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Hello friends, my humble greetings to everyone.
Safemoon is a cryptocurrency token created in March 2021 on Binance Smart Chain also known as BEP-20 token and the CEO of the project is John Safemoon protocol is a community driven,fair launched Defi token.Three simple functions occurs during each trade;
1. Reflection: 5 percent is reflected to all holders for passive income here by automatically increasing the total amount of safemoon token in the holders wallet.
2. LP Acquisition: 5 percent is added to the liquidity pool to ensure that the token can have a stable price.
3. Burn: a burn wallet receives a portion of the reflection to never be seen again here by reducing the supply of the token.
Safemoon token has over 2.5 million holders just in about 6month of it's official launch which is a very encouraging number of holders, initial supply of 1 quadrillion currently it has burnt over 425 trillion of the token, leaving 575 trillion as the circulating supply.It also has market caps of about $1billion dollars. Safemoon is an alt coin with great potentials of going far in the crypto space in time to come.
Whenever you buy or sell safemoon token ,10percent fee is applied for instance if you buy $1k worth of safemoon,you would receive $900 worth of the token in your wallet.This is for a good cause and reason,That $100 fee from the transaction is splited into two; $50 worth of safemoon part is burnt to an unknown wallet forever that is lost and the reminder rewards to holders by automatically adding to holders wallet and the other $50 dollars goes to the liquidity pool which helps to stability the price of the safemoon token.
Beware safemoon is not a "get rich quick" scheme.It is a long term investment if you are interested you could make further research about the safemoon project , it's road map and tokenomic.
Thanks to everyone for stopping by and please feel free to comment and ask questions love you all.
[Consulted material](
https://www.safemoon.education/post/safemoon-tokenomics-explained)