Dogecoin ‘is pure speculation and will end badly’ says Yusko
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SafeMoon only accounts for about 0.21 percent of the overall crypto markets but the new contender has experienced some big moves this year. The digital currency appeared seemingly out of the blue in 2021, riding the tailcoats of a crypto mania fuelled by the rise of the meme-themed Dogecoin. To put the token’s rise into perspective SafeMoon’s starting price in March this year of £0.0000000071 ($0.00000001), quickly slashed some of those zeroes.
The latest Coinbase data at 6.23pm BST on Friday shows SafeMoon is now trading for £0.0000059 ($0.00000829).
The token is up 12.68 percent in the last 24 hours and nearly 83,000 percent up on its opening price.
This might not seem like a lot at first glance, but the returns for early adopters are big and many are hoping SafeMoon has a bright future ahead of it.
The token, for example, remained largely unaffected by Tesla’s decision this week to cut support for Bitcoin – a decision that sent ripples through the markets.
Can you buy Safemoon on Coinbase?
Before you rush in to jump the SafeMoon hype train, there are risks you need to consider.
Cryptocurrencies are very volatile and driven by speculation, so there is no guarantee you will make any money.
You should never invest more money than you are prepared to lose.
And keep in mind that SafeMoon charges a 10 percent fee on all transactions, of which five percent is then redistributed back to the community to discourage people from investing purely for the sake of profit.
But if you just want to get a taste of what the whole fuss is about with cryptos, keep on reading below.
Bill Gates discusses Bitcoin in 2018
Coinbase is America’s biggest cryptocurrency exchange and it might make sense for the service to list SafeMoon among its numerous assets.
Unfortunately, SafeMoon cannot be purchased on Coinbase as the exchange does not typically list many of the smaller cryptocurrencies.
The policy, however, seems to be changing with CEO Brian Armstrong announcing this week Coinbase will list Dogecoin in the next six to eight weeks.
Much like SafeMoon, Dogecoin skyrocketed this year and brought its holders profits exceeding 11,000 percent according to Coindesk at 6.17pm BST on Friday.
Fans of the DeFi token will now have to wait and see whether Coinbase has a change of mind about SafeMoon.
How to buy SafeMoon?
Click here to read our more comprehensive guide on how to purchase Safemoon.
If Coinbase doesn’t list SafeMoon, what other options are out there to buy the token?
Buying SafeMoon isn’t as straightforward as buying Bitcoin or regular stock options, which is done by signing up with an exchange and depositing money to buy shares.
To buy SafeMoon you will need to use an exchange like PancakeSwap or BitMart that allow you to trade BinanceCoin (BNB) in exchange for SafeMoon tokens.
But before you get to that stage, you will first need some form of crypto wallet to do this, such as the Trust: Crypto & Bitcoin Wallet app on Android and iOS.
After you set up your wallet, buy some BNB by selecting how many coins you want to buy.
Trustwallet will allow you to then convert the coins into Smart Chain under the “Swap to Smart Chain” option on the homepage.
You can then go straight to PancakeSwap from the wallet itself by searching for the exchange in the search bar.
Once there, look for SafeMoon and follow the instructions on the screen.
You will have the option to select the amount you want to swap and after all is done and dusted, you will have your very own SafeMoon.
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