknowns that make it almost impossible to calculate fundamental value.
However, we do feel bullish about SafeMoon; at least in the short term.
Social media reacts to the $SAFEMOON squeeze
Plenty of investors have been reacting to the SafeMoon squeeze movement on social media in recent hours, many of them using the hashtag, #safemoonsqueeze.
Check out the crypto news for the latest on the SafeMoon squeeze and other developing stories in the world of cryptocurrency.