Before you purchase the popular DeFi token, you should be aware that SafeMoon charges sellers a 10% fee and redistributes half to other token holders to incentivize buying and storing.
SafeMoon was founded to address various issues facing cryptocurrencies today, such as price volatility and crypto investors’ bad propensity of selling too soon; thus, the 10% selling charge.
Key Takeaways
• Safemoon seems to be a risky crypto coin to spend your money on because it has no genuine functions and relies so heavily on popularity. Safemoon’s best days may be already behind it.
• As at the time Safemoon began on March 10, 777 trillion tokens were circulating in the market, with each valued at $0.0000000010. If one had spent $100 at the time, one would have received 100 billion Safemoon.
According to crypto blogger Lou Bagel, the advantage of SafeMoon is that you’ll keep generating money as new people buy in, but the downside is that if no one buys SafeMoon, investors will receive 5% of nothing and the price would collapse due to poor demand.
SafeMoon was selling at roughly $0.000002 on April 18th, 2021, according to CoinMarketCap. A few days later Safemoon got to an all-time high of $0.00014, representing a roughly 7,000 percent rise.
However, On the 28th day of July, SafeMoon was reaching heights of about $0.000003, indicating that, despite the team’s efforts to reduce volatility, SafeMoon remains a highly speculative digital asset.
5 Things to Know About Safemoon
1. Safemoon has a huge supply and a low price. Although it began with one quadrillion tokens, the creators burnt 223 trillion of them before their debut, effectively destroying them.
As at the time Safemoon began on March 10, 777 trillion tokens were circulating in the market, with each valued at $0.0000000010. If one had spent $100 at the time, one would have received 100 billion Safemoon.
2. The most distinctive aspect of Safemoon is that merchants pay a 10% commission. Assume you have 100 million Safemoon. If you sold them all, the cost would be reduced by ten million dollars.
Half of the price is distributed to all existing Safemoon owners. The remaining half is used in a liquidity pool alongside Safemoon and Binance Coin (BNB).
According to Safemoon’s white paper, the 10% fee on all sales is intended to reward long-term investors while also stabilizing the price.
3. Manual burns are another important aspect of Safemoon. This means that the Safemoon team will regularly burn tokens and restrict supply to raise the price.
So far, almost 400 trillion Safemoon tokens have been torched, including the first 223 trillion burned before launch.
4. Many cryptocurrency aficionados are dubious of Safemoon since it lacks any use cases or advantages over other cryptocurrencies.
So far, Safemoon has survived on popularity, but it is not a recipe for long-term survival. The cryptocurrencies that survive are those with a clear purpose or a competitive advantage.
5. Safemoon has been accused of a lot of things. It’s been called a Ponzi scheme, a pump and dump scheme, and a pyramid scheme, and the Safemoon community has been compared to a cult.
The majority of cryptocurrencies are risky investments, but some are riskier than others.
Safemoon is one of the riskiest crypto coins to spend your money on because it has no genuine functions and relies so heavily on popularity. Safemoon’s best days may be already behind it.
How to Purchase Safemoon on Trust Wallet
1. Open the Trust Wallet App on your mobile phone, search for “Safemoon,” in the app while also checking in the top corner of the wallet and if you still are unable to find it, go to “Add Custom Token.”
2. Click on “Ethereum,” which is next to Network at the top part of the app, and change it to “Smart Chain.” Then, take note of the contract address from this page and paste it into the Contract Address field.
3. Type “Safemoon” as the name and SFM as the symbol while making sure that the decimal point is set at 9.
4. Select “Done” at the top, after this, check your Trust Wallet. You should see your Safemoon there.
5. Now, on the Trust wallet’s main screen, click on “Smart Chain,” then click “Buy” on the upper right side of the screen. Your identity may need to be validated at this point, so make sure you have all relevant documents that can prove your identity.
6. If the transaction is still unable to go through, contact your bank to activate international transactions privileges. Also, it may take some time for your transaction to be processed once you purchase the coins.
7. Once your transaction is complete and you see Binance smart chain on your Trust Wallet, go to DApps (or “Browser” for iPhones) at the bottom of the major screen.
If you are unable to detect a Browser button at the bottom of your iPhone, open Safari and type “trust:/browser enable” into the URL, then go back to your Trust Wallet application.
8. Navigate to the DApps or Browser area and open PancakeSwap. Then, in the top-right corner, combine your Trust Wallet. Then, scroll down a little to find the “Exchange” box.
9. Tap the icon to reduce the slippage to 12%. Extend the deadline if you want to offer it the best chance of success. It is suggested that it be set to 20 minutes.
10. Click on Swap once the slippage is adjusted and you’ve entered the BNB amount you wish to trade for SafeMoon. Wait for the transaction to clear; depending on traffic, this approach may take some time.
Safemoon will be credited to your Trust Wallet once the transaction has been completed.
Frequently Asked Questions (FAQ)
1. Is it possible to purchase SafeMoon on Coinbase?
At the moment it is not as SafeMoon is currently not available on Coinbase. The currency, on the other hand, hopes to achieve this in the future. SafeMoon as a cryptocurrency is still in its infant stage in comparison to others, having only been established in March 2021.
2. Can SafeMoon reach $1?
It is very feasible that SafeMoon will achieve a dollar value in the future. However, even the most bullish long-term SafeMoon cryptocurrency price projection has it valued at less than a penny in seven years.
3. Is BEP20 supported by Trust Wallet?
BEP20 tons are supported by trust wallets. When you establish a new wallet, the smart chain features are immediately activated. If it does not show, use the search option to look for the smart chain.
Final Thoughts
Safemoon is a recently released cryptocurrency in the crypto space. Hopefully, it would be able to establish itself as one of the leading crypto coins out there.
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