The new token, the creation of which was inspired by the space theme, is popular in the crypto industry. While a huge number of Internet users are breathlessly following the exploration of space beyond our planet, the release of a digital coin with the name SafeMoon condemns it to success. In this article, we will get acquainted with the token closer, and discover the ways to sell it.
What exactly is SafeMoon?
SafeMoon, which started in March 2021, is a virtual currency that aims to understand the goals of decentralized financing. Basically, the token is not crypto in the exact context that Bitcoin is; rather, it is used as a decentralized financing token (DeFi).
Such tokens are designed to replicate financial activities without the use of a third-party mediator, such as a financial institution. They would rather rely on electronic procedures including smart contracts.
SafeMoon specifically states that it tries to fix the issues faced by other cryptocurrencies on the market, namely the volatility of token costs and the traders’ proclivity to sell assets rapidly rather than save them for a long time. To solve this problem, SafeMoon fines any sellers of its tokens with a 10% operation fee. Half of this amount is then transmitted to other unit holders.
However, SafeMoon is regarded as one of the highest-risk cryptocurrency investments. The same as Shiba Inu, it makes little sense and derives its price solely from purchases by other investors.
How to sell SafeMoon?
There are several ways to sell SafeMoon, and we will explain in detail two of them. And you can also read on Buidlbee the full guide on how to sell on Trust Wallet.
You must first transfer your SafeMoon to another virtual money. One approach to achieve this is to share pancakes.
1) Initially, you must connect the Pancake swap to the corresponding Trust wallet.
2) SafeMoon coins must be kept in your Trust Wallet.
3) After linking the Trust wallet, duplicate your token and insert it into the contract line.
4) The preferred number of coins may be chosen.
5) You can now transfer it for a different virtual money like Bitcoin.
6) Press “Exchange” and “Confirm”.
7) To continue, click “I understand” and “Continue”.
It is much more straightforward to deduce the SafeMoon once you have exchanged it for a different famous virtual money.
2. Sell SafeMoon on Binance
This platform simplifies the process of withdrawing money and changing it to cash. By transferring your coin to BNB, you can cash out the balance from your profile much more easily.
The initial thing in this procedure is to open a Binance profile and link it to a checking account. You can proceed if you have finished this stage.
There are all the necessary moves to make:
1) Enter your Binance profile.
2) Click the “Trade” key.
3) Press the “Sell” key.
4) After deciding what you would like to sell, choose it.
5) As soon as this is completed, you may insert the amount.
6) Following that, you will also be able to get the fiat money you wish to obtain. The Binance application has a list of your country’s money options (for example, US dollars, Pounds sterling, Euros, etc.).
7) Click “Confirm”!
Can I trust SafeMoon Coin?
We all know about the volatility of the cryptocurrency market. When we look at the SafeMoon price movement, we see that the situation is not much different. Gains and losses are typical features of any investment. However, it should be noted that the movements observed in SafeMoon are extreme.
On the other hand, some people call the SafeMoon project a Ponzi scheme. There are still those who call SafeMoon “outright fraud.” It may be correct to use the phrase Ponzi scheme for SafeMoon. The Ponzi scheme is a kind of “investment fraud” in which previous investors make a profit by taking money from subsequent investors. The 10% tax applied to SafeMoon sales and the distribution of this tax resembles the pyramid-type structure that we encounter in the Ponzi scheme.
Influencers who want to find more investors for SafeMoon claim that “if the price of SafeMoon rises to $0.01, investors will become
multimillionaires.” In other words, although those on the Forbes billionaires list are being asked to invest all their net liquid assets in SafeMoon, it is still unclear whether the price will reach the expected level.
Given all this, we cannot say unequivocally whether SafeMoon is reliable or not. You can earn with SafeMoon, but it’s important to know what to invest in.