The first quarter of 2021 saw the launch of a new token in the crypto world called SafeMoon, which took the entire crypto world by storm.
It launched on 10th March 2021 and rewarded its early investors with returns of over 20000%! Its prices did drop in April, but it managed to retain the interest and attention of the crypto investors intact.
If this token managed to interest you in investing in it, then you need to get through the tricky part of buying it. Since it is a newly introduced crypto token, it is not available on all crypto exchanges. Trust Wallet is an application that makes investing in SafeMoon simple and secure.
What Is SafeMoon?
SafeMoon is a recent cryptocurrency created on the Binance Smart Chain (BSC) blockchain. It belongs to a group of tokens known as meme coins.
Memecoins are crypto tokens based on internet memes. SafeMoon derives its name from a popular slang used in crypto discussion forums – “Going to the moon.” This expression refers to the time when the prices of crypto rose very high over a very short time period.
SafeMoon is not a cryptocurrency as a crypto coin operates on its own blockchain. It is a token that works on the Binance Smart Chain (BSC). So, SafeMoon is defined as a decentralized finance token that allows P2P trading without any interference from any centralised authority.
What Are Some Things You Should Know About SafeMoon?
There are some unique features attributed to SafeMoon, which earned it both appreciation & criticism. Some of these are:
- In May 2021, SafeMoon was ahead of Bitcoin in the users’ watch list.
- The major difference between SafeMoon token and other cryptocurrencies is that with this token, the investors are encouraged to hold the tokens rather than sell them.
- It is among the first cryptos to use redistribution tokenomics. The SafeMoon smart contract levies a 10% exit fee on the holders who choose to sell. Half of this fee is lost while the other half is redistributed among the token holders. So, theoretically, it is increasing the value of their holdings over time.
- SafeMoon is an alternate financial systems’ component that facilitates P2P trading on-chain networks.
How To Buy SafeMoon On Trust Wallet?
SafeMoon cannot be bought directly with cash. You’re required to sign up with Trust Wallet and add BSC to it & swap it for SafeMoon. Trust wallet makes buying SafeMoon as simple as exchanging it for any other token in your wallet.
Method 1: Via BSC
Following are the four simple steps you need to follow to buy SafeMoon on Trust Wallet:
Step 1: Download Trust Wallet And Create Your Wallet
Download and install the Trust Wallet application on your device. Launch the app and create your wallet (if you don’t have one already).
Step 2: Add SafeMoon To Trust Wallet
Steps To add SafeMoon to your Trust Wallet:
- Search “SafeMoon” by tapping on the top-right icon. If it is not there, tap on “Add Custom Token.”
- Find & select “Ethereum” & change it to “Smart Chain.”
- You’ll find a contract address on the page, copy-paste it in the contract address section.
- Now add the name as “SafeMoon” and add “SFM” as its symbol.
- Enter “9” as decimal.
- Click on “Done.”
SafeMoon is now added to your Trust Wallet.
Step 3: Purchase Binance Smart Chain (BSC)
- Go to the main screen of the Trust Wallet and select “Smart Chain.”
- Find “Buy” in the top right corner and tap on it.
- Complete KYC verification by proving your identity. So, keep the documents handy.
Now your Trust Wallet has BSC.
Note: contact your bank if an international transaction is not enabled on your account.
Step 4: Trade BSC For SafeMoon
This final step involves trading this BSC for SafeMoon. The steps to do so are as follows:
- Tap on “Swap by SafeMoon.”
- Connect your wallet using the option on the top right corner.
- On the adjust control symbol, set slippage.
- Enter the amount of BSC you’re using to swap and click on “Swap.”
After a successful transaction, SafeMoon will be transferred to your Trust wallet.
Method 2: Via PancakeSwap
- Step 1: Download and install Trust Wallet
Download and install Trust Wallet on your device. Launch the app and create your wallet.
- Step 2: Deposit your funds
Fill your wallet with funds. You can fund it with Binance Coin (BNB) to swap it for SafeMoon.
- Step 3: Activate DApp Browser
After depositing funds in your wallet, activate decentralized applications on your Trust Wallet. For Android devices, the steps are:
Trust Wallet → Settings → preferences → DApp Browser → Enable
- Step 4: Execute the Swap
From the DApps browser, visit a decentralised exchange (DEX) like PancakeSwap that has enough liquidity to execute SafeMoon swap. Find and click on the “Exchange” tab and enter the amount of SafeMoon tokens you wish to buy and execute the swap.
After a successful transaction, the entered amount of SafeMoon will be added to your Trust wallet.
How To See SafeMoon In Your Trust Wallet?
After buying SafeMoon tokens on Trust Wallet, use the following steps to check whether the amount has been credited to your crypto wallet:
- Copy contact address of SafeMoon.
- Go back to Trust Wallet’s main page.
- Click on the blue icon present on the top right corner and then scroll down.
- Type “Safe” in the search bar.
- Click on “Add Custom token.”
- Now, change the Network from Ethereum to Smart Chain.
- Go to “contract Address” and paste the contract address of SafeMoon here.
- Click on Save.
Now, you can see the amount of SafeMoon tokens in your Trust Wallet.
Frequently Asked Questions
Is Investing In SafeMoon Safe?
SafeMoon is a high-risk investment, just like every other virtual currency & digital asset. Given that the crypto market is highly volatile, you can lose all your investment. Hence, you can consider SafeMoon as a high-risk money-making investment.
Why Is SafeMoon Termed As “Pump & Dump?”
SafeMoon is termed as “pump & dump” because crypto experts believe that early buyers buy the token and “pump” everyone else to buy it. Then they sell or “dump” their holdings, causing the prices to go down as well.
Conclusion
SafeMoon crypto is a crypto token that has gained exponential popularity in a short span of time. It has seen significant price ranges in just a few months in 2021.
But then, it also saw a similar exponential decrease in its prices in the next months. This highlights the volatility of the crypto token. But still, it has a loyal fanbase and all the attention of crypto enthusiasts who believe that there will be a good event soon.
Given that SafeMoon is newly introduced, it is not available on the conventional crypto exchange platforms. Also, it cannot be bought directly in exchange for cash, and so, it is traded for another crypto.
Generally, Binance Smart chain is used to swap and buy SafeMoon via wallets like Trust Wallet. Trust wallet makes the process of buying SafeMoon quite simple & straightforward.
