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).
What is your sentiment on EA?
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?
Related topics