Note: This is not investment or trading advice. This is an unbiased, unpaid article.
If you're in the investment arena or belong to any sort of social media platform, there's a good chance you've probably heard of either Dogecoin or SafeMoon. Both are cryptocurrencies and are each skyrocketing in their own way. Dogecoin is quite a bit more popular due to twitter and reddit, but is it a better investment than SafeMoon? You decide.
Table of Contents:
What is Dogecoin?
Dogecoin (DOGE) is based on an internet meme of the popular dog Shiba Inu. It has been made popular among the masses largely due to Elon Musk. Elon has tweeted about DOGE several times and each time he does, the value increases. At time of this article, the value of one DOGE is $0.39. It's a remarkable feat, considering it was worth $0.005 on New Years Day 2021. DOGE serves zero function in the crypto community and is known as a "shitcoin", but it has value and is creating quite a bit of wealth around the world.
Where can you buy Dogecoin?
The easiest way to buy is with Bitcoin. Americans have fewer options to buy DOGE, so here is the list:
What is SafeMoon?
SafeMoon (SAFEMOON) is a decentralized finance (DeFi) token. According to the SafeMoon website, SafeMoon has three functions that take place during each trade: Reflection, LP Acquisition and Burn. SafeMoon protocol is a combination of RFI tokenomics and an auto-liquidity generating protocol. (source: CoinMarketCap). The current price of one SAFEMOON is $0.00000620. It launched on March 9th, 2021 at a price of $0.0000000012. SafeMoon is also a "shitcoin", but is a part of something called Deflationary Tokenomics. This means it is an asset which counters inflation by reducing the amount of supply each time a sale is made. SafeMoon's protocol "burns" 5% of the tokens made in every sale. The initial supply at launch was 1 quadrillion and it's reported that over 300 trillion tokens have already been burnt.
Where can you buy SafeMoon?
To get SafeMoon you'll need to use PancakeSwap. But first, you'll need to have some BNB which you bought somewhere. For Americans, BNB is not readily available to us on major exchanges like Coinbase, Bittrex, Voyager, Kraken or Gemini, so you'll need to use one of the following:
Follow these instructions below or use this link after you've purchased BNB:
DOGE vs SAFEMOON. Which should you buy?
Let's look at a few things to make the decision. Volume, Value Appreciation, and USPs (Unique Selling Points).
Volume
DOGE is the clear winner here. While SAFEMOON is available on only 3 exchanges (I do not recommend Whitebit or BitMart, only PancakeSwap), it is more difficult to keep the price down with such limited access. I still vote DOGE in this situation since it's receiving very high volumes and the price is still increasing.
Value Appreciation
Let's look at the charts for the past month, since SafeMoon has only been around that long. In the past month, DOGE has increased 572% while SafeMoon has increased 516,000%. That's a gain that you can't receive in real estate or the stock market in such a short period of time. DOGE's increase is excellent, but it isn't close to that of SafeMoon.
USPs
This one is easy as well. DOGE doesn't have any selling points (maybe I should say buying points) other than popularity and value appreciation. SAFEMOON on the other hand is deflationary and the supply will dwindle over time. This should, in theory cause the value to increase over time, but time will tell.
The Verdict
While I absolutely would never recommend buying either of these, nor do I claim to own either one, I would politely suggest going for SafeMoon after you have completed you own due-diligence and comprehensive in-depth research.
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