As I'm sure everyone is aware, Safemoon has a 10% tax to buy AND to sell. Safemoon has also been nosediving, sliding and flatlining for a year now. So anxious holders are looking for a new shitcoin.
Enter GroveToken. It's not really distinguishable from Safemoon. Let's see...
- Amateur development team ✅
- 10% buy and sell tax ✅
- Using "token burns" to fool amateur investors ✅
- Ridiculous promises of token utility in non-Western country ✅
- Unrealistic hyping on Twitter ✅
And what these guys are doing is attempting to sell the Safemoon they are massively down on, buy Grove, collect profit and then swap it back to Safemoon to increase their bags.
So let's look at an indicative example, excluding all swap fees and pretending the token price doesn't move at all. Remember that every transaction is taxed 10%
- You buy $1,000 of BNB and swap it for Safemoon. This is now $900 of Safemoon
- You swap it for Grove, so by selling Safemoon you now have $810.
- This buys you $729 of GroveToken
- Then when they profit, they need to swap it back to Safemoon, so $656.10 from selling Safemoon
- Which gets you $590.49 in Safemoon
- And finally you decide to sell Safemoon and lose a final 10%, which gives you $531.44
You lose $468.56 just for buying a token, swapping to another, and swapping back.
In order to get back to $1,000 you need an 88.16% increase just to break even.
Guys, do yourselves a favour and stay far away from any token with a tax for buying and selling.
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/u/TNGSystems [link] [comments]
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