Today in this article, we’re going to be discussing Safemoon. This is a new cryptocurrency coin to hit the market and people are basically going wild about it. I’ve seen this all over the Internet in the last few days. The coin has been around for about 12 days now and it has pretty much gone up to a 1000% percent in price. It’s come back down recently. Today, we’re going to be discussing how exactly you can buy the coin. And just quickly, a brief introduction to what exactly the coin is and what it sets out to do.
In summary, they plan to be a deflationary currency, which is 100 percent community owned, as the name might suggest. They want to give you a safe passage to the moon if you don’t know what that means. Basically, in the cryptocurrency world, we refer to coins that go way up in value as going to the moon.
One thing that they’ve done to add a layer of safety to that coin, the developers burned all of the team tokens and had to participate in the presell just like everyone else. This is very interesting to me because it means that the team behind Save Moon are less likely to dump all of their tokens when the coin reaches the main market as well as this.
They also have a very interesting system in place which actually discourages people against selling their tokens. This is in the way of a 10 percent tax on every transaction that is made on the network. 5% of that tax is actually distributed to all of the holders on the network, giving people an incentive to actually hold onto the coin. Now, like we said earlier, the safe passage to the moon, this actually gives people the incentive to hold onto the coin, thus giving the coin more stability.
Now, the other five percent fee is split 50 50, half of which is sold to the contract into BNB, while the other half of the Safemoon tokens are paired automatically with the previous BNB and added to the liquidity on pancakes Swap.
Pancakes Swap is basically the platform where you buy SafeMoon currently. And this every time a transaction is made, 2.5% percent of that transaction will be added on the liquidity of the Pancakes Swap platform. So, these interesting features have led to massive hype around the project.
For a little context, Safemoon is only 12 days old right now and up until a few days ago, they only had about 1000 to 2000 holders, which was gradually increasing. Then out of nowhere, they suddenly got a surge of Holders.
In the last two days, I would say currently approaching the twenty-five thousand holders, which is pretty incredible. For comparison, Hogecoin only had 5000 holders in their first month. Now, Hogecoin is just another coin that’s out there being hyped right now. I draw this comparison because that coin has done massively well recently and we could see something similar.
How to Buy Safemoon
So next up, I’m going to be taking you through the exact process to buy Safemoon. So, the simplest way I could find to buy Safemoon was using the BNB token. Now that’s the Binance platform token and you can get that from a various number of different exchanges. But for today’s article, we will be using the Binance app.
You want to click on Buy Crypto Select BNB from the dropdown. Now that we have our BNB, we need to set up a trust wallet on our phone.
Download the trust wallet on your phone. This is available on both the Google Play store and the Apple App Store. Download the app and you’ll be asked to safely save your seed phrase. This is a number of words that will be used to log into your account in case you lose your password or something like that. Now, make sure that you save this phrase somewhere that nobody has access to, because if someone else gains access to this phrase, they will be able to access your account.
On the trust wallet. We need to click on BNB and click receive and then copy that address.
We need to go to the exchange where you’re holding your BNB, and we need to withdraw to the address that we copied from the trust wallet.
So, after you’ve posted the address, we need to select the network and for this we’ll use BEP2.
Hit confirm and it may pop up with a warning saying you haven’t used the memo, just click, OK, because we don’t need to use one for this. Next up, we’re going to select the amount. Hit, confirm, confirm again.
Once you receive your BNB in your trust wallet, click more and then click swap to Smart Chain. Now choose the amount you want to swap.
You need to go to your browser and copy and paste this link trust://browser_enable into your browser and then follow the prompt and restart your trust wallet app. (Only on iPhones, usually android phones will work without this step).
Now open your trust wallet. Click on browser down at the bottom and look for pancakes swap.
Once you open pancakes swap. We need to connect our wallet by clicking on connect as showing below.
Next, we need to go back to our browser and go to coinmarketcap.com.
Scroll down and copy the Safemoon address, after this. Within pancakes Swap, we need to paste this address and then choose Safemoon. Click the amount you want to swap and then swap it.
And finally, you’re SafeMoon coins will be available in your wallet and we can start packing our bags to the moon.
PROS & CONS
So now you know exactly how to buy Safemoon. Let’s quickly go through some pros and cons that I see with this coin. First of all, let’s do the pros. Personally, I feel like Safemoon has great fundamentals and a very interesting plan. The fact that the development team’s coins were burned at launch makes me feel like there’s much less chance of this coin having a massive pump and dump. Now, do bear in mind that this could totally still happen and probably will happen along the entire lifetime of this coin, along with pretty much all of the coins, even Bitcoin. That is the cycle of crypto currencies. Right now. We are in a bull market and there is a potential you could put one hundred dollars in here and 100x that. So, 100 dollars into 10,000 dollars, that is totally a possibility. But always remember that everybody is a genius in a bull market. It is also a possibility that you could lose 100% of your money. This project could completely fizzle out into nothing and all of your money is gone. So do keep that in mind.
Another pro would be the massive incentives to hold this coin for the long term. Remember that for every transaction there is a 5% fee that is shared with all of the holders. Also, like I said, there is almost twenty-five thousand active holder wallets and that is just in the last 12 days.
Another important thing I would like to add here is on coinmarketcap.com is currently sitting at number two on the most visited today, which is amazing exposure for the coin, but again, could potentially lead to a short-term pump and dump. On that note, let’s move on to the cons that I see in.
First of all, of course, this is a brand-new coin, just 12 days old, and that is massive risk. This is a gamble. This could simply be a scam within the realm. And we have seen that before. So, the fact that is new is a con in my eyes because we just simply don’t know where this is going to go. Also, as with loads of new coins that have massive hype around them, people get into them for the sole reason of making money. I’ve put a bit of money into this and I will probably sell when I see some substantial gain. There will most likely be massive dumps along the way because it’s so new. People don’t know the development team. They don’t trust the development team. There’s no history behind it. Moving on, there are over 770 trillion coins in the current supply. Even with all of the burns that will be happening, this still does make it very hard for this ever to reach something like 50 cents or a dollar or even 10 cents.
So do Keep that in mind when you’re making your calculations and when you’re packing your bag for your trip to the moon.