Earlier this year, Safemoon exploded in the crypto realm. It launched on March 10 and has already returned more than 20,000 percent to early investors. Although it has lost more than 70% of its value since reaching an all-time high in April, it continues to pique the interest of crypto investors seeking for the next big thing.
The difficult part of getting Safemoon is finding out how to achieve it. It is not yet accessible on the main cryptocurrency exchanges since it is a new coin. If you know where to purchase Safemoon, the technique is fairly simple.
A word of warning before we begin: Safemoon is a very hazardous cryptocurrency. Some have termed it a pump and dump, and the only thing that distinguishes it is a 10% charge for selling it.Consider it like buying a lottery ticket if you want to give it a go. Don’t invest too much money into it, and keep in mind that there’s just a slim chance it’ll pay off.
What is SafeMoon?
Before you board a nearby spaceship to a SafeMoon-supported crypto exchange, let’s take out our metaphorical telescopes and zoom in on what SafeMoon is all about. SafeMoon was created on March 8, 2021, but it quickly gained traction on Twitter and TikTok in mid-April, piqued the interest of many cryptocurrency investors. Binance had to temporarily halt withdrawals from its platform on April 20 due to the sudden influx of SafeMoon investors.
Remember that SafeMoon takes 10% from sellers before you buy the hot token. splits the revenues half in half with other token holders to promote buying and holding. SafeMoon was created to address a number of existing difficulties with cryptocurrencies, such as price volatility and crypto investors’ proclivity for selling too quickly, thus the 10% selling fee. According to crypto blogger Lou Bagel, the advantage of SafeMoon is that you’ll keep making money as more people buy in, but the danger is that if no one buys SafeMoon, investors will earn 5% of nothing and the price would decline due to a lack of demand.
In accordance with CoinMarketCap, SafeMoon was valued at $0.000002 on April 18th. Two days later, SafeMoon rocketed to an all-time high of $0.00014, an almost 7,000 percent increase. If you invest $1,600 into SafeMoon on March 22, you’ll have $60,000 on your account one month later.
An Overview of Blockchains
Ether, like Bitcoin, is built on a blockchain of its own. The Binance Smart Chain is a secondary blockchain that includes many of the software features and protocols of the Ethereum network. One feature of the Ethereum network, and hence the BSC, is the capacity to host software programmes known as smart contracts.
To develop and control a digital token supply, smart contracts may be employed. They’re made to function with a certain protocol and chain. This is similar to the fact that various operating systems have different versions of smartphone apps. An Android phone will not be able to run an iOS app.
Safemoon is one such smart contract-based currency. It does not have its own blockchain; instead, its supply is managed by a smart contract on Binance’s in-house blockchain.
Due to the founding team’s excellent marketing, Safemoon was initially presented in March of 2021, and its price began to grow around a month later.
Safemoon has a few distinguishing features that have elicited both favorable and negative responses. For example, the Safemoon smart contract charges a 10% exit fee to holders who want to sell. The fee is divided in half, with the remaining half being redistributed to token holders, presumably increasing the value of their holdings over time.
The current quantity of the token’s ownership structure has also been a source of criticism for Safemoon. A considerable portion of Safemoon’s total liquidity is held by members of the founding team. Despite the fact that these funds are under a so-called lock-up, such concentration of ownership in the crypto industry is normally a cause for concern. The influence that substantial holders, sometimes known as whales, have on price swings when they sell is one of the reasons for this anxiety.
A number of promised Safemoon ‘ecosystem’ developments (including a special wallet application) have so far fallen short of expectations, prompting more criticism of the founding team.
Taking the Next Step with Safemoon
Despite this, Safemoon has a small yet loyal fan base that have been holding the token for quite some time. Despite a significant drop from all-time highs in April and May of 2021, Safemoon’s price has remained above zero due to its popularity.
Safemoon is a high-risk investment, like with many other meme-based cryptocurrencies. Continue reading to find out how to receive your own Safemoon tokens if you’re interested.
Safemoon Buying in 4 Easy Steps
- Download the Trust Wallet application.
The inventor of Safemoon recommends buying it through Trust Wallet, a cryptocurrency wallet tool. On your smartphone, you may get it through the App Store or Google Play.
If you haven’t already done so, open Trust Wallet and click Create a new wallet (unless you’ve already done so and have a wallet).
Trust Wallet will supply you with a recovery phrase. This phrase is significant since it represents your crypto wallet’s private keys in a readable format. If you lose access to your wallet, you may still recover your crypto by using the recovery phrase. If your recovery phrase is discovered by someone else, they may use it to steal all of your Bitcoin.
Make a note of your recovery phrase, keep it safe, and don’t tell anybody about it.
- Purchase Binance Coin.
Cash is not accepted as payment for Safemoon. You’ll have to locate another currency to swap for Safemoon instead. The best option is Binance Coin.
Here’s how to use Trust Wallet to purchase Binance Coin:
- From the home screen, choose Smart Chain. The icon can be found in the upper-right corner of the application if it is not present.This will take you to Trust Wallet’s Binance Coin website.
- To get to the payment page, type in the amount you want to spend in US dollars and click Next.
- Enter your payment details and confirm the transaction to complete the purchase.
- You may be requested to present identification in order to complete the transaction.
- Binance Coin may be obtained if you already have a Binance account. After that, you may use the Binance Smart Chain wallet to trade for Safemoon.
- Go to the website of the Pancake Swap.
Pancake Trade is a cryptocurrency exchange that lets you swap a number of different currencies, including Binance Coin and Safemoon. Select DApps from the Trust Wallet bottom menu.This option is named Browser if you’re using an iPhone. Scroll down the list of alternatives and choose Pancake Swap. This will take you to the Pancake Swap cryptocurrency exchange, where you may trade your coin for another.
The procedure is somewhat different if you’re using the Binance Smart Chain wallet. Go to Pancake Swap, click Trade, then Exchange to go to the same exchange page. You’ll also need to connect your wallet, which you can do by clicking the Connect symbol in the bottom right corner of the page.4. Invest in Safemoon using Binance Coin.
On Pancake Trade, enter the quantity of Binance Coin you want to swap. If you wish to exchange all of the Binance Coin in your wallet, choose Max.
You may choose the cryptocurrency you wish to receive by selecting Select a currency. Type Safemoon into the search area and choose it when it displays.
Pancake Swap estimates the amount of Safemoon you’ll get. When you’re ready, choose Swap to complete the transaction.
You may need to adjust the slippage tolerance in order for the trade to go through. Slippage occurs when the price of a cryptocurrency varies between the time you submit a transaction and the time it is performed. If the slippage tolerance isn’t high enough, the sale may not go through. A 12-percent slippage tolerance is recommended by Safemoon’s creators. This may be changed using Pancake Swap’s options icon.
To sum it up, here’s how to get Safemoon:
- Install a bitcoin wallet on your computer. The designers of Safemoon recommend Trust Wallet.
- Binance Coin is a digital asset that can be bought. Transfer it to your crypto wallet if you bought it on an exchange.
- The trade page for Pancake Swap may be found here.
- Choose Safemoon as the cryptocurrency you’ll get after entering the quantity of Binance Coin you wish to swap.
Keep in mind that Safemoon is a substantial risk when deciding how much to spend. It’s OK to acquire a little amount if you like the concept or just want a very high-risk crypto in your portfolio. Make sure you’re just investing money you can afford to lose in the game. If you want to add bitcoin to your portfolio, look for alternative cryptocurrency investment ideas with larger long-term potential.
Is it a good idea to put money into SafeMoon?
Safemoon has a strong community behind it, making it a good idea to invest in this cryptocurrency. However, you must first assess all potential threats. Securemoon’s volatility is similar to that of other cryptocurrencies.
Is SafeMoon V2 available for purchase?
To buy SafeMoon V2, you must first install a cryptocurrency wallet, such as SafeMoon Wallet (you can also use Trust Wallet or MetaMask). Then buy BNB on Binance and transfer it to SafeMoon Wallet. Finally, you may swap BNB from SafeMoon V2 using SafeMoon Wallet.
Is SafeMoon a Robinhood product?
What’s the deal with SafeMoon not being offered on Robinhood? Robinhood, one of the most popular stock trading and investment websites in the United States, has announced the addition of a plethora of new cryptocurrencies and tokens to its platform. On the other hand, SafeMoon isn’t one of them.
Is SafeMoon a Scam or Legitimate Cryptocurrency?
SafeMoon is considered to be one of the most dangerous cryptocurrency investments. Safemoon, like Shiba Inu, serves no purpose and derives its value only from the purchases of other investors, causing some to call it a shitcoin.
Will SafeMoon make me a millionaire?
It’s quite improbable. Safemoon is one of my investments, however anybody who believes it will reach $1 in the near future is uneducated about market capitalization. To hit $1, Safemoon’s total market value would have to exceed the total market value of all cryptos combined.
Is selling SafeMoon a good option for me?
SafeMoon was one among the most recently launched cryptocurrencies in 2021. SafeMoon’s cryptocurrency founders have a long-term vision for the currency’s future development. Holders get passive advantages through time, while penalties prohibit selling.
Safemoon cryptocurrency is a token, not a coin. It suffered major price hikes in only a few months in 2021. The price climbed by tens of thousands of percent in April and May, only to lose most of those gains by August. Such volatility is far from unusual in the crypto realm.
If you believe that, despite the bad news, the best for the Safemoon cryptocurrency token is yet to come remember, cryptocurrencies are taxed, purchasing Safemoon tokens is straightforward. To acquire Safemoon, just follow the procedures indicated above.