Buying dips and dollar cost averaging into positions has been a great strategy for many crypto investors. This way, you can average into your positions during dips to lower your cost basis. For the most up to date cryptocurrency prices, check out our crypto pricing table below. The reason some investors think they’re early investors in SafeMoon is its low token price. SafeMoon can be bought for far under a penny, leading some to think there’s lots of room for the cryptocurrency to grow.
- Consult with a qualified professional before making any financial decisions.
- In fact, you’ve probably used this company’s technology in the past few days, even if you’ve never had an account or even heard of the company before.
- However, investors must understand that not all coins can be bought with fiat but with other coins.
- Unfortunately for SafeMoon holders, this effect is usually negligible, especially after the 5% fee is incurred when selling the tokens.
- The next element of the process is to download the MetaMask crypto wallet app on iOS or Android.
How to Buy Safemoon
However, it’s almost impossible for SafeMoon to reach a penny, much less a dollar. This is because of the immense amount of tokens minted; the initial supply was 1 quadrillion tokens. Don’t fall for price bias – if you’re new to crypto, you may want to stick to Bitcoin or Ethereum. If you visit SafeMoon’s website, you’ll be greeted by a plethora of crypto-related buzzwords. Terms like “Static Rewards” are used to hide the token’s resemblance to a pyramid scheme. These “static rewards” increase the amount of SafeMoon investors own based on how long they hold their trading tutorials and platform video guides 2020 investment.
This will incentivize holders to upgrade to 2.0, however, it is concerning that the team was able change the original contract. There are certainly a lot of risks for a token with “safe” in the name. SafeMooon Protocol will be expanding to include a Centralized Echange and NFT marketplace, on top of the Decentralized Exchange and Mobile App already released. SafeMoon protocol has an ambitious roadmap thanks to its growing popularity and they wish to release several products by the end of 2022.
How to Buy SafeMoon
Building blockchain, commerce, metaverse and NFT products to derive new kinds of value from crypto technology and to apply it to increasingly better use. Acquire some Ethereum (as noted above) or convert another coin to Ethereum. I had some Bitcoin holdings in my blockchain.com wallet and converted some BTC to ETH in minutes. CRYPTO-SAVVY is an occasional series from Inverse that explains the world of cryptocurrency and where it’s going next.
Unlike traditional brokerage firms, cryptocurrency exchanges are not members of the Securities Investor Protection Corp. (SIPC). Therefore, unless user terms specify otherwise, investors with cryptocurrency assets commingled on a custodial cryptocurrency exchange could potentially lose their funds as unsecured creditors. To fund this, SafeMoon charges investors a 5% fee to simply sell their tokens.
Many crypto exchanges have dealt with this by having all funds backed up or assured for safety. The cost of a transaction depends on how busy the Ethereum network is, how quickly you want the transaction to be processed, and the size of the transaction. Additionally, if you hold your SafeMoon tokens on an exchange, you don’t have to switch to the V2 tokens.
SafeMoon V2 Markets
If you hold original SafeMoon tokens in a wallet and choose to switch them what is etherium to SafeMoon V2, it can only be done manually. Investing in cryptocurrencies, Decentralized Finance (DeFi), and other Initial Coin Offerings (ICOs) is highly risky and speculative, and the markets can be extremely volatile. Consult with a qualified professional before making any financial decisions. This article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies nor can the accuracy or timeliness of the information be guaranteed.
Binance.us offers more detailed instructions on how to deposit cryptocurrency into their platform here. Safemoon tokens can also be traded on many of the Decentralized Exchanges (DEXs) on the Binance Smart Chain. These are exchanges that do not use an intermediary to trade crypto tokens. Pancake Swap and compliance solutions for crypto exchanges BiSwap are examples of DEXs where you can trade BEP-20 tokens including SAFEMOON.
For example, Coinbase and Binance require users to deposit a minimum of $50 and $10, respectively, to complete their trades. Last and perhaps most importantly, SafeMoon remains a speculative investment with an unproven business model that has yet to experience wide adoption. In certain contexts, SafeMoon may be seen as a “rug pull”, as many investors likely lost lots of money due to the legal ramifications of 2022.
The current circulating supply, due to the burn tokens function, is 563,253,043,834 tokens on the 20th May 2022. For more information about how to buy crypto with fiat, check out CoinMarketCap’s education portal — Alexandria. Next, go to the PancakeSwap website/app, and in the top right corner, click “Connect” and select your MetaMask wallet. Furthermore, despite the fact that in just two months SafeMoon has appreciated more than the S&P 500 has over the last decade, there is no guarantee that these gains will continue moving forward. I would advise that you don’t invest money you aren’t willing to lose.