The short version
- SafeMoon is a relatively new cryptocurrency known for its online popularity and celebrity endorsements.
- You can purchase SafeMoon using Trust Wallet or MetaMask, but you must first buy another coin and use a third party to convert it to SafeMoon.
- You can also purchase SafeMoon directly through your SafeMoon Wallet, but you’ll still have to buy another coin and swap it for the coin you actually want.
- SafeMoon is considered a speculative investment, partly because of its considerable volatility, so you should proceed with caution before investing in it.
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What is SafeMoon?
SafeMoon was created in March 2021 on the Bitcoin blockchain. It was founded by John Karony, who currently serves as the SafeMoon CEO.
Despite Safemoon's novelty and low trading price compared to many cryptocurrencies, it still gets plenty of public attention. It received celebrity endorsements from sports blogger David Portnoy, YouTuber Jake Paul, and rapper Lil Yachty. Those endorsements helped the coin's price to surge in early 2021.
Like many cryptocurrencies, SafeMoon was created to serve multiple purposes. It's an alternative currency and aims to solve other currencies' problems, such as the high environmental impact of mining and liquidity provisioning.
As of June 28, 2022, SafeMoon had a trading price of $0.0000000042 and a market capitalization of $2.34 million. There are 562.2 trillion SafeMoon in circulation, about 56% of the total supply.
SafeMoon encourages investors to hold for the long term. The platform charges sellers a 10% fee, half of which is redistributed to SafeMoon holders. This discourages investors from panic selling and incentivizes buying and holding to reduce volatility.
SafeMoon’s rise has less to do with the coin's actual characteristics and more with its online popularity and celebrity endorsements. Just like with other meme coins, treat SafeCoin as a speculative investment and only invest with money you can afford to lose.
SafeMoon is a bit more challenging to buy than other cryptocurrencies. It’s not available on major platforms like CoinBase or Kraken. It can also only be purchased using Binance Coin. As a result, you’ll have to buy another cryptocurrency to swap for SafeMoon.
More: What does HODL mean in crypto stocks
How to buy SafeMoon on Trust Wallet or MetaMask
One way to buy SafeMoon is by using the popular cryptocurrency wallets Trust Wallet or MetaMask. However, you can’t buy SafeMoon directly from these wallets, making the process a bit more complicated. Instead, you must purchase Binance Coin, then swap that for Smart Chain tokens, and then use the PancakeSwap exchange to ultimately acquire your SafeMoon coins.
Here’s how to get started:
- Download the Trust Wallet or Metamask app on your Apple or Android device and create a new wallet.Buy Binance Coin (BNB) in your Trust Wallet or MetaMask app. You can’t purchase SafeMoon with fiat currency, so this step is important before you can make your SafeMoon purchase.
- Swap your BNB with Smart Chain tokens and confirm the conversion has been made.Go to PancakeSwap, SafeMoon's primary exchange, and connect it to your Trust Wallet or MetaMask wallet.
- Swap your Smart Chain tokens for SafeMoon in PancakeSwap.
- Copy SafeMoon’s contract address and paste it into Trust Wallet or MetaMask to add your SafeMoon to your wallet.
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How to buy SafeMoon on SafeMoon Wallet
The other way you can buy SafeMoon is directly through your SafeMoon Wallet. Just like using Trust Wallet or MetaMask, this process doesn’t allow you to purchase SafeMoon using fiat currency directly. However, the process may be quicker since you can do everything directly from your SafeMoon wallet rather than using multiple tools.
Here's how to get started:
- Download the SafeMoon Wallet app on your Apple or Android device and create a new wallet.
- Buy Binance Coin (BNB) using the MoonPay widget in your SafeMoon Wallet app. Just click “Buy” at the top of the app and select Smart Chain to finalize your purchase.
- Click the swap button in your SafeMoon Wallet to swap your BNB for SafeMoon. When doing this, make sure BNB is in the top slot, and SafeMoon is in the bottom slot, with the slippage at 12%.
- Once you complete your swap, your SafeMoon will be waiting for you in your SafeMoon Wallet.
Should you buy SafeMoon? Is it…safe?
SafeMoon does have certain advantages. Despite being a relatively new cryptocurrency, it has plenty of name recognition and endorsements from a handful of celebrities. As a result, some SafeMoon investors saw their coin values increase dramatically.
Another advantage of SafeMoon is its relative newness. Many of today’s popular cryptocurrencies were relatively stagnant for years before becoming popular and valuable. And those investors who got in on the ground floor were able to make a lot of money.
That being said, SafeMoon also has some major disadvantages that should cause investors to proceed cautiously. First, SafeMoon has experienced significant volatility since its introduction in early 2021. Its price has swung wildly in either direction.
The coin’s price rose more than 20,000% shortly after hitting the market, only to experience significant declines. In fact, according to CoinMarketCap, someone who purchased SafeMoon when or soon after it was launched would have experienced a negative return on investment of about 90% if they still held the cryptocurrency today.
Another disadvantage of SafeMoon is the selling fees, which makes active trading cost-prohibitive. The platform charges a 10% fee to sell your coins. This fee is intended to encourage buy-and-hold investing, but it’s worth thinking about whether you want a coin that’s so expensive to sell.
The bottom line
SafeMoon is a relatively new cryptocurrency but has already made a name for itself. It's a bit more challenging to buy than other cryptocurrencies since you need to download a wallet and purchase another coin to swap.
SafeMoon has the potential to be a profitable investment, but it also has plenty of risks. If you’re considering adding it to your portfolio, be sure to understand the risks and only invest money you can afford to lose.
Further reading:
- Is it too late to invest in cryptocurrency?
- Best crypto passive income strategies
- How to explain cryptocurrency in under 30 seconds
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