SafeMoon Isn't Available on Coinbase — How to Buy the Altcoin
The SafeMoon token is pivoting in an attempt to impress altcoin enthusiasts. Should you buy the token and, if so, can you get it on Coinbase?
Altcoin SafeMoon (SFM) launched 11 months ago as of Feb. 8. Currently, it’s struggling to convince altcoin enthusiasts that the Binance-traded token will safely make it to the moon. However, the SafeMoon team is making major changes in the hopes it will attract holders. Major crypto exchange Coinbase doesn’t accept all tokens. So, can you buy SafeMoon on Coinbase?
Coinbase doesn’t feature SafeMoon. Here's what investors need to know about how to buy SafeMoon and whether it’s worth the trade.
What is SafeMoon and where does it stand?
SafeMoon is a BEP-20 token, which means that it trades on a blockchain called BSC (Binance Smart Chain). SafeMoon is a CeFi (centralized finance) asset being handled through an intermediate SafeMoon exchange.
Unfortunately for long-term SafeMoon holders, the standing price is about 85 percent lower than its all-time high in early 2021, shortly after the launch.
The SafeMoon token is down about 22 percent in the 24 hours ending Feb. 8.
You can’t buy SafeMoon on Coinbase, but tokens are available elsewhere.
According to Coinbase, “Some cryptocurrencies are harder to obtain than others. SafeMoon is one of them. It’s not available on the Coinbase app or Coinbase Wallet.”
Here are exchanges that support SafeMoon:
To access SafeMoon tokens, traders need a SafeMoon Wallet. The wallet can be found on the Apple App Store or Google Play under the app name SafeMoon. The app will take you through the steps needed to make the wallet. You’ll receive a secret 12-word seed phrase that lets you gain access to your wallet.
First, you buy BNB (a Binance token) through the SafeMoon Wallet. You’ll use that BNB to swap for SafeMoon. Make sure that you set the slippage at 12 percent in the app then swap BNB for SFM.
According to SafeMoon, “All that's left now is to HODL [hold on for dear life] and see your balance grow from reflections!”
SafeMoon has developments in the works.
SafeMoon recently launched replacement tokens called SafeMoon V2. Token holders can replace their V1 tokens with the new V2 tokens. The V2 tokens have upgraded smart contracts that can change the coin’s consolidation formula, allowing for greater value control.
The SFM team is also launching the SafeMoon Exchange for a fully integrated experience.
Anyone who holds SafeMoon tokens receives reflections or a distribution of profits incurred from SafeMoon’s 5 percent transaction fees.
Is SafeMoon a safe bet?
SafeMoon recently failed to achieve a higher high on its chart, which suggests a lack of momentum. The token might have difficulty reverting to its previous highs. SafeMoon hopes that the token's recent developments will change its course, but it isn't clear what the future holds for the altcoin.
In the meantime, SafeMoon’s trading volume is down 9.84 percent over the last day as of Feb. 8, and its market cap has been slashed by nearly 22 percent during the same period.