New Cryptocurrencies to Keep an Eye On
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New cryptocurrencies appear very often, and it is easy to lose any understanding of what is going on in the Crypto World and what tokens deserve consideration. We would like to tell you about SafeMoon, Bonfire, and Elongate projects that crypto enthusiasts are keeping an eye on right now.
SafeMoon was launched on March 8, 2021. It is a DeFi project that was created as a reward system for token holders. For trading tokens users have to pay a 10% fee, which is later divided into two parts. A half goes to a liquidity pool, and the other half becomes a reward to token holders. The discouragement of trading is supposed to solve a volatility problem, which is common to major cryptocurrencies. According to the team, their main concern is to protect the SafeMoon community from sudden and large dips.The price of the token is supposed to grow as the supply is burnt and more people are attracted into the system. The team prefers to use manual burn as it gives more control over the supply.Now SafeMoon has more than 2 million supporters and it seems that the community is growing.
Bonfire was launched on April 18, 2021 on the Binance Smart Chain. Its main idea was to create an instrument in the Crypto World that would help crypto users to get additional profit. This brings us to two main special features of the project:
- All the Bonfire transactions are charged with a 10% fee. Half of this sum is redistributed to all token holders and becomes their reward, the other half goes to a liquidity pool. This is the system that was developed by SafeMoon.
- Team has an opportunity to destroy or burn tokens whenever they feel it is necessary to reduce the supply. At the beginning a total amount of Bonfire tokens was 1 quadrillion, up until this moment it has been reduced by 40%.
Within the first three months of its existing Bonfire showed the all time high and low. The price hit its peak on May 10. Around that time Bonfire team launched its app. However, by June 29 its price fell by 90%. Nonetheless, the team is continuing the work on the project, creating new use cases for the token and developing their idea.
ELONGATE is a token created on the Binance Smart Chain. The project started as a joke that followed a tweet of Elon Musk.
Shortly after that an enthusiast created a website with the name ‘Elongate’. The project became popular among Elon Musk’s fans. This token fastly reacts to every tweet about cryptocurrencies that Elon Musk posts.
Just like SafeMoon and Bonfire, ElonGate charges 10% from each transaction. The main difference between this project and those described above is that part of the fees from transactions go to the charities. So far the price of the Elongate token depends on its popularity.
The Crypto World gives numerous opportunities for creating something new. The examples above are the result of the existing demand to use crypto to get profit. These projects are very different from the ones we used to see in the crypto market. Now crypto owners are willing to explore the opportunities of creating income from holding coins and tokens. Thus projects like Safemoon, Bonfire, and Elongate are meant to meet this need. So, let's keep an eye on them and follow their development.
SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.