If you keep yourself updated with news, especially about crypto, you must have heard the name crypto coin goes by the name of ‘Safemoon’, and it was in high demand for the first half of the year 2021. For those who are having an interest in day trading also known as short-term trading, the extraordinary volatility of Safemoon and its increasing market cap might have gotten their attention. It might be possible that individuals are waiting to purchase, holding and when it is the right time, they earn a profit on the next huge price rally for crypto coin.
Here we will be talking about instructions to buy Safemoon in detail, in short individuals will need to register and get a wallet for the Smart Chain of Binance via Trust Wallet or MetaMask, purchase tokens of Binance (BNB), then exchange them for Safemoon on a dispersed exchange like PancakeSwap or Safemoon Swap.
What is Safemoon Crypto?
Safemoon is one of the members of the group of crypto tokens called ‘memecoins’. What are memecoins? Well, Memecoins are coins or crypto tokens grounded on memes on the internet. Mainly when talking about Safemoon, the name Safemoon is taken from a slang term which is famous in discussions forum on crypto known as ‘going to the moon’. The expression ‘going to the moon’ meant the price of a crypto coin increased rapidly in a brief duration.
The most basic thing individuals need to know about Safemoon is that this coin is not counted in the group of crypto coins. The token ‘Safemoon’ is operated on Binance Smart Chain (BSC). In crypto markets, a coin is different than a token and it is a crypto currency that is available on its blockchain.
Know More About Blockchain
Bitcoin works on its blockchain platform, the same goes for Ether. The Binance Smart Chain (BSC) is a blockchain that is separated and has several features for software and protocols from the network of Ethereum. There is one feature of both Ethereum networks and BSC is that they have the ability to host software programs known as smart contracts.
Smart contracts can generate and manage a digital token supply. They are planned for some specific blockchains with compatible protocols. The process is similar to a smartphone application that is planned for a specific OS (Operating System). Users cannot download an application on an Android phone which was developed for iOS.
Safemoon is one of the tokens which is based on a smart contract. Safemoon doesn’t have its own blockchain and Safemoon supply is operated by a smart contract on the in-house blockchain of Binance.
The token ‘Safemoon’ was announced in March 2021, and after a month Safemoon started to have a positive flow in prices, credit goes to the effective marketing performed by the founding team.
Features of Safemoon
Talking about Safemoon has several different features that have fascinated criticism and praise, both. Let’s take an example, the smart contract for Safemoon charges around 10 percent as an exit fee for holders who planned to sell. Fee’s half amount is ‘burned’ and the other half is redistributed to token holders that remained, hypothetically boosting the price value of their token holdings in time.
There is another Safemoon feature that has concerned extensive criticism is the pattern for ownership of token current supply. A great volume of Safemoon’s total liquidity is held by founding team members. However, the funds of founding team members are in lock-up as such attentiveness from ownership can be a reason for severe situations in crypto markets. In short, this apprehension is because of the impact that comes from the major holders also called ‘whales’ perform high volume transactions when they sell.
There is one more founding team criticism which has been backing on several developments that are promised on the behalf of Safemoon ‘ecosystem’ and it didn’t turn out to be good as expected.
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Progress of Safemoon
After all this, Safemoon has some not much but ferociously devoted fans who stay to hold a token for long period. Because of this fan base, the price of Safemoon tokens has balanced above zero, even after a huge drop from all-time peaks in the month of April & May 2021. Like most of the memecoins, Safemoon is also an investment that includes high risk.
Steps to Buy Safemoon
After all this, we have come to the question: How to purchase Safemoon tokens?
If an individual has a wallet created on the Binance Smart Chain, they can purchase a Safemoon token easily by trading it with any token available in their wallet on a ‘DEX’ which stands for Decentralized Exchange like PancakeSwap or Safemoon Swap.
If someone doesn’t have a wallet, they can install the Trust Wallet or MetaMask extensions on web browsers, to begin with by purchasing Safemoon tokens. These extensions on browsers give the user complete secured access with password protection and control of all tokens.
Continue reading to learn the ways to purchase Safemoon tokens:
- Form a wallet: Begin with creating a wallet for the BSC (Binance Smart Chain) via Trust Wallet or MetaMask.
- Purchase Binance Tokens and Exchange for Safemoon: Second step to do is to purchase BNB (Binance Tokens), and then exchange them for Safemoon on DEX (Decentralized Exchange) like PancakeSwap or Safemoon Swap.
Frequently Asked Questions About Safemoon (FAQs)
Here are some of the frequently asked questions about how to buy Safemoon Token. Take a look and continue reading to know more about Safemoon.
Where can I purchase a Safemoon Token?
Safemoon token is available on the BSC (Binance Smart Chain) rather than having a coin on their blockchain. The reason Safemoon can be bought easily. You can exchange it with several different tokens for Safemoon on a DEX (Decentralized Exchange) such as PancakeSwap on the BSC.
Can I purchase Safemoon via Coinbase?
Not at all, Safemoon is not presented on Coinbase. But you can easily buy Safemoon tokens on several different exchange platforms like BitLink.
Is there any way I can purchase SafeMoon in the United States?
The procedure for purchasing Safemoon in the United States is almost the same as everywhere else. The most important thing to do is to get Binance Tokens into your wallet. The next thing you have to do is exchange via Defi app such as Pancake Swap and purchase your Safemoon tokens.
Crypto currency ‘Safemoon’ is a token, not a coin. Safemoon has been through a major hike in prices within just a few months. The prices climbed by thousands of percent in the months of April and May and sadly had a major downfall till August. Such fluctuation is not much unusual in the Crypto market.
Even after all the negative news, many individuals believe it is the perfect timing and the best will be happening soon for Safemoon tokens, well then it is not difficult to purchase Safemoon tokens.
To purchase Safemoon, install and set up a wallet like on Trust Wallet or Meta Mask, then next step to do is to buy Binance tokens and exchange them for Safemoon tokens or buy Safemoon straight from Centralized Exchange.