SafeMoon is one of the newest and fastest-growing cryptocurrencies, even in a market where Bitcoin and Ethereum have reached record highs in recent months

Still, SafeMoon is the most unusual digital currency in that it penalizes those who attempt to trade its coins (or "tokens") Being only a few months old, its newness may cause some potential crypto buyers to view it as an unknown quantity

Nevertheless, it has received considerable attention recently, so it is possible that you have arrived at this page with the intention of investing If so, tread carefully

Cryptocurrencies can be a risky investment due to the volatility inherent in the market Unlike most traditional stocks, gains and declines tend to be incremental Huge fortunes have been blown away overnight

You may also want to learn more about what SafeMoon is really like

SafeMoon is an altcoin, a blockchain-based digital currency, broadly similar to Bitcoin, but with some distinct differences; it launched in March 2021 and already has over 1 million users

A unique feature of Safemoon is that it charges a 10% commission to anyone who sells tokens 5% of this fee is redistributed to all other Safemoon owners, and those who continue to hold onto their tokens are rewarded and discouraged from selling

One criticism of cryptocurrencies like Bitcoin is that they have strayed from their original goal of providing a practical decentralized currency and have simply become investable instruments

SafeMoon can also be seen as a more serious take on Dogecoin, a tongue-in-cheek altcoin with an unofficial cry "to the moon"

Like Dogecoin, SafeMoon is worth less than Bitcoin or Ethereum, but has been rising in value until recently Coin Market Cap currently values each token at $000000436, down from a peak of $0000014 in late April, but up sharply from $000000010 at launch

This is not enough to make the list of top cryptocurrency performers by market capitalization, but it has already attracted attention from potential investors looking to participate while SafeMoon is still cheap, despite the sales commissions

Cryptocurrencies are often volatile, and on current evidence, SafeMoon does not appear to be much different

If you are willing to take the risk, you can buy SafeMoon from one of four crypto exchanges: PancakeSwap, BitMart, WhiteBit, or Bakery Swap You need to buy another cryptocurrency called BinanceCoin and exchange it for SafeMoon [eg, PancakeSwap [For example, to use PancakeSwap, you must first download the Trust Wallet app, purchase BinanceCoin (BNB or BSC) and add it to your wallet Then, from the Trust Wallet app, access PancakeSwap, find the SafeMoon page, and swap your Binance there

A dedicated SafeMoon wallet is currently under development that may simplify the process Cryptocurrencies are risky as investments because they are much more volatile than traditional stocks and the market is currently unregulated