Going to Universe is the fanciest thing you’ll hear today; while some people are going to Mars, SafeMoon takes you to the Moon! The name indeed gives it away; many people are talking about it. But it has its challenges, and amongst the other tokens online, it’s a little challenging and tricky to purchase.
So before you ask about SafeMoon, here’s a rundown of what SafeMoon is about and how you can buy it!
The Binance Smart Chain, blockchain’s SafeMoon, introduced on March 8, 2021, took off on Twitter and TikTok in mid-April and grabbed the interest of many cryptocurrency investors. Given the unexpected rush of SafeMoon investors on April 20, Binance even had to prohibit withdrawals from its platform partially.
Before you purchase the trending token, you must know that SafeMoon penalises sellers with a 10% charge and recirculates half to other token holders to promote buying and retaining. The 10% selling fee is because SafeMoon was developed to address several issues facing cryptocurrencies today, such as price volatility and early selling by cryptocurrency investors. This means the popular it gets, and as the purchases of Safemoon rise, you’ll keep making money as it grows further in terms of people.
As part of a distribution known as reflection, SafeMoon absorbs all sales fee profits and distributes 50% to current token holders. The fee goes towards a pool SafeMoon uses to keep prices from fluctuating.
SafeMoon gained celebrity endorsements from people, including YouTuber Jake Paul, artist Lil Yachty, and sports blogger David Portnoy throughout 2021. This contributed to SafeMoon’s value rising significantly. Besides serving as a value store, SafeMoon has no unique use cases. Like Ethereum, it doesn’t support any automated contracts or decentralized apps.
How to Buy Safemoon?
If you are willing to purchase Safemoon, do keep in mind that it is currently not listed on Binance, so to help you out, we have a step-by-step to make the buying purchase quick and easy. The method we have listed below will show you how to buy Safemoon by connecting your wallet with DEX through your Binance account to assist you in purchasing the base currency.
1. Download Trust Wallet
Inside the BNB Chain network are severalf crypto wallets to decide among, but TrustWallet seems to be the most comprehensive. You can download Google Chrome and the wallet Chrome extension using a desktop computer. If the wallet is available, you can download it from the iOS App Store or Google Play if you prefer using your smartphone. Visit the TrustWallet website to ensure you get the authorised Chrome extension and smartphone app.
2. Setting Up TrustWallet
Now register and set up the cryptocurrency wallet. You can use the support page for the wallet as a resource. Make a note of your wallet address and keep your seed phrase secure. Later onwards, you will need assistance with these down the line.
3. Buy BNB Chain as Your Base Currency
You can purchase the BNB Chain after setting up your wallet by logging into your Binance account and going to the Buy & Sell Crypto page. If you have never used Binance before, you’ll have to research and find out how it works and how to sign up on the application or website.
4. Choose Your DEX
DEX stands for Decentralized Exchange, and there are several of them to choose from; you only need to confirm that the exchange supports the wallet you select when registering. For instance, you can go to Pancake Swap to complete the transaction if you have the TrustWallet wallet.
5. Connect Your Wallet
Now you need to connect your DEX and TrustWallet by using the address you received when registering.
6. Trade through Binance
For your payment mode, select the BNB chain and then choose the Safemoon coins you want to purchase. Sometimes, the Safemoon might not appear; you need to find the smart contact address. Copy that into Pancake Swap, and you’ll get it quickly on your application.
7. Swap Immediately!
After you’re done, click on the Swap button to get the cryptocurrency.
How to See Your Safemoon in the TrustWallet?
After purchasing it, you probably want to know where it is; we recommend you follow the steps below to enable SafeMoon in your TrustWallet and get a confirmation that you have them in your possession.
- When purchasing, make sure to copy SafeMoon’s contract address somewhere because it helps you relocate your purchases.
- Now redirect to the TrustWallet’s page and click the blue icon in the top-right corner.
- Scroll to the bottom of the screen, and then in the search bar, type Safe.
- Tap on the Add Custom Token and change the network from Ethereum to Smart Chain.
- Under the Contract address, paste your SafeMoon contact address and then hit Save.
- Voila! You can now easily access your Safemoon tokens in your TrustWallet application whenever you want.
Buying SafeMoon: Recommended or not?
SafeMoon has gone quite viral, mainly because it is endorsed by some celebrities and personalities. But here are some of the benefits that you can avail on the purchase of SafeMoon tokens.
- Potential to go Viral! As a memecoin, Safemoon has a lot of potential to become the next best thing, and with the sky being the limit, its value could quickly go up. Similar to other coins in the market, word of mouth does the job these days of making different cryptocurrencies viral. So if everyone’s talking about it, then SafeMoon is the crypto you should acquire.
- Reflections Policy: SafeMoon has a reflections policy which is perfect for people who want to hold onto the tokens for longer. Whenever other people sell their tokens, you will receive a percentage of the fee incurred during the selling process. Now, this is an incentive offered by no one other than SafeMoon; gradually, they may provide more which you never know.
- Lower Transaction Fees: With the latest update, the SafeMoon 2.0, the transaction fees have also become lesser, which is ideal for making exchanges in the future or for other uses.
Is SafeMoon a hit or miss?
Keeping benefits aside, there is nothing exciting or different about SafeMoon apart from a few additional features compared to other cryptocurrencies. But SafeMoon is a long-term investment with long-term returns increasing the risk relatively high. Meanwhile, keep an open mind and realise there might be short-term losses. According to multiple sources, such as Britton, if you are leaning towards Crypto and want to get into it, there are other tokens, especially those in the top 20 list. But that doesn’t mean there is any harm in the SafeMoon investment; you can start with a smaller amount, and if you believe there are more benefits, you can buy more.
We have mentioned all the details regarding buying the SafeMoon crypto; you can use the steps to be mindful of each process.