The cryptocurrency market is a huge and sometimes confusing place with different coins to choose from.
There can be many new cryptocurrencies that can suddenly pop up and become popular, which can confuse investors and those interested in cryptocurrency.
One of the newest cryptocurrencies to hit the scene is SafeMoon, which has seen a massive surge in interest lately.
Traders have switched to the new currency and have seen prices rise 910 percent since April 16-20.
But what is SafeMoon and why has it generated so much interest? And is it something to look out for?
Here is everything we know about SafeMoon and why it could be the next big cryptocurrency on the market.
What is SafeMoon?
SafeMoon stands for “Safe to the Moon,” a phrase borrowed from Redditors through DogeCoin and referring to the price that goes up “as high as the moon”.
Similar to Dogecoin, the cryptocurrency was launched on the back of an internet meme.
SafeMoon does not advertise as a cryptocurrency, but as a DeFi token, a decentralized financial token. DeFi aims to disrupt the financial world and enable people to lend on peer-to-peer networks without the need for a physical bank.
So the product rewards people who hold on to it instead of taking action. In this way, a penalty tax of 10 percent is levied.
Cryptocurrency is an asset that can be exchanged for goods and services in a similar way to normal money.
However, the cryptocurrency is unique in that it is usually decentralized, so there is no control by government interference. Cryptocurrency uses what is known as a blockchain.
A blockchain is spread across many computers that manage and record transactions.
Cryptocurrency can be mined by people using computers. By mining the cryptocurrency, people are rewarded with small amounts of Bitcoin or other crypto.
After that, five percent of the tax is allocated to people who still own the SafeMoon currency. This is to prevent the price from falling when people start selling the token.
It has not yet been recognized by the major cryptocurrency sites like Coinbase, but why did it become so popular?
It seems that the coin has been widely recognized on Twitter and many of its posts have thousands of likes from cryptocurrency watchers.
According to coinmarketcap.com, the price is at $ 0.00000489, although it rose massively to $ 0.000014 during its all-time high, but the price appears to be falling dramatically.