You’re probably already familiar with what cryptocurrency is. A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers. In other words, electronic money.
As of 2021, there are around 4,000 existing cryptocurrencies in the digital infrastructure, a drastic increase in the number of digital coins since Bitcoin was first created in 2009. A new cryptocurrency called SafeMoon has soared in popularity since its April launch. Crypto asset Coinbase has recorded a 910% increase in share price of the digital token from 16-20 April, as traders flock to the new currency on the market. Due to its newness on the market, little is known about the US-based SafeMoon, other than how well it’s doing currently.
Its website carries the slogan ‘Safely to the Moon’ – a play on the phrase first mooted by WallStreetBets on Reddit, the same community which caused GME to rocket in early January. And, while it has big ambitions, its current market value is someway below the $1 dollar threshold – but has experienced a steady increase in price since its launch.
Is it the new Dogecoin?
With its recent surge in value and microscopically low entry price, Safemoon is being compared by some to fellow crypto minnow Dogecoin, which despite being set up as something of a joke in 2013 has seen its value rocket in 2021, thanks in part to the back of high profile individuals such as Tesla Inc’s boss Elon Musk. From its relatively obscure origins, Dogecoin now has a market cap of around US$51.4bn, making it the fifth most valuable crypto on the market.
Users can buy SafeMoon by setting up a crypto wallet on the Binance Chain Network and add Binance (BNB) coins to your account. From here, users can essentially swap BNB for SafeMoon tokens. As with most cryptocurrencies, there have been mixed reviews so far with one reddit user saying: “I completely agree that once they get listed on an exchange this could easily blow up.” However, investing in cryptocurrencies can be a risky game, especially in such a volatile market. All in all, it seems like a very exciting cryptocurrency to invest in.
