The name of SafeMoon Inu is a combination of SafeMoon (CRYPTO:SAFEMOON) and Shiba Inu (SHIB -3.51%), two tokens that became popular despite offering practically zero value as investments. However, SafeMoon Inu emphasizes that it's not affiliated with SafeMoon in any way.
The name alone is a glaring red flag, but let's take a closer look at SafeMoon Inu to see if it has anything to offer.
What makes SafeMoon Inu unique?
The only notable feature of SafeMoon Inu as a crypto token is a 2% fee on every transaction that gets redistributed to SMI holders called the “anti-paperhand system” because it's intended to reward holding SafeMoon Inu and discourage selling.
Many other crypto tokens, including SafeMoon, do the same thing. The only difference is the fee each token charges and how much it redistributes to holders. SafeMoon Inu has one of the smaller fee amounts; some tokens charge 5% to 10% of every transaction.
SafeMoon Inu is also trying to set itself apart through its metaverse gaming platform. SMI Play will reportedly offer in-game non-fungible tokens (NFTs) that players can earn, buy, collect, trade, or melt and sell. SMI holders will receive a special status and extra benefits based on the amount of tokens they have.
SMI Play will launch with one game, Moonshot Voyage, a top-down-view looter shooter. The game has missed its original estimated release date, which was the first quarter of 2022, but there's a tech demo available on the SafeMoon Inu website.
Where SafeMoon Inu came from
Little is known about the creation of SafeMoon Inu or the team behind it. The white paper states that SafeMoon Inu was launched on May 13, 2021, by early community members based all over the world. There's no information provided about the community members or the developers.
How to buy SafeMoon Inu
SafeMoon Inu isn't the easiest crypto to buy. You won't find it on any of the biggest crypto exchanges. The simplest way to buy it is on its website with a credit or debit card, but it will cost you. Fees are generally at least 7% to 8% of the transaction and can be much higher if you're buying a small amount.
The other option is to go to a decentralized exchange, connect a blockchain wallet, and trade another cryptocurrency for SafeMoon Inu. One decentralized exchange where you can find SafeMoon Inu is Uniswap (UNI -1.30%).
SafeMoon Inu may not be affiliated with SafeMoon, but they have one thing in common: They're both crypto tokens that serve no purpose and make for poor investments.
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