Most cryptocurrency enthusiasts are expecting another bull run during the fourth quarter of 2021. These claims have hyped up people everywhere and even more, people are joining the cryptocurrency space in order to not miss out.
SafeMoon is one of the most anticipated projects out there. Considering the latest product releases from the SafeMoon team – including the SafeMoon Wallet and Swap – all the hype around is no surprise. But what is SafeMoon and how do I buy it in the USA?
What is SafeMoon?
SafeMoon is a token built on the Binance Smart Chain (BSC), making it a BSC-20 token. Moreover, SafeMoon is known for being the first reflective token to ever exist. After SafeMoon introduced the concept of reflections, other crypto projects followed its footsteps and began distributing tokens as reflective rewards. Shiba Inu and Akita Inu are some of the best examples.
SafeMoon experienced extreme growth during its first month in the market. Because the token did not host an Initial Coin Offering (ICO), every dollar that entered the market caused its price to go up. According to CoinMarketCap, SafeMoon entered the market with a price of $0.000000000545 and hit an all-time high of $0.00001 by mid-April… imagine the profits that early investors got away with.
This token has a huge total supply of 1 quadrillion, yet, more than 425 trillion SafeMoon have been burned until today. This enormous supply is considered to be one of the main issues with the token. Moreover, many people have called this token a scam because of its supply. This problem is expected to be solved with the upcoming SafeMoon V2 token update.
The update is believed to lower the total supply by 100x. For example, if you have 1 million SafeMoon tokens, you will be left with 10,000 tokens after the update. We must note that this does not mean that you are losing money since if the total supply is decreased, your SafeMoon portfolio will be worth the same even after the update. We must also note that these are only assumptions for the time being.
How to Buy SafeMoon in the United States?
During April 2021, SafeMoon was all over the place, being mentioned in tens of social media and news outlets out there. SafeMoon’s price grew quickly, and this caused people to build up hype around it. Furthermore, the hype around the token caused its price to grow even more. This literally sent SafeMoon to the moon. Early investors were left with more than 1 million % returns in their initial investment.
People living in the United States were amongst the ones that showed the most interest in the token. According to Google Trends, SafeMoon was one of the most searched terms in Google on the 18th of April. Buying SafeMoon was more complicated at that time, with people having to use decentralized exchanges such as PancakeSwap to obtain the token. However, today the process of buying the token is way easier. That being said, we want to help those interested.
Related: How to Buy SafeMoon in PancakeSwap? – A Detailed Guide
Step 1: Create an Account on Gate.io
The first thing you should do is open an account on a cryptocurrency exchange that has listed SafeMoon. We will be using Gate.io for this example. Furthermore, we highly recommend you use Gate.io because of its safety and liquidity when it comes to SafeMoon.
All you need to provide to open a Gate.io account is your name, country of residence, and email. Nevertheless, if you are interested in investing huge amounts of money, you will be asked to fill out a Know-Your-Customer (KYC) form and verify your identity.
Step 2: Fund Your Account
Now that you have successfully opened your account, you must fund it. The payment methods always vary on the exchange you are using. When it comes to Gate.io, we believe that the best and fastest method to fund your account is using your credit/debit card.
To do so, simply go to “Buy Crypto”, select your fiat currency (USD), and select the cryptocurrency you want to buy (USDT). After doing so, enter the amount of money you want to invest and click on “Purchase”.
Step 4: Buy SafeMoon
After funding your account, there is only one thing left to do – buying SafeMoon. At the top of the Gate.io platform, you can find the “Markets” tab. After locating the tab, simply click on it and search for the USDT/SAFEMOON market pair. Now that you have found the market pair, enter the amount of USD Tether you want to trade for SafeMoon and press “Buy”.
Also Read: SafeMoon Price Prediction 2021 and Beyond – Is SAFEMOON a Good Investment?
Takeaways
- SafeMoon was one of the most anticipated crypto tokens in the United States during April 2021.
- Moreover, it is a token built on the Binance Smart Chain (BSC) and it introduced the concept of the reflections.
- The SafeMoon V2 Token update is expected to lower the total supply of the token.
- Buying SafeMoon was always considered troublesome, however, some exchanges have made it way easier.
- The SafeMoon team highly encourages SafeMoon holders to HODL their tokens.