What is SafeMoon? How to Purchase the New Cryptocurrency is Clarified.
It’s incredible how easily the cryptocurrency market changes. Since its April launch, SafeMoon, the latest cryptocurrency that has taken the market by storm, has grown in popularity.
DOGE was the hottest altcoin in the cryptocurrency space only a few weeks ago, thanks to Elon Musk and Mark Cuban’s enthusiastic remarks. However, following its meteoric rise, it has now cooled a little, leaving investors with no choice but to shift their focus to the newest hot token, SafeMoon.
April was a crazy month for SafeMoon. It soared as high as 2,000 percent at one point, reaching $0.0000130. However, since its peak, it has dropped by approximately two-thirds to about $0.000006. With such price volatility, it’s no wonder that traders are scrambling to figure out how to buy SafeMoon and benefit from the fluctuations.
SafeMoon is entirely community-driven, with an emphasis on fixed rewards and locked liquidity. Check out our content to learn more about SafeMoon, how it differs from other coins or tokens, and whether it is a safe investment worth considering for your portfolio.
What is SafeMoon?
SafeMoon isn’t a cryptocurrency per se, which is a shocking reality. A DeFi token, or decentralized finance token, is the correct name you can give to this innovation. SafeMoon, like Bitcoin, Dogecoin, and other major crypto coins, was first introduced in March 2021 by John Karony. It runs on blockchain technology, much like Bitcoin, DOGE, and other major crypto coins.
The concept is to operate on a decentralized, bank-free financial platform that encourages peer-to-peer network sales. DeFi has little or no oversight if any at all. DeFi is largely under development from both developer and regulator sides, presenting both opportunities and risks for investors.
SafeMoon’s one-of-a-kind feature that has made it so well-known on the Internet is that it charges a 10% fee if you want to sell. The “reflect mechanism” distributes half of the expense to other SafeMoon holders to allow them to retain the currency and purchase more. This decision was made to avoid the problems of uncertainty and panic selling that have plagued so many other DeFi tokens and cryptocurrencies on the market.
You may be wondering what happens to the remaining 5%. It will also be split in two, with the first half heading toward the BNB contract and the second half going to PancakeSwap.
How to Buy SafeMoon
Purchasing SafeMoon is more complex than purchasing Bitcoin. It’s a pretty recent coin, with only a few exchanges accepting it. SafeMoon is currently available for purchase on four significant exchanges:
Payment methods are also complicated since there are no typical credit card or bank transfer options. Traders must first obtain BinanceCoin, BNB, to purchase SafeMoon. The following steps can get you through buying SafeMoon on PancakeSwap safely.
- Download Trust Wallet and purchase BNB or BSC.
- Open Pancake Swap. If you have an iPhone, don’t forget to turn on the trust browser.
- Visit the page “Select a Currency” and pick Safe Moon from the list of coins.
- Click on the wheel icon and adjust the slippage tolerance to 11–12%.
- Choose your desired amount and press the Swap button.
- Confirm the transaction.
Investments in digital assets are considered high-risk/high-reward. As a result, we advise new traders to do their homework before investing in cryptocurrency or DeFi tokens. When buying coins, take your time, consider your financial goals before making a large purchase, avoid selling in a panic, do thorough research on each coin you’re considering, refrain from using leverage, and compare the trading approach to that of others traders. More so, you can stake with us on Fanspel, the first Blockchain-based platform that affords you a good chance of winning big.
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