Is Safemoon good for gambling?
You may think of Bitcoin or Ethereum when thinking of cryptocurrencies, but in truth, there are thousands of such digital currencies available today, with new ones also being launched quite frequently. While most of these are quite obscure and will likely never be successful, there are some which have been getting a lot of attention recently and could become interesting assets to watch out. There are many reasons for this – for example, Dogecoin, which was intended as a joke and a satirical cryptocurrency has recently grown by as much as 8000%, on the back of celebrity endorsements on Twitter as well as just people jumping on the bandwagon from all over the world. One such cryptocurrency is Safemoon, that has recently been one of the fastest-growing cryptocurrencies globally.
Safemoon is also one of the newest crypto tokens on the block, having been launched in March 2021, and it has already reached over 1 million users in a very short span of time. One of the most interesting features of this token is that imposes a penalty on anyone who sells it – a 10% fee is charged on the sale, half of which is distributed among all other Safemoon token owners, and so this is an attempt to reward those who hold on to their tokens and therefore tries to disincentivize selling. This is also a way to try and counter one of the biggest issues with cryptocurrencies – volatility, as it is likely that Safemoon will see a lot less selling pressure than other tokens, and this should keep its price from fluctuating wildly. It seems as though the market agrees with this sentiment as well, as the token has shot up by a whopping 12,000% in value since its launch.
One of the most interesting uses of this token could be in the world of online gambling. Online casinos have been embracing cryptocurrencies in a big way, by allowing users to place bets on their favourite casino and slot games through cryptocurrencies. However, the aforementioned problem of volatility means that players are often left unsure as to the fiat value of the tokens that they are betting since there are often huge swings in the price of Bitcoin and other tokens on a daily and even hourly basis. This makes them quite unsuitable as a medium of exchange or a store of value, and it is here that Safemoon can play a big role. Players using Safemoon can be sure of the value of their bets due to the comparative lack of volatility, and this is an area that both gambling operators as well as the team behind Safemoon should consider, as it will definitely help increase the token’s popularity, while also improving the customer experience for online gambling players.
Safemoon is also trying to get in on Dogecoin’s meme space – it’s slogan is ‘Safely to the Moon’, which is a play on the unofficial rallying cry of Dogecoin investors to send the token ‘to the moon’ i.e. send its price rocketing. Safemoon is quite cheap when compared to Bitcoin, Ethereum or even Dogecoin – one token is valued at around 0.000005, which may be half of its peak price which was reached in April, but is still much higher than its launch price of 0.0000000010.
It is perhaps telling that there has been significant investment in Safemoon despite it being a little difficult to buy the crypto token. You would first need to have a Trust Wallet app with some Binance Coin, which you would need to swap for Safemoon tokens on the PancakeSwap exchange, after setting the slippage rate to around 11% or 12%. This is not something that the regular crypto investor would be able or even willing to do, and therefore it is quite interesting that trading volumes and price have both been on the rise quite steadily for this token.
However, it may become easier to buy Safemoon now, after it was listed on the ZBG Exchange. Another interesting fact is that it is quite the opposite to Dogecoin in terms of market dynamics. The supply of Dogecoin is near constant, with estimates that around 10,000 Dogecoin tokens are released to the market every minute, adding up to around 5.2 billion Dogecoin over a year. On the other hand, Safemoon, like Bitcoin, has restricted supply, and of course, there is the aforementioned penalty on selling, which means that it should be able to increase in price in a much more stable manner.
There are some concerns around this crypto token – the owners hold more than 50% of its liquidity, which could result in a ‘rug pull’, where liquidity is drained from the market to allow the owners to exit but leave the other traders and investors unable to sell. The selling penalty has also not stopped a recent sharp slide in the token’s price, and therefore it will be very interesting to see how this token evolves and matures as more supply is released and more people show interest in the currency.