Cryptocurrencies have attained celebrity standing in latest weeks, significantly these with out a longtime presence out there. Dogecoin has led the cost, backed by Elon Musk and his legions of Twitter followers, who’ve promised to take it “to the moon”. However the coin faces steep competitors from different currencies, particularly the little-known DeFi token SafeMoon.
Might SafeMoon overtake Dogecoin?
Dogecoin has surged into prominence in latest weeks due to backing from Elon Musk, who has helped speed up its standing from a joke to cryptocurrency king in a matter of weeks.
DOGE is presently value $0.410039 (£0.29), closing in on the US greenback, however SafeMoon, a youthful crypto launched in early 2021, is closing in quick.
The place DOGE has grown by roughly 17 p.c within the final 24 hours, SafeMoon is closing in on worth positive aspects made by established cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) with a virtually 50 p.c surge in worth.
Nevertheless, its value stays comparatively low and totals at $0.00000707 (£0.0000051) every.
SafeMoon has a completely diluted market cap of $4.3 billion (£3.07 billion) and a complete quantity of roughly $74.2 million (£53 million), will increase of 42 p.c and 142 p.c respectively during the last 24 hours.
The forex has the identical intention as DOGE and hopes to push its worth “to the moon”, a phrase used to explain off the charts development.
SafeMoon is barely totally different from the opposite blockchain-based cryptocurrencies available on the market, which may give it an edge.
Those that capitulate will obtain a penalty, with sellers saddled with a price equal to 10 p.c of the token’s present value.
Whereas it will in the end encourage development, the trail “to the moon” depends on having extra consumers than sellers.
However the tactic has labored to this point, permitting the forex to drum up snowballing curiosity.
Over the past three days, SafeMoon has overtaken DOGE as probably the most searched cryptocurrency on CoinMarketCap.
And this curiosity will doubtless proceed to develop, with SafeMoon because of enter exchanges imminently.
In an “Ask Me Something” roundtable, John Karony and Thomas Smith, CEO and CTO of SafeMoon, mentioned their forex would quickly grace two exchanges.
Whereas they did not reveal which of them, they did tease an announcement this week, by Wednesday or Thursday (April 21 and 22).
SafeMoon presently exists solely on BitMart alternate, and not using a presence on established platforms Coinbase or Binance.