If you are new to Safemoon Let me just briefly take you through what exactly it is.
Safemoon intends to be a 100 percent community owned and led deflationary currency. And as the name suggests, they intend to give us a safe trip to the moon. And in order to achieve this safe moon trip, they basically have introduced a 10 percent tax system whereby every transaction that is made on the network is taxed and every single person who is a holder of safe will be rewarded each and every time that happens within that tax or transaction fee, a percentage of those coins will also be burned, which gives Safemoon its deflationary name.
So the longer you hold safe, potentially, the more money it will be worth in the long run. Well, that’s their plan. Anyway, on March 18th 2021, we were sitting about 40000 holders a day before that, we were sitting at 25000 holders. And today we are sitting over 50000 holders.
Holders, meaning people who are holding the Safemoon Token within their wallets. At this point, the Safemoon project is only about 15 days old and we have 50000 holders, which is pretty incredible.
For context another very similar coin, which you may have heard of, called Hoge, which we’re going to be talking about later on in this article, actually only had 5000 holders in their first month. So you can see how much faster Safemoon is actually generating holders, which is a very good sign for us early adopters.
The Safemoon Token is not available on any mainstream exchanges. So when you couple that with the fact that we already have 50000 holders and it is so hard to actually buy the coin, that makes me think that the second this coin is listed on a main exchange and the process of buying the coin becomes much easier, we are going to see a massive increase in price.
If you do want to learn a little bit more in-depth about safety and you want to learn exactly how to buy it, then check out this link HERE. I go through exactly what the coin is and I take you through step by step exactly how you can buy it. Obviously, everything I say is simply my opinion. And like I said, I’m not a financial advisor, so do go out and do your own research and come to your own conclusions.
Safemoon comparison with Hogecoin and Dogecoin
Let’s get onto how high I actually think this coin could potentially go in the near term and in the long term. So for comparison, we’re going to be comparing Safemoon to Hogecoin and also Dogecoin. The reason why I’ve chosen these coins are because they are all quite similar and they all have massive meem hype around them. If you haven’t heard of Hoge is basically a very similar project to Safemoon, but it did come first and it has been around for long.
Both Hoge and Safemoon started with one trillion coins, both are deflationary in the sense that every time there is a transaction, tokens are burned on the network. And like I said, both of these coins are very meme worthy. However, I do think Hoge is doing a better job jumping on the meme bandwagon. Let’s see exactly what would happen if Safemoon reaches the same market cap as Dogecoin.
So here we are on Dogecoin, on coin market cap.
We have the price (Number 1) we have the market cap (Number 2) and we have the supply (Number 3). What’s very important with cryptocurrencies is actually the market cap. Things can appear cheap like dogecoin appears cheap at five cents, but it has a seven-billion-dollar market cap, which is actually very high. And the reason why we see this cheap price per coin is because the circulating supply is over 128 billion. For example, with Bitcoin, the circulating supply is only the maximum ever going to be 21 million.
So now you can start to understand why the price of Bitcoin is so much higher than the price of Dogecoin. Using this information, we can also see it’s highly unlikely for Dogecoin to ever reach the prices of Bitcoin.
Now, we have a very similar thing with Hoge and we have a very similar thing with Safemoon, except they have even higher circulating supplies. But the difference between dogecoin and Safemoon is that the Safemoon is a deflationary currency. This is because tokens are burned every time there’s a transaction on the platform, whereas with Dogecoin, every time there are transactions and dogecoin is mined, the number of coins actually increases by 10000. So, Total Supply number is always increasing, which will actually always keep the price down because Safemoon and Hogecoin do not increase the supply of coins, they actually decrease the supply of coins.
So, by holding onto your Hoge or your Safemoon tokens, each token price will actually go up as the supply goes down. This will continue to happen as we still have money flowing into Hoge and Safemoon.
I’m sorry I went off on a little bit of a tangent there, but I wanted to explain that because I think not enough people understand exactly how the market cap is actually the important number and not the price of the coin.
Anyway, we’re talking about hoge finance here. And as you can see, the max supply was one trillion.
Now, this is very similar to Safemoon “currently it doesn’t show it because it’s so new”, but Safemoon also started with one trillion coins.
And we can see now the circulating supply is currently around 642 billion. Hoge is sitting at 420 billion because they are so similar. I’m going to draw a comparison between them and we can see that the market cap of HOGE coin is around 390 million at this stage.
We take their market cap and divide that by Safemoon circulating supply.
Hoge Market Cap: 390,468,248$
Safemoon Circulation Supply: 642,807,441,594,934
390,468,248 / 642,807,441,594,934
We will see that we come to this number “0.000000607442016”. Which right now we can see that the price of Safemoon can 6X to catch up with the price of Hoge. Hopefully that makes sense to you. What this is basically saying is if Safemoon can reach the same market cap as Hoge finance, we will see a 6X from where we are right now.
I think that’s completely possible. Let me know what you guys think down in the comment section. And just quickly for a bit of fun, let’s check out Dogecoin market cap, which right now is sitting at around 7 billion dollars.
So, let’s just do that quickly.
7,382,053,985 / 642,807,441,594,934 which gives us 0.00001148408. So right now, you can see that is 100X from where we are right now. So, if Safemoon can hit the same market as Dogecoin, that will be 100X from where we are sitting right now.
So, let me know if you think that could potentially be possible down in the comments.