What is SafeMoon?

SafeMoon doesn’t tout itself as a cryptocurrency but instead as a DeFi token, a decentralised finance token. DeFi’s aim is to bring about disruption to the financial world and enable people to lend in peer-to-peer networks without needing a physical bank.

SafeMoon was launched on March 8, 2021, Its website carries the slogan ‘Safely to the Moon’ – a play on the phrase first mooted by WallStreetBets on Reddit in an attempt to hype up the price of Dogecoin or stock price.

The cryptocurrency is currently listed at 2431 on Coinmarketcap, so it’s not particularly up there in terms of coins.

How does SafeMoon work? #

SafeMoon claims it will reward people who buy the token and hold onto it instead of trade, its value still depends on people holding it. It intends to encourage people to hold on to the coin by imposing a 10 percent penalty tax fee on sellers and redistribute the seller fee to people who hold onto the coin.

How can I buy SafeMoon? #

The easiest way to buy SafeMoon is to create a crypto wallet on the Binance Chain Network.

To buy SafeMoon, You have to buy a Binance Coin (BNB) first before essentially swapping it for a token.

  1. Set up a crypto wallet in which their coins can be kept – for SafeMoon either Trust or Metamask are the wallets recommended.
  2. Set up your wallet to work on the Binance Chain Network. Buy BNB on your Binance account.
  3. Withdraw BNB to your wallet address and be sure to select the BSC Network (BEP20). 
  4. Visit PancakeSwap.
  5. Connect your wallet to PancakeSwap. Before you swap please ensure you click the gear icon and set slippage to 11 percent. 
  6. Press swap. Confirm the transaction on your wallet and hold.

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