Looking to dive into the world of SafeMoon, but don’t know where to start? Don’t worry, we’ve got you covered. In this guide, we’ll show you how to trade SafeMoon with the minimum financial risks.
SafeMoon is a Decentralized Finance (DEFI) trading protocol that serves three vital functions, reflection, burning, and Liquidity Providers (LP) acquisition.
The SafeMoon protocol leverages the power of RFI tokenomics and a liquidity-generating protocol that works in auto mode. An article by SafeMoon’s blog has previously suggested that they plan to deploy a non-fungible tokens (NFT) exchange, several crypto-education applications, and charity projects.
Fund managers also prefer the blockchain for staking earnings. SafeMoon offers up to 80% of APY, making it one of the most competitive staking protocols in crypto and staggering interest rates when compared to traditional banking accounts.
SafeMoon protocol has a native cryptocurrency or token called the SAFEMOON token. The team behind the project listed the coin across several major exchanges, including PancakeSwap, Gate.io, Hotbit, BitMart, LBank, WhiteBit, MEXC, and Biswap.
Traders who want to make money through the token can trade available pairs, including SAFEMOON/BUSD, SAFEMOON/WBNB, and SAFEMOON/USDT. When buying or selling SafeMoon, check out the live price using CoinMarketCap’s convert feature.
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What Is SafeMoon?
SafeMoon was launched on top of the Binance Smart Chain in 2021. Presently, the blockchain and its token command a $3.5 million market capitalization. According to the official SafeMoon website, the protocol charges a 10% fee on each transaction. 5% of the fee goes to redistribution across the token holders and the remaining half converts to Binance Coin. The SafeMoon coin reached an all-time high market cap of $17 billion in April 2022 before shedding 98.7% of its value.
Developers of the cryptocurrency wanted to design and deploy an altcoin with less dips and somewhat stable volatility. The protocol leverages the power of manual burning to reduce volatility. Token burning involves eliminating a certain amount of cryptocurrencies from circulation. Furthermore, burning enables the development team to have more control over the supply and circulation of the SafeMoon token. For this reason, the team can dictate manually what amount they want to roll out into circulation. Thereby reducing volatility and increasing the value of the coin.
How Does SafeMoon Work?
The outstanding feature of SafeMoon is its sell-off resistance nature. Inherently and by design, one cannot sell their SafeMoon tokens because selling comes with a hefty fee. This encourages holders to continue holding and avoid the 10% sell fee. However, there are different ways for someone to sell their SafeMoon with less fees and securely. In this article, we are going to look at a few of these methods for selling SafeMoon.
Selling SafeMoon can be a daunting task when compared to selling other cryptocurrencies. Trust Wallet is a great place to get started. This is because the wallet enables sellers to affordably hold and sell their SAFEMOON tokens. In the sections that follow, we will delve into the process of selling SafeMoon tokens using TrustWallet. Prerequisites to get started with the sections below include a verified Binance account and a Trust Wallet. Both will enable you to either buy or sell crypto. Additionally, this process is also viable for anyone who wants to trade SafeMoon on a top-tier exchange. SafeMoon traders need a Trust Wallet and a Binance Account so that they can exchange their SafeMoon holdings for other cryptocurrencies.
Is SafeMoon Worth an Investment?
Investors want a cryptocurrency that will return their capital with interest. The ROI might necessarily not be high, but at least the coin should not shed the investor’s funds. Except for meme coins which lack utility, a good cryptocurrency will attract traders, retailers, and investors due to its use case. SafeMoon prides itself on deploying an assortment of Web 3.0 tools. As per the official SafeMoon website, the following are key tools available on SafeMoon’s ecosystem:
- SafeMoon Swap: The SafeMoon Swap lets you buy, sell, or exchange cryptocurrencies by only launching the swap app.
- Bridge: SafeMoon enables users to move tokens across different blockchains using the SafeMoon Bridge. This is a feature that enables cross-chain functionality, hence allowing for seamless transfer of tokens across different chains.
- Migration Completion: The SafeMoon Migration Completion Product allows one to successfully migrate their V1 and V2 tokens in a secure environment.
- pSafeMoon Migration: This product enables one to migrate their pSafeMoon Tokens to the SafeMoon V2 tokens.
- The SafeMoon Wallet: SafeMoon’s dedicated wallet comes with military-grade security, authentication features, automatic token distribution features, and a classic user interface for seamless management of user tokens.
- SafeMoon CL Card: This card enables traders to conduct daily transactions on the SafeMoon Wallet.
- Orbital Shield: The Orbital Shield is a secure login system that protects users and ensures cyber criminals cannot compromise user data.
- Other products in development include a Point of Sale (PoS) system, a SafeMoon exchange, and a blockchain.
Apart from the above use cases, the idea behind the coin is to encourage holders. According to the SafeMoon founding team, anyone will incur a 10% sales tax if they sell a SafeMoon token. The blockchain redistributes 40% of the sales tax among the token holders, reinvests 30% to the liquidity pool, 10% goes to the growth fund, and burns 20%. For this reason, SafeMoon acts as a quality store of value that encourages investors to continue hodling. As a result, the holders earn some money on top of what they already have, thereby making a profit even when the overall price of the token has gone down. The idea behind the name ‘SafeMoon’ comes from a combination of two popular crypto concepts. Safe to describe that the token is fundamentally safe to hold, and Moon to denote that the coin has high potential to pump higher.
How to Cash out SafeMoon: SafeMoon Price History
SafeMoon dates back to 16th December 2021 when it launched with an opening price of $0.0017. As per CoinMarketCap data, the price traded sideways for a while before surging to $0.0029 during the 2021 bull run which occurred only a few weeks after SafeMoon’s launch.
On 4 January 2022, the token reached an all-time high of $0.007232. After this, the coin started plummeting gradually, losing its momentum. On the 22nd of January 2022, the token wiped nearly 50% of its value after traders bought the rumor and sold the news of its new SafeMoon wallet.
The crypto continued to lose value consistently over the months that followed. Experts attributed this downward spiral to the 2022 UST depeg and the collapse of LUNA. Despite a slight recovery in June, SafeMoon traded even lower in July to $0.0003726.
Where to Sell SafeMoon?
Unlike other cryptocurrencies, the design of SafeMoon prohibits it from being sold off quickly. This is because of the hefty 10% fee that comes from selling it. With that said, let’s discuss some methods for selling SafeMoon securely and with the least possible transaction fees. Follow the steps below to understand how to sell SafeMoon.
How to Sell SafeMoon on Trust Wallet
If you are wondering how to sell SafeMoon V2, the process is nearly the same. Follow keenly.
Step 1: Download and Install TrustWallet
Start by the installation of the Trust Wallet App on your mobile device.
You can easily acquire this application from either the iOS App Store or the Android Google Play Store. Once you successfully install the wallet application, setting up your new wallet is the next step. During the setup procedure, ensure you safely and securely document the 12-word recovery phrase. It’s of utmost importance that you meticulously document and safeguard this phrase. Consider it as your safeguarding key, allowing you to access and manage your funds. Anyone with your seed phrase could access your wallet and steal your funds.
Step 2: Import the SafeMoon Token to the Trust Wallet
Copy the SafeMoon contract address and use it to import the SafeMoon token to your Trust Wallet. This will ensure that the token appears in your wallet and that you can transact normally. However, this step is not necessary if you already have the SafeMoon in your Trust Wallet. If you have your tokens on Binance, send them to the Trust Wallet and move to the next step.
Step 3: Open PanCakeSwap on the Trust Wallet and Swap your Trust Wallet SafeMoon
Open PanCakeSwap on your Trust Wallet or any other DEX on the Trust Wallet. You will find the DEX on the DApp browser list. However, it is worth noting that PanCakeSwap is the most suitable option for selling or buying SafeMoon. Swapping SafeMoon on a DEX is easy and this will take you seconds. Let’s see how in the next step since you will be swapping SafeMoon for Binance Coin (BNB).
Step 4: Swap your SafeMoon for Binance Coin (BNB)
After you get into PancakeSwap, pick the Binance Coin ( BNB) symbol. This will take you to a search bar. The next thing to do is type ‘SafeMoon’ and click it from the dropdown results. There is a 10% fee listed, hence you will have to accept the fee and proceed with the transaction. The dashboard will ask for the amount of tokens you want to exchange, key in the amount, and tap the Swap button. This will take you to a confirmation page that contains a breakdown of the fee. The final step here is to confirm the transaction by clicking ‘SEND.’ The platform will process your transaction and the transaction’s status will read “Success.’
It is important to swap SafeMoon for another coin when the price is at one of its daily highs as this will ensure you get more BNBs for your tokens.
Step 5: Convert the BNB by sending them from Binance Smart Chain to Binance CEX
After swapping SafeMoon to BNB, go back to Trust Wallet’s dashboard, and you will see your BNB holdings. The next step is converting the BNB coins from the BNB Smart Chain to the Binance Chain. You will do this by selecting the smart chain and clicking an icon labeled ‘More.’
On the More tab, you will find ‘ Swap to Binance Chain’ and activate ‘You Pay.’
Then you will choose ‘100%’ and pick ‘Send’ After this step, the next thing to do is to confirm the transaction and the BNB Smart Chain will convert successfully to Binance Chain. After this, you will be able to access your BNB from Trust Wallet’s main page. Thereby, here you will be able to withdraw your Binance Coin (BNB) to whatever address of your choice. Additionally, you can still swap the coin for whatever other coin you would want. If you want to withdraw, the next step is vital:
Step 6: Withdrawing your Trust Wallet BNB coins to Binance
This step will involve sending your BNB tokens to the Binance exchange. A Binance account is crucial in case you want to withdraw your funds from SafeMoon to BNB, to a bank account. Hence, continue to your Binance account and select your deposit wallet to start the withdrawal process. Copy both the withdrawal address and BNB memo. Ensure they are correct and then paste them to Trust Wallet’s withdrawal page. The page will ask for a recipient’s address and the memo number. Also pick the amount, ‘max’ to send all the tokens, and then press the ‘NEXT’ button. Once you click the confirmation button ‘ Send,’ the transaction will be successful in a few minutes and you will see your BNB balance on Binance. The next step is in case you are new to Binance Exchange and would want a helping hand.
Step 7: Convert your BNB to USD or USDT or Sell the Coins as they are on Binance P2P
You can withdraw the BNB by converting them to USD and directly withdrawing the funds to your bank account. This is only possible if you have a supported bank account. However, the most popular option for withdrawing funds from Binance is via the Binance Peer-to-Peer (P2P) marketplace. Binance P2P supports several payment methods, including mobile money, web payments, bank transfers, and so on. However, it is essential to observe some caution when using P2P to avoid falling victim to scammers. This article by the official Binance Academy is a good place to read how to stay safe on Binance P2P. One of the most vital cautionary measures is to always approve a P2P transaction only after checking if you received the amount in your payment account. Scammers usually alter or generate fake proof of payment. Thereby ending up stealing your funds from you.
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What Are the Predictions for SafeMoon in 2024?
According to Techopedia, the key driver for SafeMoon’s bullishness in 2024 is the Bitcoin halving. The cryptocurrency community is anticipating bullish momentum in 2024 due to the upcoming event. Consequently, numerous investors are speculating on the potential surge of their preferred alternative cryptocurrencies during the next altcoin season. However, the chances of SafeMoon reclaiming its all-time high (ATH) are quite slim, and here’s why.
Firstly, SafeMoon has faced significant setbacks, including legal action from its investors and public exposure by YouTuber Coffeezilla last year who labeled the crypto as a ‘billion-dollar scam.’ The video has garnered over 4 million views. Moreover, the project recently suffered a breach in its liquidity pool, resulting in a $8.9 million loss. Although the hacker eventually returned the funds, these incidents have severely impacted the project’s credibility.
SafeMoon currently boasts more than 700,000 holders and a market capitalization of $95 million. While the project maintains a dedicated community, numerous token holders have already incurred substantial losses. Consequently, they may be inclined to sell their tokens once the price begins to recover.
Furthermore, SafeMoon will encounter challenges in attracting new buyers due to the tarnished reputation of its brand, especially considering the presence of other coins with more favorable investor sentiment. For Capital.com, the price could trade at $0.0007 by the start of next year and hit $0.0008 by the end of 2025. The SafeMoon team recommends holding the coin in the long term to cash out SafeMoon with a high ROI.
How to Buy SafeMoon?
Armed with this knowledge, if you remain convinced that SafeMoon aligns with your investment strategy, there are cryptocurrency exchanges where you can acquire SafeMoon.
Cryptocurrency exchanges serve as platforms where users can either purchase or sell any type of cryptocurrency. Nevertheless, it’s essential to recognize that not all cryptocurrencies can be acquired using fiat currency; some may necessitate the exchange of other cryptocurrencies. SafeMoon falls into this category, as it is not currently listed on any centralized exchange that accepts fiat currency.
Although SafeMoon is not accessible through mainstream centralized exchanges like Coinbase or Binance, you can still obtain SafeMoon tokens via a wallet or DEX exchange. However, a dedicated SafeMoon Trust Wallet or SafeMoon V2 Trust Wallet would be an awesome method to regularly sell or buy new coins. In addition, follow the above cashing out details if wondering how to buy SafeMoon on Trust Wallet.
