If you don’t already have crypto, you’ll need to p u rchase some. A few other crypto exchanges support trading in SafeMoon. To buy SafeMoon, use SafeMoon’s proprietary SafeMoon Swap to trade other crypto, like Binance Coin (BNB) for SafeMoon tokens. That’s because it’s not currently listed on any exchanges that accept fiat currency, like dollars. There are some hurdles involved in buying SafeMoon, the biggest for beginners being that the only way to pay for purchases of SafeMoon is with other cryptocurrencies. The other 50% is divided among the SafeMoon liquidity pool and the managers of the overall SafeMoon ecosystem. Like the original version, 50% of the fee is distributed to current token holders. If you hold SafeMoon tokens on an exchange, there’s no need to do anything, the exchanges will handle the migration process and notify you when the process is complete.įor SafeMoon V2, the new transaction fee is 2%. For users with any other type of crypto wallet, visit the SafeMoon Swap site to consolidate. #Safe moon price update#For SafeMoon Wallet users, just update to the latest version of the app and follow the consolidation instructions. Wallet holders need to manually transfer their SafeMoon tokens to the V2 platform. Note that people who hold their original SafeMoon tokens in crypto wallets will not have their coins migrated automatically to V2. The new token aims to consolidate the original version at a ratio of 1 to 1000, and significantly lower transaction costs. In December 2021, SafeMoon launched an updated version of the token called SafeMoon V2. It doesn’t facilitate any automated contracts or decentralized applications, like Ethereum. SafeMoon does not have any other special use case besides being a store of value. SafeMoon takes the proceeds of all sales fees and gives 50% to current token holders in a distribution that is called a “reflection.” The other half of the fee goes into a liquidity pool that SafeMoon uses to maintain price stability. “The developers of SafeMoon say that this is done to encourage long-term holding, by both discouraging selling and rewarding holders of the coin,” says Shaun Heng, vice president of growth and operations at CoinMarketCap, a price tracking website for cryptocurrencies. This is in addition to any fees you may owe a crypto exchange for facilitating the sale. In other words, if you sold $1,000 of SafeMoon, you would pay a $100 fee on the sale. The most distinctive feature of SafeMoon is that it charges a 10% fee whenever you sell the token. This helped quickly drive up SafeMoon’s value, although as of writing its price has fallen nearly 90% from its peak. Throughout 2021, SafeMoon received celebrity endorsements from the likes of sports blogger David Portnoy, rapper Lil Yachty and YouTuber Jake Paul. SafeMoon is a cryptocurrency token that launched in early 2021, using blockchain technology developed by Binance. Spend some time following crypto online and chances are you’ll hear people talk about a cryptocurrency that’s “going to the moon.” SafeMoon has built its brand on this popular turn of phrase, although there are quirks to this crypto token that make it more challenging to buy (and potentially riskier) than other leading cryptocurrencies. While we work hard to provide accurate and up to date information that we think you will find relevant, Forbes Advisor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impact any of the editorial content on Forbes Advisor. These “affiliate links” may generate income for our site when you click on them. Second, we also include links to advertisers’ offers in some of our articles. This site does not include all companies or products available within the market. The payments we receive for those placements affects how and where advertisers’ offers appear on the site. This comes from two main sources.įirst, we provide paid placements to advertisers to present their offers. #Safe moon price for free#To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive payment from the companies that advertise on the Forbes Advisor site. The Forbes Advisor editorial team is independent and objective.
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