Safemoon Coin: A Guide To Investing In The Crypto

SafeMoon is a cryptocurrency that has been getting a lot of attention from investors. It launched on 8 March 2021 and was valued at $0.00000007. After a quiet month, its value shot up by over 12,000%. SafeMoon has a unique strategy for rewarding long-term investors. It penalises sellers with a 10% exit fee, redistributing half of that fee to all SafeMoon holders, and burning the other half. This is designed to incentivise buying and holding. SafeMoon's price has been extremely volatile, surging by 2,000% in April 2021 to $0.0000130, before falling by two-thirds to around $0.000006. As of January 2022, SafeMoon's all-time high price was BTC0.077322. SafeMoon can be purchased on several exchanges, including PancakeSwap, BitMart, and ZBG.

How to buy SafeMoon on TrustWallet

SafeMoon is a cryptocurrency that runs on the Binance Smart Chain. It is a "memecoin", seeking to emulate the success of Dogecoin and other similar coins. SafeMoon is available on several exchanges, including PancakeSwap, Bitrue, Bitmart, and MEXC.

Trust Wallet is a non-custodial crypto wallet that supports a large number of tokens. Here is a step-by-step guide on how to buy SafeMoon on Trust Wallet:

Step 1: Download Trust Wallet

Go to your Google Play or App Store and download the Trust Wallet app.

Step 2: Set up an account

Set up your account, paying close attention to your security information. You will be given a 12-word recovery phrase, which you should keep safe. You will also be provided with a private key, which you should also keep secure. This information will help you recover your account if you lose your device or experience a technical malfunction.

Step 3: Deposit funds into Trust Wallet

To make purchases on Trust Wallet, you will need BNB (Binance coin). You can buy BNB directly from the Trust Wallet app using your card via MoonPay, Ramp, or Transak. Alternatively, you can purchase BNB from Binance and then transfer it to your Trust Wallet.

Step 4: Add SafeMoon to Trust Wallet

Since Trust Wallet supports numerous tokens, most of them have to be added manually. Go to the app's homescreen and search for "SafeMoon" in the search bar. If it doesn't show up, add it manually by choosing the option "Add custom token."

You will need to change the network from Ethereum to Smart Chain. Click on "Ethereum" in the upper-right corner and change it to "Smart Chain." Then, add the name as "SafeMoon," the symbol as "SFM," and opt for nine decimals. You will also need the "Contract Address," which can be found on the token's CoinMarketCap page. The current address for SafeMoon V2 is 0x42981d0bfbAf196529376EE702F2a9Eb9092fcB5.

Step 5: Convert BNB to Smart Chain via Trust Wallet

Navigate to BNB on the Trust Wallet app and tap "Buy BNB." Input the amount you want to invest, and purchase BNB with a credit or debit card. Once the purchase is processed, go back to the Trust Wallet homescreen, where you should see your BNB balance. Tap on "BNB," then "More," and finally, tap on "Swap to Smart Chain."

Step 6: Use PancakeSwap to convert Smart Chain to SafeMoon

PancakeSwap is a decentralised marketplace that lets you buy SafeMoon. Go to the dApps tab in the Trust Wallet app, search for "PancakeSwap," and connect it to your Trust Wallet. In PancakeSwap, search for SafeMoon's contract address or find it in the dropdown menu. A notice will pop up informing you of the 10% transaction fee. Tap on the icon next to the time symbol in the upper-right corner and set your slippage tolerance to at least 12%. Tap "Swap" and "Confirm Swap."

Step 7: View SafeMoon in your TrustWallet

To see your SafeMoon tokens in your TrustWallet, copy SafeMoon's Contract Address and navigate back to the TrustWallet homescreen. Click the blue icon in the top-right corner and scroll to the bottom. In the search bar, type "Safe," tap on "Add Custom Token," and change the network from Ethereum to Smart Chain. Paste SafeMoon's Contract Address and tap "Save." You should now see your SafeMoon tokens in the TrustWallet app.

It is important to remember that SafeMoon is a highly speculative and volatile investment. As with any crypto investment, only invest what you can afford to lose.

How to buy SafeMoon on PancakeSwap

SafeMoon is a cryptocurrency that has been getting a lot of attention from investors. It launched on 8 March 2021 and was valued at $0.00000007. However, after a month, its value shot up by more than 12,000%. SafeMoon's official Twitter account posted a video tutorial on how to buy SafeMoon using PancakeSwap. Here is a step-by-step guide on how to buy SafeMoon on PancakeSwap:

Step 1: Download the Trust Wallet App

Download the Trust Wallet app on your smartphone, install the wallet and make a secure backup of your key phrase.

Step 2: Log in to Binance

Log in to your Binance account or create a new one. Make sure you own Binance Coin and go to the Binance Coin withdrawal page.

Step 3: Open Your Trust Wallet

Open your Trust Wallet, click on Smart Chain and then on Receive. Copy the wallet address.

Step 4: Go to Binance

Paste the address at the Recipient's BNB Address, select Binance Smart Chain (BSC) and send your BNB to your Trust Wallet. Give Binance half an hour to send your coins.

Step 5: Check Trust Wallet

After receiving the coins, check if Browser is visible between Wallet and DEX on Trust Wallet. If not, go to Safari and type trust://browser_enable to activate the dApp Browser. Click on Browser.

Step 6: Click on PancakeSwap

Click on PancakeSwap and then on Connect (sometimes you are automatically connected).

Step 7: Adjust Settings

Click on the gear and type in 11%. At the top, enter the number of BNB you want to convert to SafeMoon.

Step 8: Select a Currency

Below the previous field, click on "Select a currency", paste 0x8076c74c5e3f5852037f31ff0093eeb8c8add8d3 and SafeMoon will appear.

Step 9: Confirm the Transaction

You have now successfully bought SafeMoon! To confirm the transaction, click on Approve SafeMoon and finalize it with the Swap button.

Please note that investing in cryptocurrencies like SafeMoon is extremely risky. Do your own research before buying SafeMoon, and only invest in crypto what you can afford to lose.

The pros and cons of investing in SafeMoon

SafeMoon is a relatively new cryptocurrency that launched on March 8, 2021. It immediately gained attention due to its unique strategy of rewarding long-term investors and penalizing sellers. While some investors are attracted to the potential for high returns, others are sceptical about the risks associated with this speculative investment. Here are some pros and cons of investing in SafeMoon:

Pros:

• Valuable meme crypto brand: SafeMoon has successfully generated a cult-like social media following, with its brand spreading like wildfire online through viral memes. This has helped it stand out among the thousands of other cryptocurrencies available.
• Passive income: SafeMoon was designed to incentivize long-term investing by charging a 10% fee to sellers. Half of this fee is distributed to existing SafeMoon holders, providing them with passive income.
• High-profile influencers: SafeMoon has received endorsements from high-profile influencers such as Dave Portnoy and Jake Paul, which has helped to boost its popularity and legitimacy.

Cons:

• Illiquidity and volatility: SafeMoon is not traded on leading crypto exchanges like Coinbase and Gemini, making it less liquid than other cryptocurrencies. It also charges fees to discourage selling, which can make it difficult for investors to exit their positions.
• No utility: SafeMoon is not accepted as a payment method by major vendors, and it is difficult to trade for fiat currencies or other cryptocurrencies. It also lacks a technological advantage over other cryptos in terms of transaction speed or security.
• Centralized ownership: SafeMoon's CEO reportedly owns more than 50% of the coin's liquidity, which has led to concerns about centralized ownership and the potential for the currency to be a Ponzi scheme or fraud.

The controversies surrounding SafeMoon

SafeMoon has been the subject of several controversies, including:

Ponzi Scheme Comparisons

The structure of SafeMoon's tokenomics has drawn comparisons to a Ponzi scheme. The token's 10% sell tax has been criticised for discouraging investors from selling, as they are at a loss as soon as they invest. This tax is then used to distribute a small percentage to existing investors, similar to a Ponzi scheme where gains to early investors are paid by incoming investors.

Fraud Allegations

SafeMoon has faced serious fraud allegations, with the SEC and the DoJ charging the company and its executive team in November 2023. These charges included securities fraud, wire fraud, and money laundering. The executives were accused of misleading investors about the accessibility of 'locked' liquidity and engaging in personal trading.

Class-Action Lawsuits

SafeMoon has been the target of multiple class-action lawsuits, with investors alleging that the company was a pump-and-dump scheme. Several celebrities who endorsed the coin, such as Logan Paul and Nick Carter, were also named as defendants in these lawsuits.

Project Phoenix Lawsuit

SafeMoon CEO John Karony was involved in a lawsuit with his mother, Jennifer, over a separate company, Emanations Communications Group LC (ECG), that was set up as part of Project Phoenix. Karony invested $5 million in the project, allegedly from SafeMoon's liquidity pool, and was offered a 33.34% stake in the company. However, ECG determined that Karony created regulatory risks and refused further capital investments from him. Karony then filed a lawsuit against ECG for breach of contract.

Misappropriation of Funds

In April 2022, independent researcher Stephen "Coffeezilla" Findeisen accused the SafeMoon team of misappropriating millions of dollars. Findeisen found evidence of transactions where funds were moved from SafeMoon's liquidity wallet to a separate wallet and then to another company run by John Karony.

Unclear Financial Situation

SafeMoon has been criticised for a lack of transparency regarding its financial situation. There were accusations that the company was not clear about the money it had for its projects and that the founders were using funds to purchase luxury items such as fancy houses.

Celebrity Endorsements

Celebrities such as musicians Lil' Yachty and Nick Carter, YouTuber Logan Paul, and social media personality Ben Phillips were sued by SafeMoon investors as part of a class-action lawsuit. The lawsuit alleged that these celebrities were pumping and dumping SafeMoon tokens by promoting them on their social media accounts with misleading information.

SafeMoon's future plans

SafeMoon is a decentralised finance (DeFi) token with three functions: reflection, LP acquisition, and burn. The SafeMoon protocol is a combination of RFI tokenomics and an auto-liquidity-generating protocol. SafeMoon's tokenomics are designed to reward long-term investors and discourage selling. When someone sells a SafeMoon token, they are subject to a 10% sales tax. Of this 10%, 40% is redistributed to those still holding tokens, 30% goes to the SafeMoon system's liquidity pool, 20% is burned, and the remaining 10% is sent to a growth fund.

SafeMoon also offers a wallet with multichain storage, fiat on-ramp integration, a contacts list, and a reflections tracker.

Frequently asked questions