Should You Invest in SafeMoon Right Now? – The Motley Fool

Should You Invest in SafeMoon Right Now? – The Motley Fool

Cryptocurrency has been having quite the year. While the biggest names in crypto — Bitcoin, Ethereum, and Dogecoin — have been gaining most of the attention, there have been countless new cryptocurrencies popping up lately.

One of the newest digital currencies is SafeMoon, which launched in March of this year and has already gained more than 2 million buyers. 

It’s also the fifth-most-visited page on CoinMarketCap, a price-tracking cryptocurrency website. Based on CoinMarketCap’s rankings, SafeMoon is searched for more often than Ethereum, one of the hottest cryptocurrencies available.

Although SafeMoon has been making waves in the crypto world, that alone doesn’t necessarily make it a good investment. Here’s what you need to know about the trendiest new cryptocurrency.

Moon in the night sky behind a lighthouse.

Image source: Getty Images.

What is SafeMoon?

With so many different cryptocurrencies available, it can be tough to tell them apart. There are a couple of things that differentiate SafeMoon from other digital currencies, however.

For one, investors are charged a 10% fee if they choose to sell their tokens. The purpose of this fee is to encourage investors to hold their tokens for the long term. In theory, that should reduce SafeMoon’s price volatility, because there won’t be