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 on earth is SafeMoon?
  • Where do you buy or sell it?
  • Is SafeMoon worth buying?
SafeMoon logo

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.

Quick overview of SafeMoon

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:

  • Total supply: 1,000,000,000,000,000
  • Burned dev tokens: 223,000,000,000,000
  • Fair launch supply: 777,000,000,000,000
Ranks of SafeMoon holders

It’s also important to focus on these points:

  • Manual Burns: This is a strategy that influences the price of the token and circulating supply and slows down the inflation rate.
  • Automatic Liquidity Pool (LP): Developers didn’t keep any coins prior to launch on DxSale, a cross-chain, token management platform as a service. Some LP tokens were locked on DxLocker for 4 years to contribute assets to the crypto liquidity pool, while LP generated with trade are locked on Pancake.
  • Fees: Each transaction is charged a 10% fee, half of which is redistributed to all existing holders, a quarter goes to the contract with BNB (means of exchange for sellers), and a quarter goes to LP.

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 started a fundraiser to help build a new token exchange. Creators said that it will allow all users to “enjoy the same benefits they enjoy with SafeMoon - but across all their cryptos”. By that, they mean holding on to the coin to receive rewards over time.
  • You can also add the SafeMoon Bot to your own Discord server. This bot pulls data from SafeMoon’s public API to return current price information.
  • In Q3 2021, the team plans to raise donations for several exchanges like Coinbase, Binance, Kraken, Binance, and Mandala. The plans also extend to a crypto educational app, NFT exchange, and the first video game with SafeMoon integrated.
  • By Q4 2021, the SafeMoon team plans to finish their charity project and start operating in the African market. The SafeMoon Scholarship is also in the works for that quarter.

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.

SafeMoon price prediction chart

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.

Month

Average Price

Change

May 2021

0.00000889

32.2%

June 2021

0.00001011

50.44%

July 2021

0.00001026

52.69%

August 2021

0.00001049

56.04%

September 2021

0.00001085

61.41%

October 2021

0.00000958

42.55%

November 2021

0.00001038

54.45%

December 2021

0.00000984

46.33%

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.

Month

Average Price

Minimum Price

Maximum Price

May 2021

0.000090

 0.000024

0.000165

June 2021

0.000075

0.000006

0.000144

July 2021

0.000079

0.000011

0.000146

August 2021

0.000070

0.000001

0.000138

September 2021

0.000064

0.000001

 0.000136

October 2021

 0.000065

0.000001

0.000141

November 2021

 0.000056

0.000001

0.000120

December 2021

 0.000066

0.000001

0.000139

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.

Step 1. Buy Binance Coin

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.

Step 2. Set up your TrustWallet

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.

Step 3. Withdraw BNB 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.

Step 4. Exchange BNB for Smart Chain

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.

Step 5. Swap BNB Smart Chain for SAFEMOON

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.

Where to find SafeMoon’s contract 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.

Slippage tolerance

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.

Step 1. Sell SAFEMOON on PancakeSwaps

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.

Step 2. Swap BNB Smart Chain for BNB Binance Chain

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.

Step 3. Withdraw BNB from TradeWallet to 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’.

Step 4. Swap BNB for fiat

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.

Pros

Cons

  • Relatively low risk
  • Less hassle (just one long-term position for one asset)
  • Insignificant commissions
  • Smaller average returns
  • Forced to wait out downtrends
  • Heavily relies on the underlying project’s success

Crypto Trading

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.

Pros

Cons

  • Higher potential returns
  • Allows to take advantage of both rising and falling prices
  • Can be effectively automated with a trading bot
  • Offers more control
  • Involves higher risks
  • Can be more stressful and intense

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.