Here’s a quick guide to understanding the super popular BSC altcoin SafeMoon and how to buy it.
What is SafeMoon?
The SafeMoon Protocol is a community-driven, fair-launched Decentralized Finance (DEFI) Token. The token launched in March 2021 and has already racked up over 2 million users and address holders. SafeMoon has quickly become one of the most popular altcoins in the crypto space.
SafeMoon’s unique feature is that it charges a 10% fee to anyone who sells their tokens. 5% of this fee is then redistributed to all other SafeMoon owners, essentially rewarding those who hang onto their tokens and disincentivizing selling. The image above pays homage to the unique feature.
During each SafeMoon transaction, whether it be selling or buying, three simple functions occur: Reflection, LP Acquisition, and Burn. SafeMoon is also an altcoin which means it is a blockchain-based digital currency similar to Bitcoin, but with distinctions.
The token has close to 1 million Twitter followers demonstrating the tremendous popularity the altcoin has created for itself. To put it in perspective, Cardano, which holds the 5th highest market cap according to CoinMarketWatch, has only 707k followers on Twitter. Cardano is massive and currently sits in front of Dogecoin with 8 billion dollars more in market cap than the incredibly popular dog-themed memecoin favorited by billionaire coiElon Musk. SafeMoon has a social following that is hard to beat.
The token also has a very small market cap, at $4Billion. The SafeMoon coin currently trades for fractions of a cent, 3.482×10^-6. The team prefers manual burns in order to maintain more secure control over the token’s supply and demand.
SafeMoon was quoted in Fortune saying that “the goal here is to prevent the larger dips when whales decide to sell their tokens later in the game, which keeps the price from fluctuating as much.”
Lead by CEO John Karony, a former analyst of the U.S. Department of Defense, SafeMoon has an ambitious roadmap. Thanks to its growing popularity the platform is set to increase its partnerships and reach by the end of 2021.
How to Acquire SafeMoon
SafeMoon has thrown together a 60-second video explaining how to do so. Unfortunately, since Trust Wallet removed their browser extension, users will need to replace a couple of steps shown in the video. Users will need BNB Smart Chain tokens or a native Binance Smart Chain token to execute the trade. For users who do not know how to acquire BNB Smart Chain, click hereto learn how.
BSC.News wishes to remind all investors to be smart when buying cryptocurrencies as some critics have compared SafeMoon to BitConnect which fell victim to being a ponzi.
The best way of acquiring SafeMoon is as follows:
First, the user will need to create a Trust Wallet account.
Next, the user must go to the address: exchange.pancakeswap.finance/#/swap
Then, the user must hit the ‘Settings’ tab button in the bottom right of their Trust Wallet app.
Then, the user will click ‘WalletConnect’ in the ‘Settings’ tab in Trust Wallet. A QR code reader should appear using the phone’s camera (The image below shows what it should look like)
Next, the user needs to go back to PancakeSwap, click ‘Connect’ found in the upper right corner of the website, and choose ‘WalletConnect.’
The image below shows arrows pointed to ‘Connect’ in the top right corner as well as ‘WalletConnect’ when connecting a wallet
Then, PancakeSwap will show a QR code on the computer or mobile screen
Use the Trust Wallet ‘WalletConnect’ QR code reader to read the code shown by PancakeSwap
After Trust Wallet scans the QR code, Trust Wallet will ask you for authorization to connect to PancakeSwap
Once connected, the user will go back to the exchange via PancakeSwap, select how much SafeMoon they are willing to trade for BNB Smart Chain, and set the slippage to 12%
Slippage can be adjusted when clicking the button circled red in the image below
Once the user is ready, they will hit the Swap button on PancakeSwap and then confirm the trade in their wallet.
There is a minimal fee, usually around $.40 to $.20 cents, for a transaction
Once the swap has been authorized, it should only be a moment for the SafeMoon tokens to appear in the wallet!
Don’t See SafeMoon in Your Wallet? Don’t Panic!
The user may need to add the SafeMoon token view option in the Trust Wallet to see their new SafeMoon holdings if they do not appear immediately. Users can remedy this by adding the token in the ‘Wallet’ tab, and then clicking the token search bar in the top right, shown in the image above under the phone’s battery life.
From there, the user can search ‘SafeMoon’ in the search bar, and hit on the button to view SafeMoon in their wallet!
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.