What is SafeMoon and how to buy it?

SafeMoon is a crypto token launched in March 2021, and it operates on the Binance Smart Chain blockchain. SafeMoon's value increased by over twelve hundred per cent soon after its launch in 2021 when it was endorsed by celebrities and influencers like Nick Carter and Lil' Yachty. It has since been called a 'meme coin', a slang used for cryptocurrencies that originate from an internet meme.

A newer, updated version of SafeMoon (SafeMoon V2) was released in December 2021 with a new contract giving owners of the older version a 1000:1 ratio on exchange (with no loss in value). A user can exchange 1000 SafeMoon V1 tokens for one SafeMoon V2 token for the same net value. The new SafeMoon V2 contract is more secure and provides developers with a better degree of control so changes and updates can be executed faster.

A feature of SafeMoon that sets it apart from other tokens and coins is the exit fee charged to sellers. If you decide to sell your SafeMoon tokens, you will be charged a ten per cent exit fee (on top of the transaction fees).

Of this ten per cent, four per cent is distributed among token holders, three per cent is added to a liquidity pool, two per cent is burned (removed from circulation), and one per cent is added to the SafeMoon Ecosystem Growth Fund, which is set up to help fund the development and improvement of SafeMoon.

This exit fee is put in place to prevent premature selling and to deter bad actors from dumping large volumes of tokens to dilute SafeMoon's value. The concept of redistributing a part of the exit fee to token holders acts as an incentive for long-term holding.

SafeMoon is a relatively new cryptocurrency, and its price has been volatile since its launch due to external events like celebrity endorsements. Since it is a relatively new token, it is not available on some of the top Australian cryptocurrency exchanges like SwyftX and CoinSpot. However, it’s possible to purchase SafeMoon using the SafeMoon Wallet, which  is SafeMoon's own crypto transaction and storage service. 

Here’s how you can invest in SafeMoon using the SafeMoon Wallet:

• Download SafeMoon Wallet and follow the steps on the screen to set it up.
• Purchase Binance (BNB) tokens using the MoonPay feature on your SafeMoon wallet.
• Swap BNB for SafeMoon on the app.

Visit SafeMoon to learn more about using the SafeMoon Wallet for purchasing SafeMoon coins.

The other option is to set up a wallet on the Binance Smart Chain to purchase Binance (BNB) coins and swap them for SafeMoon. The process is pretty straightforward:

• Set up a wallet address on the Binance smart chain using  Metamask or Trust wallet.
• Use the wallet to buy Binance (BNB) coins.
• Swap the required number of BNB coins for SafeMoon using an automated market maker like UniSwap or SushiSwap. 

If you’re using an automated market maker, it could be worth doing your research to understand how these platforms work and their vulnerabilities to avoid any unnecessary risk. 

The price of cryptocurrencies is known to fluctuate wildly, creating overnight millionaires and wiping off peoples’ wealth within a few hours. Compared to other cryptocurrencies like Bitcoin, SafeMoon may be somewhat even more volatile.

Even though SafeMoon gained quick popularity and has large community backing, it is a relatively new and unproven currency with a history of price fluctuations. If you plan to invest in SafeMoon (or any other crypto), you might want to limit the amount you invest to something you can afford to lose, considering the volatility of the asset. You could also consider speaking with a financial expert to seek help in building a diverse investment portfolio to grow your wealth sustainably.