This new popular currency was launched onto the crypto market in April with the slogan “Safely to the Moon”. SafeMoon is a new type of currency, according to its website. SafeMoon is not a cryptocurrency but it is instead a DeFi token, a decentralised finance token.
What is a cryptocurrency?
Cryptocurrency is a virtual currency secured by cryptography.
Some of the biggest cryptos are Bitcoin, Dogecoin and Ethereum.
Most cryptocurrencies are decentralised networks based on blockchain technology – SafeMoon is also based on blockchain technology.
Will SafeMoon reach $1?
Cryptocurrencies are notoriously very volatile, prices fluctuate week on week – but SafeMoon has been soaring in price recently.
On Sunday SafeMoon recorded a 99 percent rise.
SafeMoon’s price was $0.000004512 (£0.0000032) as of Saturday morning (BST), according to CoinMarketCap.
Last week nearly every coin in the top 10 performing currencies had fallen significantly in value according to CoinMarketCap, so cryptocurrencies may not be the safest investment.
China’s recent boycotting of cryptocurrencies has further caused the crypto market to fluctuate, the country has repeatedly taken steps to limit the use of cryptocurrencies.
On May 21 the Chinese government banned the acceptance of cryptocurrency as a form of payment causing the value of virtual currencies to plummet.
Owing to the volatile nature of the crypto market you should do your research before you invest and never put in more than you can afford to lose.