Wildride cryptocurrency SafeMoon down 28% in 24 hours
16:23, 27 April 2021
DeFi token newbie SafeMoon has given investors a wild ride, crashing hard. A week ago it was trading close to $0.000015 but is now nearer $0.00005, 28% down in the last day.
While traders have gifted SafeMoon a massive interest spike little is known about the new entrant. US-based (it’s thought) SafeMoon claims it will ultimately reward investors by hanging onto their token rather than selling it.
Full manual control
The under-the-bonnet protocol has a number of functions backed by a development team that creates tokens manually to control circulation supply.
SafeMoon – it launched on 8 March – has also slapped a 10% tax penalty on selling. It also claims a further 5% of that tax penalty is shared with other SafeMoon owners.
There have been a number of comparisons with Dogecoin though Dogecoin appears to be somewhat stabler in comparison (though it’s relative).
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Bitcoin down, SafeMoon up
The cryptocurrency twist though is that SafeMoon has seen substantial rises – SafeMoon climbed more than 900% between 16-20 April – while bitcoin has seen strong drops.
SafeMoon is bought via the Binance Chain Network but isn’t listed on bigger exchanges like Coinbase.
Read more: SafeMoon price prediction: should you choose it over DOGE?
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