So, if you are thinking of altering your cryptocurrency profile and potentially tolerant to risk, you can consider buying SafeMoon crypto, as its prices have significantly risen over a short period of time. Related Reads
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In this article, we are going to see:
What is SafeMoon Crypto?
SafeMoon is a token of the cryptocurrency and also one of the members of tokens from Memecoins. As an interesting fact, Memecoins use internet memes through which you get crypto tokens or coins. ‘Going to the moon’ is a famous term in forums that discuss crypto due to the crypto asset price rising rapidly over a matter of time, which is where SafeMoon got its name from. The first and fundamental thing you need to definitely know about crypto is that it is a token rather than a crypto coin. Binance Smart has an independent blockchain that manages the supply of SafeMoon, a smart token that is contract-based.
How to Buy SafeMoon Crypto in the US:
There is no significant difference in the process of purchasing SafeMoon in the US compared to anywhere else. The important thing is you need to have a wallet into which you should get the Binance tokens. And then, you can buy SafeMoon tokens from the Defi applications like PancakeSwap. Website: SafeMoon.com
Features of SafeMoon
SafeMoon has drawn both negative and positive criticism for its unique features. Some of them are:
If you are a holder of SafeMoon and choose to sell it, the smart contract will require you to pay a 10% fee for exiting. Only half of your fee is distributed among the other remaining holders of SafeMoon, which can help increase the value of the holdings, while the other half is burned. This is to prevent the crypto token holders from selling it prematurely. The pattern of ownership for the current token supply in SafeMoon received a whole lot of criticism. The founding team of SafeMoon owns a substantial proportion of the total liquidity of SafeMoon. But the funds will be in lock-up, and in crypto-space, the ownership concentration causes some major concerns. The reason for the concern is when the major liquidity holders called ‘Whales’ sell their holdings. They can stir over-price movements. The founding team has been receiving criticism and backlash since the promises made for developing the ‘ecosystem’ of SafeMoon have not been fulfilled, and expectations have fallen short.
Moving forward, despite all these criticisms, a wildly loyal fan base of SafeMoon is still sticking to holding their token for the long term even though it is a risky investment, just like the other meme-based altcoins. This is one of the major reasons why the SafeMoon price always stays above zero, even when it faces a sudden downfall it has never seen before.
Advantages of Buying SafeMoon
SafeMoon, a memecoin token, can go viral and shoot up its value to the moon just like its name aspires. An apt example of this is Dogecoin. Can you believe that within a few months, the value of the SafeMoon cryptocurrency ascended more than 200 times in 2021 simply because of the fame it got from word of mouth? One of the main advantages is whenever someone sells their crypto token and pays the exit fee, and you receive a portion if you choose to hold the crypto token for the long term. You can only earn profit from other cryptocurrencies if the price goes up and not when someone exits and pays the penalty fee. It is more enticing to do exchanges in the future since the recent update of SafeMoon 2.0 which featured the lowering of transaction fees.
Disadvantages of Buying SafeMoon
The main reason why the SafeMoon investment is risky is that it is extremely unpredictable, as you will face dramatic ups and downs in the price. While it is true that this applies to any cryptocurrency, you face not only the investment loss but also the 10% fee for selling your token. If you are looking to trade frequently, then SafeMoon is not quite a fit for that, as you will have to pay the fee for selling every time. It is also difficult to convert into cash since SafeMoon should be first converted into BNB. It is less liquid and does not listen on any major exchanges either, which is one of the big red flags. Boston Trading Co’s CFO, Jeremy Britton, states, “The exchanges have done their due diligence and found the project lacking. Ignore the experts at your own risk.” Also Reads
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How to Buy SafeMoon Crypto?
You can buy SafeMoon Crypto if you already have a Binance smart chain wallet. That will let you swap other tokens for SafeMoon on a DEX (decentralized exchange) like PancakeSwap. All you have to do is create a wallet in Binance smart chain through Trust Wallet or MetaMask. Then buy tokens on Binance and swap them for SafeMoon on a decentralized exchange like PancakeSwap. However, it is not really the simple and straightforward process you may think it is. You can follow these instructions step by step to buy SafeMoon crypto on Trust Wallet through PancakeSwap as the primary exchange for SafeMoon without much complications.
First, you need to convert the BNB to Smart Chain through Trust Wallet:
Secondly, convert the Smart Chain to SafeMoon via PancakeSwap:
You have now successfully bought SafeMoon in your Trust Wallet. Suggested Reads
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Slowly but Surely, to the End
So, now that you know how to buy Safemoon Crypto, you need to keep in mind that, like every cryptocurrency, the SafeMoon token has its own risk of dramatic rise and fall in its price. You should be ready to face the risk in any investment, but the one thing that might scare investors a little bit is that SafeMoon requires you to pay a 10% exiting fee for selling the crypto. Some people think SafeMoon can become the next Dogecoin, while others are sceptical about it. But in spite of all of this, if you wish to buy SafeMoon crypto, you can follow these simple steps to purchase it without any issues.
