SafeMoon is the latest cryptocurrency that is emerging in the headlines nowadays. It was launched in March 2021 and has been successful in attracting nearly 2 million investors. This guide on ‘Where and How to buy SafeMoon’ will make you aware of everything you need to know before investing in SafeMoon.
Summary
- Safemoon is a BEP-20 token that has risen quickly in the cryptocurrency market.
- It works on three components- Reflection, LP acquisition, and Manual burn.
- The transactions of safemoon includes a fee that is ultimately distributed among its holders.
- It has around 2.5 million holders and is built on Binance Smart Chain
- Investing in safemoon can be a good idea only if you’re trading as a time-pass.
What is Safemoon?
Safemoon has been available since March 2021 and is a BEP-20 token built on the BSC (Binance Smart Chain). Further, it has risen as the third-largest token of Binance. It is a digital currency that is broadly similar to Bitcoin. Six core members of Safemoon including, Thomas Smith, John Karony, Hank Wyatt, Jack Haines, Jacob Smith, and Charles Karony, handle it. Furthermore, the Safemoon token holders also earn a passive income. Moreover, safemoon rank is 210 on coinmarketcap.
SafeMoon: Features
- Reflection: This is where the transactions done on Safemoon are charged a fee which is eventually distributed among its token holders.
- LP Acquisition: Under this feature, it creates a solid price pool for both buyers and sellers. In addition, it is made for long-term stability. Also, users have to pay a fee for selling, and enabling the token holders.
- Manual Burn: Safemoon undergoes a manual burn rather than continuous burns like other cryptocurrencies. Therefore, it offers a beneficial burn strategy to its long-term investors. Further, users can track these burns publicly, which ultimately leads to transparency.
SafeMoon Protocol
The SafeMoon deploys three accessible functions, which are Reflection + LP acquisition + Manual burn. Also, the transaction fee is 10% of the order, which you can further divide into:
- 5% fee, which is redistributed to all the existing token holders.
- Rest 5% fee, which is further divided into two, half of which is sold by the contract into BNB. In contrast, the other half of the Safemoon tokens are paired with the earlier mentioned BNB and added as an LP on Pancakeswap.
Where To Buy Safemoon?
The top cryptocurrencies exchanges that have SafeMoon are mentioned below:
How to Buy Safemoon?
Downloading Trust Wallet
- The developers of Safemoon recommend downloading Trust Wallet.
- After downloading, create a wallet.
- Then, the trust wallet will provide you with a recovery phrase. Keep this phrase secure and safe.
You can also read about Crypto wallet best practices.
Add SafeMoon to the Wallet
- In your Trust Wallet app, tap on the top right icon.
- Search for “SafeMoon,” if it’s not available, then tap on “Add custom token.”
- Tap on “Ethereum,” and change it to “Smart Chain.”
- Then, copy that contact address and put it in the Conract Address box.
- Now, fill in the rest of the details and click “Done.”
Purchasing Safemoon through Binance Smart Chain
- First, open your Trust wallet and select “Smart Chain” from the home screen.
- Then, click on the ‘Buy’ option.
- Now, enter the amount that you wish to purchase, and click on “Next” to head towards the payment page.
- Lastly, fill in all the payment information to confirm the transaction.
Swapping BSC for SafeMoon on PancakeSwap
PancakeSwap is a crypto exchange platform that allows you to trade different cryptocurrencies like Safemoon and Binance Coin. If you are visiting the Binance innovative chain wallet, then follow the below steps:
- First connect your Trust Wallet with PancakeSwap.
- Then, go to Pancakeswap, click on “Trade,” and then click on “Exchange.”
- Once you are on the “Exchange” page of Pancakeswap, select “BSC,” and “SwafeMoon.”
- Enter the amount you want to buy and click on swap.
Buy SafeMoon: Price
The SafeMoon price is $0.000002 with a 24-hour trading volume of $9,406,092 as of the publication of this article, head over to coinmarketcap for live market price. Thus, the value of SafeMoon has been rising in recent times. Moreover, it has also been attracting attention from several investors who are willing to buy it despite the risk it carries.
Is SafeMoon a Good Investment?
Investing in SafeMoon is entirely a personal decision to consider how much risk you would like to take. Moreover, the success of the SafeMoon depends on the team, whatever the community has built, and Binance. Therefore, before investing, you should perform profound research as little is known about the new token and the team who developed it.
Safemoon Network Security
The whitepaper of safemoon displays the following plans for its safety:
- The developer of safemoon burned all the tokens present in the Dev Wallet before its launch.
- There was a fair launch on Dxsale.
- The LP is locked on DxLocker for four years.
- Also, the LP is generated with each trade and thereby locked on Pancakeswap.
Buy SafeMoon: Pros and Cons
| Pros | Cons |
|---|---|
| By investing in Safemoon, you might get high returns. | It is challenging to sell Safemoon due to the 10% fee. |
| You can easily buy Safemooon as it is listed in a total of nine exchanges. | Safemoon is suspected to be risky until it introduces DAO-like systems to manage funds. |
| Allows users to earn passive income by holding safemoon tokens in their wallets. |
Buy SafeMoon: Conclusion
SafeMoon is a DeFi token that launched in March 2021. It is built on the Binance Smart Chain that uses proof of authority as its general agreement mechanism. Moreover, due to the centralization of the Binance Smart Chain, users have to rely on it for security. Investments in SafeMoon are highly speculative as it is an unproven project. You can easily buy SafeMoon from the following platforms:
Frequently Asked Questions (FAQ)
Is safemoon legit?
Yes, SafeMoon is a legit coin. Moreover, coinmarketcap has ranked it at 211th position.
How many free tokens can I expect?
It depends on the volume- during high trading times. The more you will hold, the more you get in return.
Should I sell or hold SafeMoon?
The best line of action would be holding SafeMoon as selling it would attract a penalty of 10% fee.
