Note: This is not financial advice. This how-to article is for educational purposes only. Please note that cryptocurrency is a highly volatile asset class; only invest what you can afford to lose.
“How to buy SafeMoon” is a question many daredevil investors are asking, especially since some claim the new lunar-inspired digital asset could be the next Dogecoin. Swooning to the moon and back, SafeMoon supporters believe it could follow the same upward trajectory as Dogecoin.
On top of that, David Portnoy — internet celebrity and founder of Barstool Sports — endorsed SafeMoon as his favorite meme token, causing the cryptocurrency to surge to new heights. Whether you missed the Dogecoin rally, or you simply want to diversify your cryptocurrency portfolio with a new trendy altcoin, we’ve got the scoop on how to buy SafeMoon.
What is SafeMoon?
Before you hop on a nearby spaceship to a SafeMoon-supported crypto exchange, let's whip out our metaphorical telescopes and zoom in on what SafeMoon is all about.
SafeMoon is classified as a decentralized finance (DeFi) token. Decentralized finance, by the way, is a cryptocurrency movement that seeks to offer an alternative financial system that dodges centralization (ie, management by one authoritative system like banks and government bodies).
SafeMoon, which operates on the Binance Smart Chain blockchain, launched on March 8, 2021, but it took off like a rocket on Twitter and TikTok in mid-April, sparking interest among many crypto investors. On April 20, Binance even had to temporarily suspend withdrawals from its platform due to the sudden influx of SafeMoon investors.
#BNB withdrawals are temporarily suspended due to a large volume increase causing a withdrawal backlog. Rest assured our team is working on it.We apologize for any inconvenience caused and thank you for your patience.April 20, 2021
Before you buy the trending DeFi token, you should know that SafeMoon penalizes sellers with a 10% fee, and redistributes half to other token holders to incentivize buying and holding. SafeMoon was created to address several problems plaguing cryptocurrencies today, including price volatility and crypto investors’ bad habit of premature selling; hence the 10% selling fee. Crypto blogger Lou Bagel says the upside of SafeMoon is that you’ll keep making money as new people buy in, but the downside is that if no one buys SafeMoon, investors will receive 5% of zilch and the low demand will cause the price to plummet.
According to CoinMarketCap, SafeMoon was trading at around $0.000002 on April 18. Two days later, SafeMoon skyrocketed to an all-time high of $0.00014 — an increase of nearly 7,000%. If you invested $1,600 into SafeMoon on March 22, you’d have a whopping $60,000 a month later.
However, as of July 28, SafeMoon was trading at around $0.000003, a sign that SafeMoon is still a highly speculative digital asset despite the team’s efforts to curb volatility.
How to buy SafeMoon
Purchasing SafeMoon isn’t exactly a straightforward process, but with these easy-to-follow, step-by-step instructions, you’ll have your DeFi tokens in no time. For this guide, I’ll be using PancakeSwap as the primary exchange for SafeMoon. (Keep in mind that there is a $2,000 maximum on SafeMoon purchases on PancakeSwap.)
Convert BNB to Smart Chain via Trust Wallet
1. Download the Trust: Crypto & Bitcoin Wallet app from the app store (on iOS and Android).
2. Open the app and tap “Create a new wallet.”
4. You’ll be given a dozen recovery words. Write them down sequentially in a notebook for safekeeping.
5. Next, the app will show you your 12 recovery words non-sequentially. Tap the words in the right order and you’ll land on TrustWallet’s main page.
6. Navigate to “BNB” and tap “Buy BNB.” Input how much money you’d like to invest in USD and hit “Next.”
7. You’ll be prompted to purchase BNB with a credit or debit card. Wait until the purchase is processed.
8. Head back to TrustWallet’s main page and you should see you now have some BNB. Tap on “BNB,” hit “More” and tap on “Swap to Smart Chain.”
9. Under “Swap,” tap anywhere within the BNB “You Pay” space. This will bring up four options: 100%, 75%, 50% and 25%. Tap “100%” to transfer 100% of your BNB to Smart Chain. Tap “Swap,” hit “Submit” and wait for the conversion to process.
10. Head back to TrustWallet’s main page and you should see that your Smart Chain order is fulfilled.
Using PancakeSwap to convert Smart Chain to SafeMoon
For the next set of instructions, if you have Android, you can skip the first step. But if you have iOS, you’ll need to type in a URL to install “dApps,” a browser in TrustWallet that gives you access to PancakeSwap.
1. Open Safari and type “trust://browser_enable”. A prompt will appear with the following message: “Open this page in ‘trust’?” Tap “Open.”
2. In the Trust Wallet app, tap on “Browser” on the bottom taskbar (in Android, instead of “Browser,” you’ll see the word “dApps"). Next, tap on “PancakeSwap.”
3. Tap the “Connect” button on the top-right corner and hit “TrustWallet.” You should see that your Smart Chain tokens are now in PancakeSwap.
4. Tap “Select a currency” and type in “SafeMoon” into the search bar.
5. A notice will pop up to inform you that SafeMoon taxes a 10% fee on each transaction. (It will also ask you to take “slippage” into account, which is when the executed price is different from the initial quote; you’re required to allow a 12% buffer.)
6. Tap on the icon next to the time symbol on the top-right corner, and as requested by PancakeSwap, set your slippage tolerance to 12%. Click “X” to save and exit the window
7. Tap “Swap” and “Confirm Swap.” This will prompt a “Transaction submitted” message to pop up.
8. Click on “View on BscScan.” The status bar should say “Success,” proving you successfully converted Smart Chain into SafeMoon. Exit PancakeSwap.
How to see SafeMoon in your TrustWallet
At this point, you're probably wondering, "Okay great, I bought some SafeMoon, but where are they?" Don't worry! Follow these steps to enable SafeMoon in TrustWallet and confirm that you have them in your possession.
1. Copy SafeMoon's Contract Address here: 0x8076c74c5e3f5852037f31ff0093eeb8c8add8d3
2. Navigate back to TrustWallet’s main page. Click the blue icon on the top-right corner and scroll to the bottom.
3. In the search bar, type in "Safe."
4. Tap on “Add Custom Token.” Change the network from Ethereum to Smart Chain. Under “Contract Address,” paste SafeMoon's Contract Address. Tap "Save."
5. Voila! You should see your SafeMoon tokens in the TrustWallet app.
Keep in mind that SafeMoon is still in its infancy, so while some are optimistic that it’s the next Dogecoin, others are skeptical — it’s just too early to tell whether SafeMoon is headed for greatness or ruin. As with any investment, you should assess your risk tolerance and act accordingly.
- What's the best crypto for you?