SafeMoon Coin: One of the Biggest Surprises Since Dogecoin
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One of the newest cryptocurrencies that have come to the scene is the SafeMoon coin (SAFEMOON). Their website states that the number of holders increases every day by thousands - yet we still know very little about the project.
Let’s get to the bottom of it and find out:
What Is a SafeMoon Coin and How Does It Work?
The SafeMoon Protocol is a community-driven DeFi token. DeFi (decentralized finance) aims to recreate traditional financial instruments with cryptocurrency, while a DeFi token is a medium of exchange inside this system. According to the project’s White Paper, their token is meant to alleviate some of the troubles with the current DeFi reflection tokens.
The launch date was March 8, 2021, not long after the cryptocurrency market started gaining massive bullish momentum. And in a matter of weeks, the coin was picked up by the media.
Key Facts About SafeMoon
To understand the specific of the SafeMoon crypto, you need to know the following:
It’s also important to focus on these points:
SafeMoon Latest News
There is little information about the project, which is not surprising, considering the project’s lifespan. But here are some of the most interesting developments:
SafeMoon Price Predictions
At the time of writing, SAFEMOON is trading at $0.00000683. And most analysts and publications don't expect it to stay at this mark.
Almost exclusively, we see bullish SafeMoon price predictions, only varying in intensity of growth. Below is one example - approximately $0.00001 during 2021. It seems like a very small value, but you need to put it into the context of the current price.
Source: Digital Coin Price
Another prediction we’re going to look at is even more ambitious. On average, it expects the price to hover around $0.00007.
Source: Wallet Investor
Where and How to Buy SafeMoon
At the time of writing, SafeMoon’s crypto token is only available on WhiteBIT, BitMart, and decentralized exchanges like PancakeSwap. Below are instructions on how to buy SafeMoon using PancakeSwaps.
1. Buy Binance Coin
Go to your trading platform and buy Binance Coin with your bank card or another payment system. The amount depends on how many SafeMoon coins you want to receive in the end.
2. Set Up Your TrustWallet
Download the app and create a personal wallet. Then, you need to find your seed phrase and copy it for later.
3. Withdraw BNB to the Wallet
Once you have your wallet set up, go to the exchange platform and click on BNB. There, enter the required info in their respective fields and withdraw to the wallet.
4. Exchange BNB for Smart Chain
Click on BNB in the wallet and swap it to Smart Chain, which will be instantly displayed in your main wallet.
5. Swap BNB Smart Chain for SAFEMOON
Look for PancakeSwaps and connect your TrustWallet to it. Select the currencies - in our case, from Smart Chain to the SafeMoon currency.
However, SafeMoon won’t be displayed in the list, so let us take a small step back to explain how we found SAFEMOON.
We needed to go to CoinMarketCap, scroll down, and copy the contract. After tapping on the target currency field (‘To’), we entered the copied address.
Before confirming the transaction, set your slip tolerance, which varies between 11% and 12% to cover the fees. Then, click ‘Confirm’, and you’ll be a proud owner of SafeMoon coins.
How to Cash Out SafeMoon
If you want to exchange SafeMoon into fiat, you basically need to follow the same process in reverse order with an extra step in the end.
1. Sell SAFEMOON on PancakeSwaps
Go to PancakeSwaps and select the SafeMoon token under the tab ‘From’. Then select the currency you want to swap to. Let’s use the same avenue and exchange Safemoon for Binance Coin.
Make sure to set your slippage tolerance as instructed.
2. Swap BNB Smart Chain for BNB Binance Chain
All the money from SafeMoon has gone to Smart Chain, so you need to convert it to BNB. The amount to exchange is up to you as usual.
3. Withdraw BNB from TradeWallet to Exchange
To move BNB from the wallet to exchange, locate your BNB address on the exchange app and copy it. Insert the address into the wallet app and click ‘Send’. When the funds get to your account, you’ll see the deposited amount in your latest transactions on the exchange.
4. Swap BNB for Fiat
Locate the ‘Sell’ button in your personal exchange account. Select BNB and specify the amount to sell. You’ll see how much you’ll receive in your selected fiat currency.
If everything suits you, click ‘Confirm’.
5. Withdraw Fiat from Exchange
The final step is to move your fiat to your bank account, digital wallet, or any other system that allows you to cash out. The process of sending funds from an exchange depends on where you’re moving it to. But in general, it takes a few minutes, just like with any other online transaction.
Is SafeMoon Worth Buying?
The price of SafeMoon is highly volatile and subject to large price swings. But don’t be afraid of considerable ups and downs - it can actually be a favorable opportunity.
Just like with other crypto assets, e.g., Bitcoin, you need to assess your strategy and see how much risk you’re willing to take before buying. You have many options like buying bottoms, margin trading, dollar-cost-averaging, etc. If SafeMoon’s price rises or falls at a moment’s notice, it helps to have a system that lets you react accordingly.
Two Main Ways to Make Money with Crypto
If you’re interested in SafeMoon or any other coin, you have two options: invest or trade. Without quickly jumping to conclusions, let’s compare the two methods.
Buying and Holding
Investors that buy and hold have a longer-term outlook. They think in terms of years and don’t follow temporary ups and downs.
Traders have a much shorter holding period. Another difference is they’re not necessarily interested in strong fundamentals. Instead, they employ technical analysis tools to spot even minor fluctuations.
Overall, the longevity of new crypto coins is debatable. At first, they might receive a lot of attention. But even Reddit users, who are known to pump up assets on a whim, urged caution when dealing with new tokens. At this point, short-term trading seems a more substantiated move.