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Should you’re a cryptocurrency investor who’s all the time on the lookout for a well-liked new coin to spend money on, then you definately’ve nearly actually heard of SafeMoon. It’s a comparatively new coin to the market however has nonetheless made fairly a reputation for itself, due to its on-line visibility and superstar endorsements.
SafeMoon is exclusive from different cryptocurrencies in a number of methods, and it is rather more cumbersome to buy. To assist simplify the method, we are going to clarify a number of alternative ways you should purchase SafeMoon and whether or not you need to add this crypto to your pockets.
The Brief Model
- SafeMoon is a comparatively new cryptocurrency identified for its on-line reputation and superstar endorsements.
- You should purchase SafeMoon utilizing Belief Pockets or MetaMask, however you will need to first purchase one other coin and use a 3rd occasion to transform it to SafeMoon.
- You may as well buy SafeMoon instantly via your SafeMoon Pockets, however you’ll nonetheless have to purchase one other coin and swap it for the coin you really need.
- SafeMoon is taken into account a speculative funding, partly due to its appreciable volatility, so you need to proceed with warning earlier than investing in it.
What Is SafeMoon?
SafeMoon was created in March 2021 on the Bitcoin blockchain. It was based by John Karony, who at present serves because the SafeMoon CEO.
Regardless of Safemoon’s novelty and low buying and selling worth in comparison with many cryptocurrencies, it nonetheless will get loads of public consideration. It obtained superstar endorsements from sports activities blogger David Portnoy, YouTuber Jake Paul, and rapper Lil Yachty. These endorsements helped the coin’s worth to surge in early 2021.
Like many cryptocurrencies, SafeMoon was created to serve a number of functions. It is another forex and goals to unravel different currencies’ issues, such because the excessive environmental affect of mining and liquidity provisioning.
As of June 28, 2022, SafeMoon had a buying and selling worth of $0.0000000042 and a market capitalization of $2.34 million. There are 562.2 trillion SafeMoon in circulation, about 56% of the overall provide.
SafeMoon encourages buyers to carry for the long run. The platform fees sellers a ten% charge, half of which is redistributed to SafeMoon holders. This discourages buyers from panic promoting and incentivizes shopping for and holding to cut back volatility.
SafeMoon’s rise has much less to do with the coin’s precise traits and extra with its on-line reputation and superstar endorsements. Identical to with different meme cash, deal with SafeCoin as a speculative funding and solely make investments with cash you may afford to lose.
SafeMoon is a little more difficult to purchase than different cryptocurrencies. It’s not accessible on main platforms like CoinBase or Kraken. It will probably additionally solely be bought utilizing Binance Coin. Because of this, you’ll have to purchase one other cryptocurrency to swap for SafeMoon.
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How one can Purchase SafeMoon on Belief Pockets or MetaMask
A technique to purchase SafeMoon is through the use of the favored cryptocurrency wallets Belief Pockets or MetaMask. Nonetheless, you may’t purchase SafeMoon instantly from these wallets, making the method a bit extra difficult. As an alternative, you will need to buy Binance Coin, then swap that for Good Chain tokens, and then use the PancakeSwap trade to finally purchase your SafeMoon cash.
Right here’s easy methods to get began:
- Obtain the Belief Pockets or Metamask app in your Apple or Android gadget and create a brand new pockets.
Purchase Binance Coin (BNB) in your Belief Pockets or MetaMask app. You possibly can’t buy SafeMoon with fiat forex, so this step is vital earlier than you can also make your SafeMoon buy. - Swap your BNB with Good Chain tokens and ensure the conversion has been made.
Go to PancakeSwap, SafeMoon’s main trade, and join it to your Belief Pockets or MetaMask pockets. - Swap your Good Chain tokens for SafeMoon in PancakeSwap.
- Copy SafeMoon’s contract handle and paste it into Belief Pockets or MetaMask so as to add your SafeMoon to your pockets.
How one can Purchase SafeMoon on SafeMoon Pockets
The opposite means you should purchase SafeMoon is instantly via your SafeMoon Pockets. Identical to utilizing Belief Pockets or MetaMask, this course of doesn’t let you buy SafeMoon utilizing fiat forex instantly. Nonetheless, the method could also be faster since you are able to do all the pieces instantly out of your SafeMoon pockets relatively than utilizing a number of instruments.
This is easy methods to get began:
- Obtain the SafeMoon Pockets app in your Apple or Android gadget and create a brand new pockets.
- Purchase Binance Coin (BNB) utilizing the MoonPay widget in your SafeMoon Pockets app. Simply click on “Purchase” on the high of the app and choose Good Chain to finalize your buy.
- Click on the swap button in your SafeMoon Pockets to swap your BNB for SafeMoon. When doing this, be sure that BNB is within the high slot, and SafeMoon is within the backside slot, with the slippage at 12%.
- When you full your swap, your SafeMoon will likely be ready for you in your SafeMoon Pockets.
Ought to You Purchase SafeMoon? Is It…Protected?
SafeMoon does have sure benefits. Regardless of being a comparatively new cryptocurrency, it has loads of title recognition and endorsements from a handful of celebrities. Because of this, some SafeMoon buyers noticed their coin values enhance dramatically.
One other benefit of SafeMoon is its relative newness. Lots of at this time’s well-liked cryptocurrencies have been comparatively stagnant for years earlier than changing into well-liked and invaluable. And people buyers who obtained in on the bottom ground have been in a position to make some huge cash.
That being stated, SafeMoon additionally has some main disadvantages that ought to trigger buyers to proceed cautiously. First, SafeMoon has skilled important volatility since its introduction in early 2021. Its worth has swung wildly in both path.
The coin’s worth rose greater than 20,000% shortly after hitting the market, solely to expertise important declines. In actual fact, based on CoinMarketCap, somebody who bought SafeMoon when or quickly after it was launched would have skilled a destructive return on funding of about 90% in the event that they nonetheless held the cryptocurrency at this time.
One other drawback of SafeMoon is the promoting charges, which makes energetic buying and selling cost-prohibitive. The platform fees a ten% charge to promote your cash. This charge is meant to encourage buy-and-hold investing, nevertheless it’s price interested by whether or not you desire a coin that’s so costly to promote.
The Backside Line
SafeMoon is a comparatively new cryptocurrency however has already made a reputation for itself. It is a bit more difficult to purchase than different cryptocurrencies since it is advisable to obtain a pockets and buy one other coin to swap.
SafeMoon has the potential to be a worthwhile funding, nevertheless it additionally has loads of dangers. Should you’re contemplating including it to your portfolio, make sure to perceive the dangers and solely make investments cash you may afford to lose.
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