If you follow cryptocurrency news, you may have come across the name Safemoon frequently in the first half of 2021. If you are interested in day trading, you may have been attracted to the high volatility and rapidly increasing market value of Safemoon. You may be considering buying, holding and profiting from the next major cryptocurrency price increase.
To buy Safemoon, you need to create a wallet on the Binance Smart Chain using MetaMask or Trust Wallet, purchase Binance tokens (BNB), and then exchange them for Safemoon on a decentralized exchange such as Safemoon Swap or PancakeSwap.
What is Safemoon Crypto?
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Safemoon is a type of cryptocurrency called a "memecoin." Memecoins are digital tokens or coins based on internet memes. Specifically, the name Safemoon comes from a popular slang term used in cryptocurrency discussion forums, "going to the moon," which refers to the dramatic increase in the value of a crypto asset over a short period of time.
It is important to note that Safemoon is not a coin, but rather a token that runs on the Binance Smart Chain (BSC). In the world of cryptocurrency, a coin refers to a digital currency that operates on its own blockchain, separate from tokens.
Understanding Blockchains
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Bitcoin and Ether both operate on their own blockchain networks. The Binance Smart Chain (BSC) is a separate blockchain that has incorporated many features and protocols from the Ethereum network.
One of the features of the Ethereum network (and thus also the BSC) is the ability to host software programs called smart contracts. Smart contracts can create and control the supply of digital tokens and are designed to work with specific blockchain networks. It's similar to how smartphone apps are written for specific operating systems. For example, an app designed for iOS cannot be installed on an Android phone.
Safemoon is a token that operates on the Binance Smart Chain (BSC) using smart contracts, it does not have its own blockchain, the supply of the token is managed by a smart contract on Binance’s in-house blockchain. Launched in March 2021, the token's price began to increase in April 2021 due to effective marketing by the development team.
Safemoon Features
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Safemoon has several unique features that have both positive and negative reactions. For example, the Safemoon smart contract imposes a 10% exit fee for holders who decide to sell their tokens. Half of this fee is "burned," while the other half is redistributed to the remaining token holders, which could theoretically increase the value of their holdings over time.
Another feature of Safemoon that has been widely criticized is the ownership pattern of the current supply of the token. A significant proportion of Safemoon's total liquidity is owned by members of the founding team. Although these funds are in a "lock-up," this level of concentration of ownership is often a cause for concern in the cryptocurrency space. This is partly due to the influence that major holders, known as "whales," have over price movements when they sell.
Additionally, the founding team has faced criticism for not delivering on several promised developments for the Safemoon ecosystem, including a custom wallet application, which have not met expectations.
Safemoon Moving Forward
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Despite the aforementioned criticisms, Safemoon has a dedicated group of supporters who continue to hold the token for the long term. This group of followers has helped to maintain the value of Safemoon above zero, even after a significant drop from its all-time high in April and May 2021.
It's important to note that like many other meme-based alternative coins, Safemoon is a highly speculative investment with a high level of risk.
How to Buy Safemoon
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So, the question remains, how can you purchase Safemoon?
If you already have a wallet on the Binance Smart Chain, you can purchase Safemoon by exchanging it for another token in your wallet on a decentralized exchange (DEX) such as Safemoon Swap or PancakeSwap.
If you do not currently have a wallet, you can download the MetaMask or Trust Wallet browser extension to begin buying Safemoon. These browser extensions provide password-protected access and control over all your tokens.
To buy Safemoon, you can follow these simple steps:
- Create a Wallet: Set up a wallet address for the Binance Smart Chain using MetaMask or Trust Wallet.
- Buy Binance Tokens and Swap for Safemoon: Purchase Binance tokens (BNB) and then exchange them for Safemoon on a decentralized exchange such as Safemoon Swap or PancakeSwap.
Where to Buy Safemoon Crypto?
Safemoon is a digital token that runs on the Binance Smart Chain, rather than having its own blockchain. This makes buying Safemoon very convenient. You can exchange other tokens for Safemoon on a decentralized exchange (DEX) such as PancakeSwap on the Binance Smart Chain.
FAQ
Here are some commonly asked questions about purchasing Safemoon cryptocurrency:
Q: Can I buy SafeMoon on Coinbase?
A: No, as of now, Safemoon is not available to trade on Coinbase. However, it can be purchased on other exchanges such as BitLink.
Q: How can I buy SafeMoon in the U.S.?
A: The process for buying Safemoon in the U.S. is similar to that in other locations. The main step is to acquire Binance tokens and transfer them to a wallet. Then, you can use a decentralized finance (DeFi) application such as PancakeSwap to buy Safemoon tokens.
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Source: https://www.stilt.com
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