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What Is the Safemoon Coin, and Can It Rise to the Moon?


The cryptocurrency market is moving so quickly that it’s getting harder to keep up with new coins. Just days following the first big surge of Dogecoin, the market saw another asset gaining steam - Safemoon. Making its first appearance in spring 2021, Safemoon didn’t take long to gain massive publicity. The price of the Safemoon coin naturally skyrocketed many-fold. However, don’t be mistaken - at the time of writing, it’s still only $0.0000085. 

If this hodler-oriented coin caught your attention, keep on reading. In this article, we’ll cover all essential information - from what Safemoon is to how you can buy some.

What Is Safemoon?

There is very little information about Safemoon. Partly because the coin only hit the market in March 2021, and partly because creators aim to maintain the mysterious background. Technically it isn't a cryptocurrency - the website calls it a DeFi token. DeFi stands for decentralized finance token, and the easiest way to describe it is as a form of finance that does not rely on central intermediaries. But for the purposes of this article, we’ll be using the term Safemoon crypto since most publications do refer to it such. 

Like Bitcoin, Safemoon uses blockchain technology but with some clear distinctions. According to devs, the protocol is a combination of RFI tokenomics and an auto-liquidity generating protocol.

The Safemoon White Paper claims its supply totals 1,000,000,000,000,000 coins - a quadrillion. The fair launch supply was 777,000,000,000,000. These figures may seem ridiculous - that is because such supplies used to be unheard of. 

When you sell, you’re charged a fee of 10%:

What You Should Know About Safemoon

What else is important to know about the coin with a punny slogan, “Safely to the Moon”?

On April 19, Safemoon became a trending topic on Twitter, and soon after, reached its humble all-time high of $0.000014 on April 21. This phenomenon was described in a similar vein as other “cult stock” pumped assets like GameStop (NYSE:GME). With these types of tokens, there is little barrier to entry to create a similar project. So, it’s no wonder we see yet another wave of coins with a high initial wave of interest. 

Recent News Stories Featuring Safemoon

Most news articles either focus on why the Safemoon currency went up so drastically or analyze its possible future direction. But in this section, we’d like to share the media coverage of the project’s recent developments:

Safemoon Price Prediction

Investors seem to be gravitating towards new DeFi protocols like SafeMoon. Therefore, the usage might provide more underlying value as time goes on. This is reflected in the Safemoon price predictions that we see so far.

Below is a table listing possible prices for 2021 offered by Wallet Investor.

Month

Average price

Min. price 

Max. price 

June 2021

0.000016

0.000014

0.000018

July 2021

0.000020

0.000018

0.000023

August 2021

0.000025

0.000023

0.000027

September 2021

0.000029

0.000027

0.000031

October 2021

0.000033

0.000031

0.000035

November 2021

0.000037

0.000035

0.000039

December 2021

0.000041

0.000039

0.000043

From this table, as well as other similar publications, we can see an overall positive sentiment surrounding the token. 

The promising outlook follows Safemoon well into the future - for up to 5 years. By 2026, the coin might increase by as much as 2,500%. However, bear in mind that such long-term forecasts are only based on historical performance, putting less emphasis on fundamental factors. 

How Do You Buy Safemoon?

Safemoon isn’t listed on any major crypto changes. Currently, there are four smaller ones that accept the coin - PancakeSwap (used most commonly), BitMart, Gate.io, and WhiteBit. 

The easiest way to purchase Safemoon is on a smartphone. So, in our instructions on how to buy Safemoon, we’ll be using a few mobile-based apps. This is more complicated crypto compared to bigger coins, taking a couple of extra steps. 

1. Download TrustWallet and Buy BNB

The first thing you need is to move your money into the cryptocurrency world. Options vary depending on where you live, as do fiat currency you use in the beginning. 

At this stage, do the following:

  1. Download TrustWallet.
  2. Set up an account and write down your seed phrase for security. 
  3. Purchase Binance Coin with fiat. 

2. Swap BNB to Smart Chain

At the second stage, you’ll need to:

  1. Go to your BNB balance and tap ‘More’. 
  2. Choose ‘Swap to Smart Chain’.
  3. Enter the required amount and tap ‘Send’.

3. Connect Your Wallet to Pancake Swap

This step involves:

  1. In the TrustWallet app, locate the ‘Browser’ tab on the bottom menu. 
  2. Choose Pancake Swap. 
  3. Tap the blue ‘Connect’ button and select TrustWallet. 

4. Exchange BNB Smart Chain to Safemoon

Finally, to turn your BNB Smart Chain into Safemoon, you should:

  1. Go to CoinMarketCap and copy the contract address.
  2. Open the Pancake Swap exchange tab, selecting BNB (‘From’) and pasting the Safemoon copied address (‘To’). 
  3. Enter the amount you want to exchange, adjust settings to 11%-12% slippage (10% is the absolute minimum, but it’s not always enough to proceed with a transaction), and tap ‘Accept’.

Is the Safemoon Coin a Good Investment/Trading Asset?

Safemoon seems to have a lot to offer, as do many crypto assets in 2021. And there is potential profit to be made from the inevitable volatility of the cryptocurrency market. From the technical analysis perspective, Safemoon recently broke out of what’s called a falling wedge pattern. It’s trading above both the 50-day moving average (green) and the 9-day exponential moving average (blue). This creates a bullish sentiment. 

Calculations for trading:

From the fundamental analysis perspective, the coin needs to achieve some functionality beyond simply being a tool for speculators. If it doesn’t, the loyalty feature will not be able to sustain the current value. And since investors receive half of the transaction fee, their investments rely on more people buying Safemoon.

Why Are Cryptocurrencies So Attractive for Traders and Investors?

There is the school of thought which sees cryptocurrencies as the only financial medium in the future. But even without going to such great lengths, traders and investors see their value as speculation assets. Here are some of the reasons why:

Conclusion

And finally - is Safemoon worth buying? It is a highly volatile asset, and an average person might be intimidated by the range of price changes. However, what experienced traders and investors understand is that market volatility actually provides numerous opportunities. 

If you want to try yourself, Libertex features multiple assets from traditional relatively secure ones to upcoming volatile ones. Sign up for a demo accountto explore functionalities and technical indicators as in live trading, but risk-free.

Please remember that investing is inherently about risk, which works both ways. Each trade carries the risk of both failure and success.

Why to trade with Libertex?

#source


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