What is BNB Safemoon?

Note: This is not financial advice. This how-to article is for educational purposes only. Please note that cryptocurrency is a highly volatile asset class; only invest what you can afford to lose.

How to buy SafeMoon is a question many risk-tolerant investors are asking, especially since some claim the new lunar-inspired token could be the next Dogecoin. Safely aiming for the moon, SafeMoon supporters believe it could follow the same upward trajectory as Dogecoin.

On top of that, David Portnoy internet celebrity and founder of Barstool Sports endorsed SafeMoon as his favorite meme token, causing the cryptocurrency to surge to new heights. Whether you missed the Dogecoin rally, or you simply want to diversify your cryptocurrency portfolio with a new trendy altcoin, weve got the scoop on how to buy SafeMoon.

What is SafeMoon?

Before you hop on a nearby spaceship to a SafeMoon-supported crypto exchange, let's whip out our metaphorical telescopes and zoom in on what SafeMoon is all about.

What is BNB Safemoon?

What is SafeMoon? (Image credit: Future/Snappa)

SafeMoon, which operates on the Binance Smart Chain blockchain, launched on March 8, 2021, but it took off like a rocket on Twitter and TikTok in mid-April, sparking interest among many crypto investors. On April 20, Binance even had to temporarily suspend withdrawals from its platform due to the sudden influx of SafeMoon investors.

Before you buy the trending token, you must know that SafeMoon penalizes sellers with a 10% fee, and redistributes half to other token holders to incentivize buying and holding. SafeMoon was created to address several problems plaguing cryptocurrencies today, including price volatility and crypto investors bad habit of premature selling; hence the 10% selling fee. Crypto blogger Lou Bagel says the upside of SafeMoon is that youll keep making money as new people buy in, but the downside is that if no one buys SafeMoon, investors will receive 5% of zilch and the low demand will cause the price to plummet.

According to CoinMarketCap, SafeMoon was trading at around $0.000002 on April 18. Two days later, SafeMoon skyrocketed to an all-time high of $0.00014 an increase of nearly 7,000%. If you invested $1,600 into SafeMoon on March 22, youd have a whopping $60,000 a month later.

How to buy SafeMoonon Trust Wallet

Purchasing SafeMoon isnt the most straightforward process, but with these easy-to-follow, step-by-step instructions, youll have your tokens in no time. For this guide, Ill be using PancakeSwap as the primary exchange for SafeMoon.

Convert BNB to Smart Chain via Trust Wallet

1. Download the Trust: Crypto & Bitcoin Wallet app from the app store (on iOS and Android).

2. Open the app and tap Create a new wallet.

How to buy SafeMoon (Image credit: Six Days LLC)

3. Review the Privacy Policy and Terms of Service. Tick the box next to Ive read and accept the Terms of Service and Privacy Policy.

4. Youll be given a dozen recovery words. Write them down sequentially in a notebook for safekeeping.

5. Next, the app will show you your 12 recovery words non-sequentially. Tap the words in the right order and youll land on TrustWallets main page.

6. Navigate to BNB and tap Buy BNB. Input how much money youd like to invest in USD and hit Next.

7. Youll be prompted to purchase BNB with a credit or debit card. Wait until the purchase is processed.

8. Head back to TrustWallets main page and you should see you now have some BNB. Tap on BNB, hit More and tap on Swap to Smart Chain.

How to buy SafeMoon (Image credit: Six Days LLC)

9. Head back to TrustWallets main page and you should see that your Smart Chain order is fulfilled.

Using PancakeSwap to convert Smart Chain to SafeMoon

For the next set of instructions, if you have an Android device, you can skip the first step. But if you have iOS, youll need to follow the first step to access PancakeSwap (a decentralized marketplace that lets you buy SafeMoon).

How to buy SafeMoon (Image credit: Future)

1. (Only for iPhone users)Open Safari and visitPancakeSwap. Tap on"Connect Wallet."Tap on "Trust Wallet"and tap on"Trust."You'll be prompted to login to your Trust Wallet account. Finally, tap on"Connect"on the"PancakeSwap wants to connect to your wallet"window. Skip to step 4.

How to buy SafeMoon (Image credit: Future)

2. In the TrustWallet app, tap on dApps on the bottom taskbar. Next, tap on PancakeSwap.

How to buy SafeMoon (Image credit: Six Days LLC)

3. Tap the Connect button on the top-right corner and hit TrustWallet. You should see that your Smart Chain tokens are now in PancakeSwap.

4. Tap Select a currency and type in SafeMoon into the search bar.

5. A notice will pop up to inform you that SafeMoon taxes a 10% fee on each transaction. (It will also ask you to take slippage into account, which is when the executed price is different from the initial quote; youre required to allow a 12% buffer.)

How to buy SafeMoon (Image credit: Six Days LLC)

6. Tap on the icon next to the time symbol on the top-right corner, and as requested by PancakeSwap, set your slippage tolerance to 12%. Click X to save and exit the window

7. Tap Swap and Confirm Swap. This will prompt a Transaction submitted message to pop up.

8. Click on View on BscScan. The status bar should say Success, proving you successfully converted Smart Chain into SafeMoon. Exit PancakeSwap.

How to see SafeMoon in your TrustWallet

At this point, you're probably wondering, "Okay great, I bought some SafeMoon, but where are they?" Don't worry! Follow these steps to enable SafeMoon in TrustWallet and confirm that you have them in your possession.

1. Copy SafeMoon's Contract Address here: 0x8076c74c5e3f5852037f31ff0093eeb8c8add8d3

2. Navigate back to TrustWallets main page. Click the blue icon on the top-right corner and scroll to the bottom.

3. In the search bar, type in "Safe."

4. Tap on Add Custom Token. Change the network from Ethereum to Smart Chain. Under Contract Address, paste SafeMoon's Contract Address. Tap "Save."

5. Voila! You should see your SafeMoon tokens in the TrustWallet app.

Keep in mind that SafeMoon is still in its infancy, so while some are optimistic that its the next Dogecoin, others are skeptical its just too early to tell whether SafeMoon is headed for greatness or ruin. As with any investment, you should assess your risk tolerance and act accordingly.