With Webull continuing to add more cryptocurrencies to its platform many wonder what the deal is with Safemoon. In September 2021 Webull listed Safemoon in its charts and Safemoon soared to the top spot for Webull popularity rankings in terms of comments. Many hope that this was a signal that Webull planned to list Safemoon.
So can you trade Safemoon on Webull?
The answer is no. Webull never listed Safebull for trading despite making the chart available for it. While Webull has listed other meme coins such as Dogecoin and Shiba Inu they refrained from listing Safemoon.
One reason for this could be that Safemoon’s founders are being sued for misleading investors. Here is a quick low down on Safemoon.
How Safemoon works
Safemoon is an ERC-20 token which means that it is derived from the Ethereum network. What is unique about Safemoon is that its developers engineered some incentives into the coin using smart contracts.
Whenever you buy a Safemoon coin 5% of it gets burned and 5% is distributed to existing holders. The 5% that is burnt reduces supply making the coin scarcer while the 5% that is distributed to holders incentivizes them to hold the coin rather than sell it.
We have seen many variations of this model (for example check Olympus DAO) and they have all ultimately failed.
Safemoon also had a massive supply following the setup of Dogecoin and other meme coins to make their tokens look affordable.
When you issue a supply of 1 quadrillion Safemoon tokens (that is 15 zeros people) it makes the price of one coin seem very cheap. Then you start thinking “Oh man! What if Safemoon goes to $1? I could become a millionaire”.
Of course for that to happen Safemoon would need to take over the entire GDP of the planet but that is a minor detail new investors often ignore. For comparison, the market cap of Bitcoin is $500 billion.
Why did Safemoon get sued?
Apparently, the 10% tax that investors were charged when they bought Safecoin was available to the founders of the coin. So it turns out that Safemoon was not that safe after all.
But the coin was massively popular on Social media and discussion boards throughout 2021. Many thought that if Webull were to list Safemoon for trading it would add another tailwind to Safemoon’s soaring price at the time.
Safemoon has crashed 99.9% from a market cap of $5.75 billion at its peak to $87Mn at the time of writing.
Webull is a registered broker-dealer with the securities exchange commission in the US. It is FDIC insured and a member of the securities investor protection corporation (SIPC). Webull Financial LLC is owned by Apex Crypto LLC
Webull is especially popular with young investors due to its easy-to-use user interface and zero commission fees. On Webull you can buy both cryptocurrencies and financial products such as stocks, ETFs, mutual funds, and more.
Where can I buy Safemoon?
Safemoon is available to buy on the following crypto exchanges. The listings here are for Safemoon v2 because Safemoon was migrated to v2 and all of v1 was burned. Most major exchanges allow you to trade Safemoon. However, none of the brokers such as Robinhood, Etoro, or Webull do.
Crypto-specific exchanges that offer Safemoon
- Pancakeswap. Please note that Pancakeswap is a decentralized exchange that uses the Binance smart chain. To buy Safemoon on Pancakeswap you need to buy the BNB Binance coin first.
- Mandala Exchange
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