Why is Safemoon Cash shaking the Crypto World?
Since the emergence of Bitcoin slightly over a decade ago, we have seen thousands of alternative coins (altcoins) emerge to fill a gap or two in the crypto space. The new kid on the block, Safemoon Cash, is drawing the attention of crypto enthusiasts and investors looking to diversify their crypto portfolios. With thousands of altcoins in the market, many are searching for an alternative to Bitcoin and other expensive altcoins. But why should Safemoon Cash be the altcoin of choice for investors despite that there are thousands of established alternatives in the market? First, let’s understand what Safemoon Cash is and how it works.
What is Safemoon Cash and how does it work?
Safemoon Cash describes itself as, “a rug-proof, ownership renounced, community-driven project that is aimed at bringing rivalry to Safemoon with some positive vibe.” Safemoon Cash was stealth-launched by members of the Binance Smart Chain (BSC) community towards the end of April 2021 after its older counterpart, Safemoon, hit a market cap of over four million dollars just a month after launch. Furthermore, the ownership of the coin had been renounced by the developer at launch, hence the 100% community-driven status. All of the Team Members fairly discovered and invested in the coin the same as any other Community Member would.
What does Safemoon Cash solve?
Safemoon Cash is aiming to be a better alternative to Safemoon, whose high transaction tax means that the only major beneficiaries are earlier adopters/holders, while later investors are pushed to the periphery. Therefore, the BSC-based token incentivizes holders by allowing them to earn passive income through static reflection rewards. When you stake Safemoon Cash in a liquidity pool, it raises its own capital, thus ensuring liquidity.
Safemoon Cash has pulled some marketing stunts, indirectly, despite not having set any development or marketing funds. It’s its robust community that is raising money when they need to do marketing, which is marketing in itself. Safemoon Cash is drawing inspiration from Bitcoin Cash, that reached an ATH of 0.25 Bitcoin. The token has set a goal to do the same with the price of Safemoon, its older counterpart, aiming to reach 25% of the value of its older brother.